0000216228-21-000005 | 10-K | XBRL Viewer

Intersegment Eliminations

$ 2,477.8

$ 2,846.4

$ 2,745.1

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenues from External Customers and Long-Lived Assets [Line Items]

(2.8)

(3.1)

(2.7)

North America [Member]

North America [Member] | Intersegment Eliminations

^[1]

983.0

1,192.1

1,070.8

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenues from External Customers and Long-Lived Assets [Line Items]

^[1]

(2.6)

(2.9)

(2.4)

Europe [Member]

Europe [Member] | Intersegment Eliminations

^[2]

869.3

996.1

1,000.7

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenues from External Customers and Long-Lived Assets [Line Items]

^[2]

0.0

(0.1)

Asia Pacific [Member]

Asia Pacific [Member] | Intersegment Eliminations

413.7

427.2

431.4

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenues from External Customers and Long-Lived Assets [Line Items]

(0.2)

Middle East [Member]

Middle East [Member] | Intersegment Eliminations

112.3

132.7

146.6

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenues from External Customers and Long-Lived Assets [Line Items]

0.0

South America [Member]

South America [Member] | Intersegment Eliminations

99.5

98.3

95.6

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenues from External Customers and Long-Lived Assets [Line Items]

0.0

Motion Technologies

Motion Technologies | North America [Member]

1,121.1

1,241.8

1,274.1

Revenues from External Customers and Long-Lived Assets [Line Items]

Motion Technologies | Europe [Member]

^[1]

187.3

204.4

185.3

Revenues from External Customers and Long-Lived Assets [Line Items]

Motion Technologies | Asia Pacific [Member]

^[2]

676.4

780.5

807.6

Revenues from External Customers and Long-Lived Assets [Line Items]

Motion Technologies | Middle East [Member]

243.8

241.7

265.5

Revenues from External Customers and Long-Lived Assets [Line Items]

Motion Technologies | South America [Member]

1.5

2.3

1.3

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenues from External Customers and Long-Lived Assets [Line Items]

12.1

12.9

14.4

Industrial Process

Industrial Process | North America [Member]

843.0

943.8

827.1

Revenues from External Customers and Long-Lived Assets [Line Items]

Industrial Process | Europe [Member]

^[1]

479.0

558.7

483.6

Revenues from External Customers and Long-Lived Assets [Line Items]

Industrial Process | Asia Pacific [Member]

^[2]

95.5

89.7

60.3

Revenues from External Customers and Long-Lived Assets [Line Items]

Industrial Process | Middle East [Member]

93.1

101.9

81.6

Revenues from External Customers and Long-Lived Assets [Line Items]

Industrial Process | South America [Member]

92.0

114.1

128.1

Revenues from External Customers and Long-Lived Assets [Line Items]

Connect & Control Technologies

83.4

79.4

73.5

Revenues from External Customers and Long-Lived Assets [Line Items]

Connect & Control Technologies | North America [Member]

516.5

663.9

646.6

Revenues from External Customers and Long-Lived Assets [Line Items]

Connect & Control Technologies | Europe [Member]

^[1]

319.3

431.9

404.3

Revenues from External Customers and Long-Lived Assets [Line Items]

Connect & Control Technologies | Asia Pacific [Member]

^[2]

97.4

125.9

132.9

Revenues from External Customers and Long-Lived Assets [Line Items]

Connect & Control Technologies | Middle East [Member]

77.0

83.8

84.5

Revenues from External Customers and Long-Lived Assets [Line Items]

Connect & Control Technologies | South America [Member]

18.8

16.3

17.2

Revenues from External Customers and Long-Lived Assets [Line Items]

Asbestos provision, net(a)

$ 4.0

$ 6.0

$ 7.7

[1]	Includes revenue of $811.0, $989.4, and $887.0, from the United States for 2020, 2019, and 2018, respectively.
[2]	Includes revenue of $334.9, $391.2, and $412.5, from Germany for 2020, 2019, and 2018, respectively.

Segment Information - Textuals (Details) $ in Millions	12 Months Ended
Segment Information - Textuals (Details) $ in Millions	Dec. 31, 2020 USD ($) Segment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Segment Reporting Information [Line Items]
Revenue	$ 2,477.8	$ 2,846.4	$ 2,745.1
Property, Plant and Equipment, Net	$ 525.1	531.5
Number of reportable segments \| Segment	3
United States
Segment Reporting Information [Line Items]
Revenue	$ 811.0	989.4	887.0
Property, Plant and Equipment, Net	141.8	158.7
Germany
Segment Reporting Information [Line Items]
Revenue	334.9	391.2	$ 412.5
Italy
Segment Reporting Information [Line Items]
Property, Plant and Equipment, Net	$ 108.2	$ 95.7

Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Postretirement Benefit Plans Accumulated Other Comprehensive Income	$ (55.9)	$ (133.3)	$ (131.6)	$ (137.6)
Postretirement Benefit Plans Net AOCI Change during Period	77.4	(1.7)	6.0
Cumulative translation adjustments Accumulated Other Comprehensive Income	(223.5)	(252.0)	(243.9)	(210.6)
Cumulative Translation Adjustments Net AOCI Change During Period	28.5	(8.1)	(33.3)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(279.4)	(385.3)	(375.5)	(348.2)
Other Comprehensive Income (Loss), Net of Tax	105.9	(9.8)	(27.3)
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(279.4)	(385.3)	(375.5)	$ (348.2)
Other Comprehensive Income (Loss), Net of Tax	$ 105.9	$ (9.8)	$ (27.3)

- 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 - Activity Related to Asbestos Claims (Detail) - Asbestos Related Matters [Member] - Claim Claim in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Pending Claims [Roll Forward]
Pending claims - Beginning	24	24	26
New claims	4	4	4
Settlements	(1)	(1)	(1)
Dismissals	(2)	(3)	(5)
Pending claims - Ending	25	24	24

Commitments and Contingencies - Summary of Net Asbestos Charges (Detail) - Asbestos Related Matters [Member] - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

^[1]

$ 30.8

$ 47.9

Asbestos remeasurement, net(b)

135.9

^[2]

(68.1)

Settlement agreements and other

100.4

Continuing Operations [Member]

Asbestos provision, net(a)

^[1]

30.8

47.9

$ 53.8

Asbestos remeasurement, net(b)

135.9

^[2]

(68.1)

10.0

Settlement agreements and other

(100.4)

(58.9)

Asbestos-related costs (benefit), net

$ 66.3

$ (20.2)

$ 4.9

[1]	Includes certain administrative costs such as legal-related costs for insurance asset recoveries. The asbestos provision includes amounts to maintain a rolling 10-year provision prior to the transition in the third quarter of 2020 to full horizon.
[2]	In the third quarter of 2020, we extended our projection to include pending claims and claims expected to be filed through 2052, reflecting the full time period over which we expect asbestos-related claims to be filed against us.

Commitments and Contingencies - Roll forward of Asbestos Liability and Related Assets (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Asbestos-related liability

$ 91.4

$ 86.0

Asbestos-related assets(a)

91.0

^[1]

67.2

Noncurrent portion

840.6

731.6

Noncurrent Asbestos Related Assets

353.7

319.6

Asbestos Related Matters [Member]

Liability for Asbestos and Environmental Claims, Net [Roll Forward]

Net Balance, Beginning

430.8

472.6

Asbestos provision(a)

^[2]

(30.8)

(47.9)

Net cash activity and other(a)

135.9

^[3]

(68.1)

Settlement Agreement

(100.4)

^[2]

(9.8)

(21.6)

Balance, Ending

430.8

Net Balance, Ending

487.3

430.8

Liability for Asbestos and Environmental Claims, Net [Roll Forward]

Balance, Beginning

817.6

849.3

Asbestos provision(a)

^[2]

(37.1)

(59.4)

Net cash activity and other(a)

155.7

^[3]

(4.5)

Settlement Agreement

0.0

^[2]

(78.4)

(86.6)

Balance, Ending

932.0

817.6

Noncurrent portion

731.6

Liability for Asbestos and Environmental Claims, Net [Roll Forward]

Balance, Beginning

386.8

376.7

Asbestos provision(a)

6.3

11.5

Net cash activity and other(a)

(19.8)

(63.6)

Settlement Agreement

(100.4)

0.0

68.6

65.0

Balance, Ending

$ 444.7

$ 386.8

[1]	The increase in asbestos-related assets as of December 31, 2020 primarily relates to a 2020 settlement agreement with an insurer accelerating payments previously included in a buyout agreement. Refer to Note 20, Commitments and Contingencies, for further information.
[2]	Includes certain administrative costs such as legal-related costs for insurance asset recoveries. The asbestos provision includes amounts to maintain a rolling 10-year provision prior to the transition in the third quarter of 2020 to full horizon.
[3]	In the third quarter of 2020, we extended our projection to include pending claims and claims expected to be filed through 2052, reflecting the full time period over which we expect asbestos-related claims to be filed against us.

Commitments and Contingencies - Additional Information (Detail)
Claim in Thousands, $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2020

USD ($)

Claim

Jun. 30, 2020

USD ($)

Mar. 31, 2020

USD ($)

Dec. 31, 2020

USD ($)

Claim

Asbestos Related Matters [Member]

Outstanding Active Pending Asbestos Claims | Claim

Percentage of Asbestos Asset Related to Coverage in Place Agreements

^[1]

$ 135.9

76.00%

$ (19.8)

Asbestos Liability Gross Current And Noncurrent Ending Balance

^[1]

155.7

$ 932.0

932.0

Asbestos Related Matters [Member]

Asbestos Settlement Agreement Cash Proceeds

$ 66.4

$ 52.1

$ (4.2)

$ 52.5

Continuing Operations [Member] | Asbestos Related Matters [Member]

Accounting Changes and Error Corrections [Abstract]

^[1]

$ 135.9

[1]	In the third quarter of 2020, we extended our projection to include pending claims and claims expected to be filed through 2052, reflecting the full time period over which we expect asbestos-related claims to be filed against us.

Commitments and Contingencies - Rollforward of Environmental Liability and Related Assets (Detail) - Environmental Related Matters [Member] - Liability [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Environmental Liability and Related Assets [Roll Forward]
Balance as of January 1	$ 61.9	$ 66.8
Changes in estimates for pre-existing accruals:
Net cash activity	(3.7)	(5.4)
Foreign currency	0.2
Balance as of December 31	58.3	61.9
Continuing Operations [Member]
Changes in estimates for pre-existing accruals:
Continuing operations	1.4	0.4
Discontinued operations	(1.4)	(0.4)
Discontinued Operations [Member]
Changes in estimates for pre-existing accruals:
Continuing operations	(1.5)	0.1
Discontinued operations	$ 1.5	$ (0.1)

Commitments and Contingencies - Range of Environmental Liability and Number of Active Sites for Environmental Matters (Detail) - Environmental Related Matters [Member] $ in Millions	Dec. 31, 2020 USD ($) site	Dec. 31, 2019 USD ($) site
Environmental Matters Range Of Estimated Liability And Active Sites Numbers [Line Items]
Number of active environmental investigation and remediation sites \| site	27	28
Maximum [Member]
Environmental Matters Range Of Estimated Liability And Active Sites Numbers [Line Items]
Possible High End Range of Environmental Liability \| $	$ 97.6	$ 108.4

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies	DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business ITT Inc. is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy 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 in 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 were 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. There is also uncertainty around the severity of a resurgence of COVID-19 or new strains of the virus, as well as the speed of distribution of the COVID-19 vaccines. 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. Basis of Presentation The Consolidated Financial Statements and Notes thereto were prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). 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. 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, allowance for doubtful accounts and inventory valuation. Actual results could differ from these estimates. Certain prior year amounts have been reclassified to conform to the current year presentation. Significant Accounting Policies Principles of Consolidation Our consolidated financial statements include the accounts of all majority-owned subsidiaries. ITT consolidates companies in which it has a controlling financial interest or when ITT is considered the primary beneficiary of a variable interest entity. We account for investments in companies over which we have the ability to exercise significant influence, but do not hold a controlling interest under the equity method, and we record our proportionate share of income or losses in the Consolidated Statements of Operations. The results of companies acquired or disposed of during the fiscal year are included in the Consolidated Financial Statements from the effective date of acquisition or up to the date of disposal. All intercompany transactions have been eliminated. Revenue Recognition Revenue is derived from the sale of products and services to customers. We recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. For product sales, we consider practical and contractual limitations in determining whether there is an alternative use for the product. For example, long-term design and build contracts are typically highly customized to a customer’s specifications. For contracts with no alternative use and an enforceable right to payment for work performed to date, including a reasonable profit if the contract were terminated at the customer’s convenience for reason other than nonperformance, we recognize revenue over time. All other product sales are recognized at a point in time. For contracts recognized over time, we use the cost-to-cost method or the units-of-delivery method, depending on the nature of the contract, including length of production time. For contracts recognized at a point in time, we recognize revenue when control passes to the customer, which is generally based on shipping terms that address when title and risk and rewards pass to the customer. However, we also consider certain customer acceptance provisions as certain contracts with customers include installation, testing, certification or other acceptance provisions. In instances where contractual terms include a provision for customer acceptance, we consider whether we have previously demonstrated that the product meets objective criteria specified by either the seller or customer in assessing whether control has passed to the customer. For service contracts, we recognize revenue as the services are rendered if the customer is benefiting from the service as it is performed, or otherwise upon completion of the service. Separately priced extended warranties are recognized as a separate performance obligation over the warranty period. The transaction price in our contracts consists of fixed consideration and the impact of variable consideration including returns, rebates and allowances, and penalties. Variable consideration is generally estimated using a probability-weighted approach based on historical experience, known trends, and current factors including market conditions and status of negotiations. When there is more than one performance obligation, the transaction price is allocated to the performance obligations based on the relative estimated standalone selling prices. If not sold separately, estimated standalone selling prices are determined considering various factors including market and pricing trends, geography, product customization, and profit objectives. Revenue is recognized when the appropriate revenue recognition criteria for the individual performance obligations have been satisfied. Revenue is reported net of any required taxes collected from customers and remitted to government authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Shipping and handling activities are accounted for as activities to fulfill a promise to transfer a product to a customer. As such, shipping and handling activities are not evaluated as a separate performance obligation. For most contracts, payment is due from the customer within 30 to 90 days after the product is delivered or the service has been performed. For design and build contracts, we generally collect progress payments from the customer throughout the term of the contract, resulting in contract assets or liabilities depending on the timing of the payments. Contract assets consist of unbilled amounts when revenue recognized exceeds customer billings. Contract liabilities consist of advance payments and billings in excess of revenue recognized. Design and engineering costs for highly complex products to be sold under a long-term production-type contract are capitalized and amortized in a manner consistent with revenue recognition of the related contract or anticipated contract. Other design and development costs are capitalized only if there is a contractual guarantee for reimbursement. Costs to obtain a contract (e.g., commissions) for contracts greater than one year are capitalized and amortized in a manner consistent with revenue recognition of the related contract. Product Warranties Our standard product warranty terms generally include post-sales support and repairs or replacement of a product at no additional charge for a specified period of time. Accruals for estimated expenses related to product warranties are made at the time revenue is recognized and are recorded as a component of costs of revenue. We estimate the liability for warranty claims based on our standard warranties, the historical frequency of claims and the cost to replace or repair our products under warranty. Factors that influence our warranty liability include the number of units sold, the length of warranty term, historical and anticipated rates of warranty claims and the cost per claim. Asbestos-Related Liabilities and Assets Our subsidiaries, including ITT LLC and Goulds Pumps LLC, have been named as a defendant in numerous product liability lawsuits alleging personal injury due to asbestos exposure. In the third quarter of 2020, in connection with our annual remeasurement, we extended the measurement period over which we estimate our asbestos liability to include pending claims and unasserted claims estimated to be filed through 2052, including legal fees, reflecting the full time period over which we expect asbestos-related claims to be filed against us. Previous estimates included pending claims and claims expected to be filed over the next 10 years. Our asbestos liability estimate is recognized on an undiscounted basis as the timing of future cash flows may vary. Assumptions utilized in estimating the liability for both pending and unasserted claims include: disease type, average settlement costs, percentage of claims settled or dismissed, the number of claims estimated to be compensated by the Company in the future, and the costs to defend such claims. The Company has also recorded an asbestos-related asset composed of insurance receivables. The asbestos-related asset represents our best estimate of probable recoveries related to the recorded asbestos liability. In developing this estimate, the Company considers coverage-in-place and other settlement agreements with its insurers, a review of expected levels of future recoveries, the financial viability of the insurance companies, the method by which losses will be allocated to the various insurance policies and the years covered by those policies, and the interpretation of the various policy and contract terms and limits and their interrelationships. Consistent with the asbestos liability, the asbestos-related asset has not been discounted to present value. Under coverage-in-place agreements, an insurer’s policies remain in force and the insurer undertakes to provide coverage for the Company’s pending and future asbestos claims on specified terms and conditions. Insurance payments under coverage-in-place agreements are made to the Company as asbestos claims are settled or adjudicated. The Company’s buyout agreements provide an agreed upon amount of available coverage for future asbestos claims under the subject policies to be paid to a Qualified Settlement Fund (QSF) on a specific schedule as agreed upon by the Company and its insurer. However, assets in the QSF are only available and distributed when qualifying asbestos expenditures are submitted for reimbursement as defined in the QSF agreement. Therefore, recovery of insurance reimbursements under these types of agreements is dependent on the timing of the payment of the liability and, consistent with the asbestos liability, have not been discounted to present value. In the third quarter each year, we conduct an asbestos remeasurement with the assistance of outside consultants to review and update, as appropriate, the underlying assumptions used to estimate our asbestos liability and related assets, including a reassessment of the time horizon over which a reasonable estimate of unasserted claims can be projected. In addition, as part of our ongoing review of our net asbestos exposure, each quarter we assess the most recent data available for the key inputs and assumptions, comparing the data to the expectations on which the most recent annual liability and asset estimates were based to determine whether a more detailed evaluation of our asbestos exposure is required. Prior to the extension of the time period over which we estimate asbestos liabilities in the third quarter of 2020, each quarter we recorded a net asbestos cost to reflect the estimated value of pending claims and unasserted claims estimated to maintain a 10 year liability. See Note 20, Commitments and Contingencies, for additional information. Postretirement Benefit Plans ITT sponsors numerous pension and other employee-related defined benefit plans (collectively, postretirement benefit plans). Our U.S. postretirement benefit plans are closed to new participants. Postretirement benefit obligations are generally determined, where applicable, based on participant years of service, future compensation, and age at retirement or termination. The determination of projected benefit obligations and the recognition of expenses related to postretirement benefit plans are dependent on various assumptions that are judgmental. The assumptions involved in the measurement of our postretirement benefit plan obligations and net periodic postretirement costs primarily relate to discount rates, long-term expected rates of return on plan assets, mortality and termination rates, and other factors. Management develops each assumption using relevant Company experience in conjunction with market-related data for each individual country in which such plans exist. Actual results that differ from our assumptions are accumulated and are amortized over the estimated future working life, or remaining lifetime, of the plan participants depending on the nature of the retirement plan. For the recognition of net periodic postretirement cost, the calculation of the long-term expected return on plan assets is generally derived using a market-related value of plan assets based on yearly average asset values at the measurement date over the last 5 years. The fair value of plan assets is estimated based on market prices or estimated fair value at the measurement date. The funded status of all plans is recorded on our balance sheet. Actuarial gains and losses and prior service costs or credits that have not yet been recognized through net income are recorded in accumulated other comprehensive income within shareholders’ equity, net of taxes, until they are amortized as a component of net periodic postretirement cost. In October 2020, the Company terminated its U.S. qualified pension plan by purchasing a group annuity contract from MassMutual Life Insurance Company (MassMutual), which fully assumed the responsibility for paying and administering pension benefits to approximately five thousand plan participants and their beneficiaries. In connection with the plan termination, the Company settled all future obligations under the plan by providing lump sum payments to eligible participants who elected to receive them, and by transferring the remaining projected benefit obligation to the insurance company. See Note 16, Postretirement Benefit Plans, for additional information. Research & Development Research and development activities are charged to expense as incurred. R&D as a percentage of sales was 3.4% during both 2020 and 2019, and 3.6% during 2018. Income Taxes We determine the provision for income taxes using the asset and liability approach. Under this approach, deferred income tax assets and liabilities are determined based on the estimated future tax effects of differences between the financial reporting and tax bases of assets and liabilities, applying currently enacted tax rates in effect for the year in which we expect the differences will reverse. The ultimate realization of deferred tax assets is dependent on the generation of future taxable income (including the reversals of deferred tax liabilities) during the periods in which those deferred tax assets will become deductible. We record a valuation allowance against our deferred tax assets when it is more likely than not that all or a portion of the deferred tax assets will not be realized. In assessing the need for a valuation allowance, the Company considers all available positive and negative evidence regarding the realizability of its deferred tax assets, including the future reversal of existing taxable temporary differences, taxable income in carryback periods, prudent and feasible tax planning strategies, estimated future taxable income, and whether we have a recent history of losses. The valuation allowance can be affected by changes to tax regulations, interpretations and rulings, changes to enacted statutory tax rates, and changes to future taxable income estimates. We have not provided deferred tax liabilities for the impact of U.S. income taxes on book over tax basis which we consider indefinitely reinvested outside the U.S. We plan foreign earnings remittance amounts based on projected cash flow needs, as well as the working capital and long-term investment requirements of foreign subsidiaries and our domestic operations. Furthermore, we recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position in consideration of applicable tax statutes and related interpretations and precedents and the expected outcome of the proceedings (or negotiations) with the taxing authorities. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized on ultimate settlement. The Company has elected to account for Global Intangible Low Taxed Income as a current period expense when incurred. Earnings Per Share Basic earnings per common share considers the weighted average number of common shares outstanding. Diluted earnings per share considers the outstanding shares utilized in the basic earnings per share calculation as well as the dilutive effect of outstanding stock options and restricted stock that do not contain rights to nonforfeitable dividends. Diluted shares outstanding include the dilutive effect of in-the-money options, unvested restricted stock units and unvested performance stock units. The dilutive effect of such equity awards is calculated based on the average share price for each reporting period using the treasury stock method. Common stock equivalents are excluded from the computation of earnings per share if they have an anti-dilutive effect. Cash and Cash Equivalents ITT considers all highly liquid investments purchased with an original maturity or remaining maturity at the time of purchase of three months or less to be cash equivalents. Cash equivalents primarily include fixed-maturity time deposits and money market investments. Restricted cash was $0.8 as of December 31, 2020 and 2019. Restricted cash is presented within Other current assets and Other non-current assets. Concentrations of Credit Risk Financial instruments that potentially subject ITT to significant concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable from trade customers, investments, and derivatives. We maintain cash and cash equivalents with various financial institutions located in different geographical regions, and our policy is designed to limit exposure to any individual counterparty. As part of our risk management processes, we perform periodic evaluations of the relative credit standing of the financial institutions. We have not sustained any material credit losses during the previous three years from financial instruments held at financial institutions. Credit risk with respect to accounts receivable is generally diversified due to the large number of entities comprising ITT’s customer base and their dispersion across many different industries and geographic regions. However, our largest customer represents approximately 12% and 13% of the December 31, 2020 and 2019 outstanding trade accounts receivable balance, respectively. ITT performs ongoing credit evaluations of the financial condition of its third-party distributors, resellers and other customers and requires collateral, such as letters of credit and bank guarantees, in certain circumstances. Factoring of Trade Receivables Factoring arrangements, whereby substantially all economic risks and rewards associated with trade receivables are transferred to a third party, are accounted for by derecognizing the trade receivables upon receipt of cash proceeds from the factoring arrangement. Factoring arrangements, whereby some, but not substantially all, of the economic risks and rewards are transferred to a third party and the assets subject to the factoring arrangement remain under the Company's control are accounted for by not derecognizing the trade receivables and recognizing any related obligations to the third party. 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 is based on a variety of factors including the length of time receivables are 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. Inventories Inventories, which include the costs of material, labor and overhead, are stated at the lower of cost or net realizable value. Cost is generally computed using the standard cost method, which approximates actual cost on a first-in, first-out (FIFO) basis. Variances between standard and actual costs are charged to cost of sales or capitalized to inventory. Estimated losses from obsolete and slow-moving inventories are recorded to reduce inventory values to their estimated net realizable value and are charged to cost of sales. At the point of loss recognition, a new cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in a recovery in carrying value. Inventories valued under the last-in, first-out (LIFO) method represent 12.5% and 14.5% of total 2020 and 2019 inventories, respectively. We have a LIFO reserve of $12.0 and $12.4 recorded as of December 31, 2020 and 2019, respectively. Plant, Property and Equipment Plant, property and equipment, including capitalized interest applicable to major project expenditures, are recorded at cost. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are depreciated over the life of the lease or the asset, whichever is shorter. Fully depreciated assets are retained in property and accumulated depreciation accounts until disposal. Repairs and maintenance costs are expensed as incurred. Leases The Company enters into leases for the use of premises and equipment, primarily classified as operating leases. Operating lease costs are recognized as an operating expense over the lease term on a straight-line basis. For leases with terms greater than 12 months, we record a right-of-use asset and lease liability equal to the present value of the lease payments. In determining the discount rate used to measure the right-of-use asset and lease liability, we utilize the Company’s incremental borrowing rate and consider the term of the lease, as well as the geographic location of the leased asset. Where options to renew a lease are available, they are included in the lease term and capitalized on the balance sheet to the extent there would be a significant economic penalty not to elect the option. Certain real estate leases are subject to periodic changes in an index or market rate. While lease liabilities are not remeasured as a result of changes to an index or rate, these changes are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred. Variable lease expense also includes property tax and property insurance costs. Capitalized Internal Use Software Costs incurred in the preliminary project stage of developing or acquiring internal use software are expensed as incurred. After the preliminary project stage is completed, management has approved the project and it is probable that the project will be completed and the software will be used for its intended purpose, ITT capitalizes certain internal and external costs incurred to acquire or create internal use software, principally related to software coding, designing system interfaces and installation and testing of the software. ITT amortizes capitalized internal use software costs using the straight-line method over the estimated useful life of the software, generally from 3 to 7 years. Investments Investments in fixed-maturity time deposits having an original maturity exceeding three months at the time of purchase, referred to as short-term time deposits, are classified as held-to-maturity and are recorded at amortized cost, which approximates fair value. There were no short-term time deposits held as of December 31, 2020 and December 31, 2019. Investments in corporate-owned life insurance (COLI) policies are recorded at their cash surrender values as of the balance sheet date. The Company’s investments in COLI policies are included in other non-current assets in the consolidated balance sheets and were $113.7 and $109.1 at December 31, 2020 and 2019, respectively. Changes in the cash surrender value during the period generally reflect gains or losses in the fair value of assets, premium payments, and policy redemptions. Gains from COLI investments of $4.3, $4.8, and $2.8 were recorded within general and administrative expenses in the Consolidated Statements of Operations during years ended December 31, 2020, 2019 and 2018, respectively. Long-Lived Asset Impairment Long-lived assets, including intangible assets with finite lives and capitalized internal use software, are tested for impairment whenever events or changes in circumstances indicate their carrying value may not be recoverable. We assess the recoverability of long-lived assets based on the undiscounted future cash flow the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When an impairment is identified, we reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. During the first quarter of 2020, we recorded an impairment of $4.0 for a business within the Industrial Process segment. See Note 11, Plant, Property and Equipment, Net, for additional information. Goodwill and Intangible Assets Goodwill represents purchase consideration paid in a business combination that exceeds the values assigned to the net assets of the acquired business. Intangible assets include customer relationships, proprietary technology, trademarks, patents and other intangible assets. Intangible assets with a finite life are generally amortized on a straight-line basis over an estimated economic useful life, which generally ranges from 7-20 years, and are tested for impairment if indicators of impairment are identified. Certain of our intangible assets have an indefinite life, namely certain brands and trademarks. Goodwill and indefinite-lived intangible assets are not amortized, but rather are tested for impairment annually (or more frequently if impairment indicators arise, such as changes to the reporting unit structure, significant adverse changes in the business climate or an adverse action or assessment by a regulator). We conduct our annual impairment testing on the first day of the fourth fiscal quarter. We may perform an initial qualitative evaluation which considers present events and circumstances, to determine the likelihood of impairment. If the likelihood of impairment is not considered to be more likely than not, then no further testing is performed. If it is considered to be more likely than not that the asset is impaired based on the qualitative evaluation or we elect not to perform a qualitative evaluation, then a quantitative impairment test is performed. In the quantitative impairment test, the fair value of each reporting unit is compared to its carrying amount. If the fair value of a reporting unit exceeds its carrying value, there is no impairment. If the carrying value of the reporting unit exceeds its estimated fair value, then we record an impairment loss equal to the difference. For indefinite-lived intangibles, if it is considered to be more likely than not that the asset is impaired, we compare the fair value of those assets to their carrying value. We recognize an impairment loss when the estimated fair value of the indefinite-lived intangible asset is less than its carrying value. During the first quarter of 2020, we determined that certain intangible assets within the Industrial Process segment, including an indefinite-lived trademark, customer relationships and proprietary technology, would not be recoverable, resulting in an impairment of $12.3. See Note 12, Goodwill and Other Intangible Assets, Net, for additional information. We estimate the fair value of our reporting units using an income approach. Under the income approach, we estimate fair value based on the present value of estimated future cash flows. We estimate the fair value of our indefinite-lived intangible assets using the relief from royalty method. The relief from royalty method estimates the portion of a company’s earnings attributable to an intellectual property asset based on an assumed royalty rate that the company would have paid had the asset not been owned. Business Combinations We allocate the purchase price of acquisitions to the tangible and intangible assets acquired, liabilities assumed, and non-controlling interests in the acquiree based on their estimated fair value at the acquisition date. Changes to acquisition date fair values prior to the expiration of the measurement period, a period not to exceed 12 months from date of acquisition, are recorded as an adjustment to the associated goodwill in the reporting period in which the adjustment amounts are determined. Changes to acquisition date fair values after expiration of the measurement period are recorded in earnings. The excess of the acquisition price over those estimated fair values is recorded as goodwill. Acquisition-related expenses are expensed as incurred and the costs associated with restructuring actions initiated after the acquisition are recognized separately from the business combination. Commitments and Contingencies We record accruals for commitments and loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount of loss, and these assessments can involve a series of complex judgments about future events and may rely on estimates and assumptions that have been deemed reasonable by management. We review these accruals quarterly and adjust the accruals to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other current information. See Note 20, Commitments and Contingencies, for additional information. Environmental-Related Liabilities and Assets Accruals for environmental matters are recorded on a site-by-site basis when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. Our estimated liability is reduced to reflect the participation of other potentially responsible parties in those instances where it is probable that such parties are legally responsible and financially capable of paying their respective shares of the relevant costs, and that share can be reasonably estimated. Environmental liabilities are primarily included in other non-current liabilities at undiscounted amounts. The Company records an asset related to its environmental insurance and other expected third party recoveries. The environmental-related asset represents our best estimate of probable recoveries from third parties for costs incurred in past periods, as well as costs estimated to be incurred in future periods. Environmental costs and related recoveries are recorded within general and administrative expenses in the Consolidated Statements of Operations. Foreign Currency The national currencies of our foreign subsidiaries are generally the functional currencies. Balance Sheet accounts are translated at the exchange rate in effect at the end of each period, except for equity which is translated at historical rates; Statement of Operations accounts are translated at the average rates of exchange prevailing during the period. Gains and losses resulting from foreign currency translation are reflected in the cumulative translation adjustments component of shareholders’ equity. For foreign subsidiaries that do not use the local currency as their functional currency, foreign currency assets and liabilities are remeasured to the foreign subsidiary’s functional currency using end of period exchange rates, except for nonmonetary balance sheet accounts, which are remeasured at historical exchange rates. For transactions denominated in other than the functional currency, revenue and expenses are remeasured at average exchange rates in effect during the reporting period in which the transactions occurred, except for expenses related to nonmonetary assets and liabilities. Transaction gains or losses from foreign currency remeasurement are reported in general and administrative expenses in the Consolidated Statements of Operations. During 2020, 2019, and 2018, we recognized transaction losses of $7.6, $2.7, and $1.2, respectively. Derivative Financial Instruments ITT may use derivative financial instruments, primarily foreign currency forward and option contracts, to mitigate exposure from foreign currency exchange rate fluctuations as it pertains to receipts from customers, payments to suppliers and intercompany transactions. We record derivatives at their fair value as either an asset or liability. For derivatives not designated as hedges, adjustments to reflect changes in the fair value of our derivatives are included in earnings. For cash flow hedges that qualify and are designated for hedge accounting, the effective portion of the change in fair value of the derivative is recorded in accumulated other comprehensive loss and subsequently recognized in earnings when the hedged transaction affects earnings. Any ineffective portion is recognized immediately in earnings. As of December 31, 2020 and 2019, no derivatives were designated as hedges. The differentials paid or received on interest rate swap agreements are recognized as adjustments to interest expense. Derivative contracts involve the risk of non-performance by the counterparty. The fair value of our foreign currency contracts are determined using the net position of the contracts and the applicable spot rates and forward rates as of the reporting date. Related Parties Related party transactions include those between: a parent and its subsidiaries; subsidiaries of a common parent; an entity and trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity’s management; an entity and its principal owners, management, or members of their immediate families; and affiliates. In January 2021, the Company entered into a three-month consulting agreement for $0.2 with Thomas Scalera, ITT's former Executive Vice President and Chief Financial Officer. The consulting agreement includes, but is not limited to, financial, accounting, and investor relations advisory services.

Recent Accounting Pronouncements

12 Months Ended

Dec. 31, 2020

Recent Accounting Pronouncements

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.

Recently Adopted Accounting Pronouncements

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

Segment Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company’s segments are reported on the same basis used by 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, deferred taxes, and certain property, plant and equipment.


	Revenue						Operating Income						Operating Margin
	2020		2019		2018		2020		2019		2018		2020		2019		2018
Motion Technologies	$	1,121.1	$	1,241.8	$	1,274.1	$	184.0	$	216.1	$	223.4	16.4	%	17.4	%	17.5	%
Industrial Process	843.0		943.8		827.1		77.6		104.7		91.4		9.2	%	11.1	%	11.1	%
Connect & Control Technologies	516.5		663.9		646.6		57.0		111.5		96.5		11.0	%	16.8	%	14.9	%
Total segment results	2,480.6		2,849.5		2,747.8		318.6		432.3		411.3		12.9	%	15.2	%	15.0	%
Asbestos-related (costs) benefit, net	—		—		—		(66.3)		20.2		(4.9)		—		—		—
Gain (loss) on sale or disposal of long-lived corporate assets	—		—		—		0.7		(0.2)		38.5		—		—		—
Eliminations / Other corporate costs	(2.8)		(3.1)		(2.7)		(26.5)		(40.9)		(47.6)		—		—		—
Total Eliminations / Corporate and Other costs	(2.8)		(3.1)		(2.7)		(92.1)		(20.9)		(14.0)		—		—		—
Total	$	2,477.8	$	2,846.4	$	2,745.1	$	226.5	$	411.4	$	397.3	9.1	%	14.5	%	14.5	%


	Assets				Capital Expenditures						Depreciation and Amortization
	2020		2019		2020		2019		2018		2020		2019		2018
Motion Technologies	$	1,202.3	$	1,178.2	$	43.8	$	57.7	$	75.0	$	60.0	$	58.6	$	57.2
Industrial Process	1,069.6		1,137.8		8.3		11.2		7.8		23.7		26.3		26.9
Connect & Control Technologies	720.5		755.6		10.6		19.4		10.8		23.1		21.8		21.2
Corporate and Other	1,285.2		1,036.1		1.0		3.1		1.9		5.4		6.7		4.1
Total	$	4,277.6	$	4,107.7	$	63.7	$	91.4	$	95.5	$	112.2	$	113.4	$	109.4

The following table displays consolidated revenue by geographic region for the years ended December 31, 2020, 2019, and 2018. Revenue is attributed to individual regions based upon the destination of the product or service delivery.


For the Year Ended December 31, 2020	Motion Technologies		Industrial Process		Connect & Control Technologies		Eliminations		Total
North America(a)	$	187.3	$	479.0	$	319.3	$	(2.6)	$	983.0
Europe(b)	676.4		95.5		97.4		—		869.3
Asia	243.8		93.1		77.0		(0.2)		413.7
Middle East and Africa	1.5		92.0		18.8		—		112.3
South America	12.1		83.4		4.0		—		99.5
Total	$	1,121.1	$	843.0	$	516.5	$	(2.8)	$	2,477.8

For the Year Ended December 31, 2019
North America(a)	$	204.4	$	558.7	$	431.9	$	(2.9)	$	1,192.1
Europe(b)	780.5		89.7		125.9		—		996.1
Asia	241.7		101.9		83.8		(0.2)		427.2
Middle East and Africa	2.3		114.1		16.3		—		132.7
South America	12.9		79.4		6.0		—		98.3
Total	$	1,241.8	$	943.8	$	663.9	$	(3.1)	$	2,846.4

For the Year Ended December 31, 2018
North America(a)	$	185.3	$	483.6	$	404.3	$	(2.4)	$	1,070.8
Europe(b)	807.6		60.3		132.9		(0.1)		1,000.7
Asia	265.5		81.6		84.5		(0.2)		431.4
Middle East and Africa	1.3		128.1		17.2		—		146.6
South America	14.4		73.5		7.7		—		95.6
Total	$	1,274.1	$	827.1	$	646.6	$	(2.7)	$	2,745.1

(a)Includes revenue of $811.0, $989.4, and $887.0, from the United States for 2020, 2019, and 2018, respectively.

(b)Includes revenue of $334.9, $391.2, and $412.5, from Germany for 2020, 2019, and 2018, respectively.

The following table displays Plant, Property and Equipment, net by geographic region as of December 31, 2020, and 2019.


	2020		2019
North America(a)	$	174.1	$	192.2
Europe(b)	263.8		250.0
Asia	83.7		84.6
Middle East and Africa	0.2		0.4
South America	3.3		4.3
Total	$	525.1	$	531.5

(a)Includes $141.8 and $158.7, in the United States as of December 31, 2020 and 2019, respectively.

(b)Includes $108.2 and $95.7, in Italy as of December 31, 2020 and 2019, respectively.

Revenue Revenue (Notes)

12 Months Ended

Dec. 31, 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 years ended December 31, 2020, 2019, and 2018:


For the Year Ended December 31, 2020	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	1,104.6		$	—		$	—		$	(0.2)		$	1,104.4
Chemical and industrial pumps		—			660.5			—			—			660.5
Aerospace and defense		6.7			—			284.7			—			291.4
Oil and gas		—			182.5			31.3			—			213.8
General industrial		9.8			—			200.5			(2.6)			207.7
Total		$	1,121.1		$	843.0		$	516.5		$	(2.8)		$	2,477.8

For the Year Ended December 31, 2019
Auto and rail		$	1,222.6		$	—		$	—		$	(0.2)		$	1,222.4
Chemical and industrial pumps		—			701.7			—			—			701.7
Aerospace and defense		9.1			—			409.2			—			418.3
Oil and gas		—			242.1			39.4			—			281.5
General industrial		10.1			—			215.3			(2.9)			222.5
Total		$	1,241.8		$	943.8		$	663.9		$	(3.1)		$	2,846.4

For the Year Ended December 31, 2018
Auto and rail		$	1,253.0		$	—		$	—		$	(0.2)		$	1,252.8
Chemical and industrial pumps		—			598.7			—			—			598.7
Aerospace and defense		8.5			—			369.5			—			378.0
Oil and gas		—			228.4			39.6			—			268.0
General industrial		12.6			—			237.5			(2.5)			247.6
Total		$	1,274.1		$	827.1		$	646.6		$	(2.7)		$	2,745.1

During 2020, 2019, and 2018, a single external customer, Continental, accounted for 9.1%, 9.8%, and 10.7% of consolidated ITT revenue, respectively. A significant portion of the OEM revenue, typically about half, is derived at the automakers' direction to use an ITT brake pad in Continental's braking systems (calipers), generally through supply agreements signed directly with automakers. The remaining Continental revenue is generated from a long-term aftermarket agreement. The revenue from this customer is reported within the Motion Technologies segment.

Revenue recognized related to our Industrial Process segment primarily consists of pumps, valves and plant optimization systems and related services which serve the general industrial, oil and gas, chemical and petrochemical, pharmaceutical, mining, pulp and paper, food and beverage, and power generation markets. Many of Industrial Process’s products are highly engineered and customized to our customer needs and therefore do not have an alternative use. For these longer term design and build projects, if the contract states that we also have an enforceable right to payment, we recognize revenue over time using the cost-to-cost method as we satisfy the performance obligations identified in the contract. If no right to payment exists, revenue is recognized at a point in time, generally based on shipping terms. A majority of our design and build project contracts currently do not have a right to payment. For other pumps that do have an alternative use to us, revenue is recognized at a point in time. Revenue on service and repair contracts, representing approximately 4% of consolidated ITT revenue for each of the three years presented, is recognized after services have been agreed to by the customer and rendered or over the service period.

Our Motion Technologies segment manufactures brake pads, shims, shock absorbers, and energy absorption components, and sealing technologies primarily for the transportation industry. Our Connect & Control Technologies segment designs and manufactures a range of highly engineered connectors and specialized control components for critical applications supporting various markets including aerospace and defense, industrial, transportation, medical, and oil and gas. In both of these segments, most products have an alternative use. Therefore, revenue for those products is recognized at a point in time when control passes to the customer. In certain circumstances, we have concluded we do not have an alternative use for the component product. In these cases, due to the short-term nature of the production process we use a units-of-delivery method of revenue recognition which faithfully depicts the transfer of control to the customer.

Contract Assets and Liabilities

Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings. 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 December 31, 2020 and 2019.


	2020			2019			Change
Current contract assets		$	19.1		$	18.0		6.1	%

Current contract liabilities		(56.2)			(57.4)			(2.1)	%
Noncurrent contract liabilities		(0.1)			—			—	%
Net contract liabilities		$	(37.2)		$	(39.4)		(5.6)	%

Our net contract liability decreased $2.2, or 5.6%, during 2020. During 2020, we recognized revenue of $51.1, related to contract liabilities at December 31, 2019.

The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations was $777.2 as of December 31, 2020. Of this amount, we expect to recognize approximately $650 to $670 of revenue during 2021 and the remainder thereafter.

As of December 31, 2020 and 2019, deferred contract costs, net were $6.5 and $8.1, respectively, primarily related to pre-contract costs. During 2020 and 2019, we amortized $1.6 and $1.3, respectively.

Restructuring Actions

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring Actions

RESTRUCTURING ACTIONS

We have initiated various restructuring actions throughout our businesses during the past three years, including the 2020 Global Restructuring Plan described below. 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 year ended December 31, 2020, 2019, and 2018.


	2020		2019		2018
By component:
Severance costs and other employee-related	$	41.5	$	12.4	$	4.5

Other	1.5		0.4		0.7
Total restructuring costs	$	43.0	$	12.8	$	5.2
By segment:
Motion Technologies	$	12.7	$	4.9	$	2.3
Industrial Process	19.5		5.7		0.1
Connect & Control Technologies	8.5		2.0		2.1
Corporate and Other	2.3		0.2		0.7

The following table displays a rollforward of the restructuring accruals, presented on our Consolidated Balance Sheet within accrued liabilities, for the years ended December 31, 2020 and 2019.


	2020		2019
Restructuring accruals - beginning balance	$	7.5	$	6.7
Restructuring costs	44.1		13.4
Reversal of prior accruals	(1.1)		(0.6)
Cash payments	(33.0)		(11.7)

Foreign exchange translation and other	1.6		(0.3)
Restructuring accrual - ending balance	$	19.1	$	7.5
By accrual type:
Severance and other employee-related	$	18.6	$	7.2
Other	0.5		0.3

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 incurred restructuring costs of $43.8 during 2020, principally related to involuntary severance costs, and expects to incur additional restructuring charges of $7.3 during 2021. The table below summarizes the total restructuring costs incurred to through December 31, 2020 and total expected restructuring costs by segment related to the 2020 Global Restructuring Plan.


	Incurred to Date		Expected Costs
Motion Technologies	$	12.7	$	12.7
Industrial Process	19.9		22.6
Connect & Control Technologies	8.8		13.4
Corporate and Other	2.4		2.4
Total	$	43.8	$	51.1

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


Beginning balance - January 1	$	—
Restructuring costs	43.8
Cash payments	(27.9)
Foreign exchange translation and other	1.2
Ending balance - December 31	$	17.1

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

For each of the years ended December 31, 2020, 2019, and 2018 the tax data related to continuing operations is as follows:


	2020			2019			2018
Income components:
United States	$	(124.3)		$	143.9		$	114.4
International	209.5			270.5			276.6
Income from continuing operations before income tax	85.2			414.4			391.0
Income tax expense components:
Current income tax expense:
United States – federal	9.9			9.4			6.3
United States – state and local	(1.5)			0.5			7.9
International	50.8			49.1			58.2
Total current income tax expense	59.2			59.0			72.4
Deferred income tax (benefit) expense components:
United States – federal	(36.6)			10.1			7.4
United States – state and local	(4.8)			1.5			(0.2)
International	(2.5)			19.3			(21.9)
Total deferred income tax (benefit) expense	(43.9)			30.9			(14.7)
Income tax expense	$	15.3		$	89.9		$	57.7
Effective income tax rate	18.0		%	21.7		%	14.8		%

A reconciliation of the income tax expense for continuing operations from the U.S. statutory income tax rate to the effective income tax rate is as follows for each of the years ended December 31, 2020, 2019, and 2018:


	2020		2019		2018
Tax provision at U.S. statutory rate	21.0	%	21.0	%	21.0	%
Tax on undistributed foreign earnings	7.4	%	1.8	%	(1.2)	%
Pension settlement AOCI expense	5.9	%	—	%	—	%
Italy patent box	(5.6)	%	(1.2)	%	(1.0)	%
Audit settlements and unrecognized tax benefits	(5.4)	%	0.1	%	(0.3)	%
Excess tax benefits on stock-based compensation	(3.6)	%	(1.1)	%	(0.6)	%
State and local income tax	(2.4)	%	0.7	%	1.5	%
Foreign tax rate differential	1.6	%	2.8	%	3.7	%
Valuation allowance on deferred tax assets	1.5	%	(0.5)	%	(2.4)	%
U.S. tax on foreign earnings	(0.2)	%	—	%	0.5	%
U.S. permanent items	(0.1)	%	(1.0)	%	0.4	%
Tax exempt interest	—	%	—	%	(5.8)	%
One-time tax on foreign earnings - Tax Act	—	%	—	%	(1.0)	%
Federal deferred taxes remeasurement - Tax Act	—	%	—	%	0.4	%
Other adjustments	(2.1)	%	(0.9)	%	(0.4)	%
Effective income tax rate	18.0	%	21.7	%	14.8	%

The decrease in the effective tax rate in 2020 compared to 2019 was due to a benefit of $25.9 resulting from a recently completed internal reorganization in Europe. The reorganization increased projections of future earnings, which will result in the realization of a portion of our deferred tax assets. This benefit was partially offset by the recognition of a $21.7 valuation allowance on our Germany and UK entities. The effective tax rate in 2019 compared to 2018 was higher primarily due to tax benefits of $22.9 in 2018 from valuation allowance reversals on deferred tax assets. At the end of 2018, ITT capitalized its investment in a foreign subsidiary, which eliminated its tax exempt interest.

The Company’s financial condition and results of operations have been and may 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 may continue to have, an impact on the Company’s overall effective tax rate.

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, and the creation of certain refundable employee retention credits. During the twelve months ended December 31, 2020, the Company recognized a benefit of $10.7 from the CARES Act. The benefit was recorded in operating income and was applied against the employer portion of payroll taxes. Certain non-U.S. jurisdictions have enacted similar stimulus measures focused on payroll incentives and tariff reductions. We continue to monitor any effects that may result from the CARES Act or other similar legislation globally. On December 21, 2020, the U.S. Congress enacted the Consolidated Appropriations Act of 2021, also known as "CARES Act 2." The Company is currently evaluating the impact of this new legislation on its consolidated financial statements.

The Company provides for deferred taxes on the undistributed earnings and profits of all foreign subsidiaries, determined under U.S. tax law. At December 31, 2020, the amount of undistributed earnings and profits of all foreign subsidiaries was $913.7. The Company anticipates that these foreign earnings and future earnings of its foreign subsidiaries that are not indefinitely reinvested will be sufficient to meet its U.S. cash needs. The Company is indefinitely reinvested in any excess of financial reporting over tax basis in its foreign subsidiaries that exceeds undistributed earnings and profits. At December 31, 2020, the indefinitely reinvested excess of financial reporting over tax basis was $240.9.

Deferred tax assets and liabilities include the following:


	2020		2019
Deferred Tax Assets:
Loss carryforwards	$	128.6	$	139.8
Asbestos	116.7		101.5
Employee benefits	64.7		59.4
Accruals	59.3		46.0
Credit carryforwards	3.4		2.5
Other	27.0		20.5
Gross deferred tax assets	399.7		369.7
Less: Valuation allowance	123.0		129.8
Net deferred tax assets	$	276.7	$	239.9
Deferred Tax Liabilities:
Intangibles	$	(40.9)	$	(43.0)
Undistributed earnings	(49.2)		(33.8)
Accelerated depreciation	(30.3)		(26.9)
Investment	0.5		(0.2)
Total deferred tax liabilities	$	(119.9)	$	(103.9)
Net deferred tax assets	$	156.8	$	136.0

Deferred taxes are presented in the Consolidated Balance Sheets as follows:


	2020		2019
Non-current assets	$	158.3	$	138.1
Other non-current liabilities	(1.5)		(2.1)
Net deferred tax assets	$	156.8	$	136.0

The table included below provides a rollforward of our valuation allowance on net deferred income tax assets from December 31, 2017 to December 31, 2020.


	State		Foreign		Total
DTA valuation allowance - December 31, 2017	$	72.4	$	97.6	$	170.0
Change in assessment	—		(22.9)		(22.9)
Current year operations	(15.1)		9.0		(6.1)
DTA valuation allowance - December 31, 2018	$	57.3	$	83.7	$	141.0
Change in assessment	—		5.6		5.6
Current year operations	(8.8)		(8.0)		(16.8)
DTA valuation allowance - December 31, 2019	$	48.5	$	81.3	$	129.8
Change in assessment	—		(6.2)		(6.2)
Current year operations	(8.1)		7.5		(0.6)
DTA valuation allowance - December 31, 2020	$	40.4	$	82.6	$	123.0

The Company continues to maintain a valuation allowance against certain deferred tax assets attributable to state net operating losses and tax credits, and certain foreign net deferred tax assets primarily in Luxembourg, China, and Germany which are not expected to be realized. Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of deferred tax assets. The cumulative loss incurred over the three-year period ending December 31, 2020 constitutes significant objective negative evidence, resulting in the recognition of a valuation allowance against the net deferred tax assets for these jurisdictions. Such objective negative evidence limits our ability to consider subjective positive evidence, such as our projections of future taxable income. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income change or if objective negative evidence in the form of cumulative losses is no longer present and additional weight can be given to subjective evidence.

We have the following tax attributes available for utilization at December 31, 2020:


Attribute	Amount		First Year of Expiration
U.S. federal net operating losses	$	2.9	12/31/2037
U.S. state net operating losses	915.7		12/31/2021
U.S. federal tax credits	2.0		12/31/2029
U.S. state tax credits	1.4		12/31/2027
Foreign net operating losses(a)	332.1		12/31/2021

(a) Includes approximately $224.9 of net operating loss carryforwards in Luxembourg as of December 31, 2020.

Excess tax benefits related to stock-based compensation of $3.0, $4.6 and $2.2 for 2020, 2019 and 2018, respectively, were recorded as an income tax benefit in the statement of operations and have been reflected in the caption “U.S. permanent items” within the effective tax rate reconciliation table.

Uncertain Tax Positions

We recognize income tax benefits from uncertain tax positions only if, based on the technical merits of the position, it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The tax benefits recognized in the Consolidated Financial Statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.

A reconciliation of the beginning and ending amount of unrecognized tax benefits for each of the years ended December 31, 2020, 2019, and 2018 is as follows:


	2020		2019		2018
Unrecognized tax benefits – January 1	$	46.2	$	45.8	$	51.9
Additions for:
Current year tax positions	0.9		1.5		1.5
Prior year tax positions	0.3		0.3		—

Reductions for:
Prior year tax positions	—		(0.1)		(0.2)
Expiration of statute of limitations	(4.7)		(1.2)		(1.9)
Settlements	(1.2)		(0.1)		(5.5)
Unrecognized tax benefits – December 31	$	41.5	$	46.2	$	45.8

As of December 31, 2020, $16.7 and $0.5 of the unrecognized tax benefits would affect the effective tax rate for continuing operations and discontinued operations respectively, if realized. 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, Japan, the U.S. and Venezuela.

The calculation of our tax liability for unrecognized tax benefits includes dealing with uncertainties in the application of complex tax laws and regulations in various tax jurisdictions. Due to the complexity of some uncertainties, the ultimate resolution may result in a payment that is materially different from our 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. The settlement of any future examinations could result in changes in the amounts attributable to the Company under its existing Tax Matters Agreement with Exelis and Xylem.

The following table summarizes the earliest open tax years by major jurisdiction as of December 31, 2020:


Jurisdiction			Earliest Open Year
China			2015
Czech Republic			2014
Germany			2014
Hong Kong			2007
India			2010
Italy			2014
Korea			2014
Luxembourg			2015
Mexico			2014
United States			2017

We classify interest relating to tax matters as a component of interest expense and tax penalties as a component of income tax expense in our Consolidated Statements of Operations. During 2020, 2019, and 2018 we recognized a net interest benefit of $2.0, $0.3, and $0.9, respectively, related to tax matters. We had $0.9, $2.9, and $3.2 of interest expense accrued from continuing and discontinued operations related to tax matters as of December 31, 2020, 2019, and 2018, respectively.

Tax Matters Agreement

In relation to ITT's 2011 spin-off of its Defense and Information Solutions business, Exelis Inc. (Exelis), and its water-related business, Xylem Inc. (Xylem), ITT entered into a Tax Matters Agreement with Exelis and Xylem that governs the respective rights, responsibilities and obligations of the companies after the 2011 spin-off with respect to tax liabilities and benefits, tax attributes, tax contests and other tax sharing regarding U.S. Federal, state, local

and foreign income taxes, other tax matters and related tax returns. On May 29, 2015, Harris Corporation acquired Exelis and on June 29, 2019, Harris Corporation and L3 Technologies completed a merger. As of December 31, 2020, examinations remained open for income taxes from certain foreign jurisdictions. The settlement of future examinations and additional audit service fees may result in changes in amounts attributable to us through the Tax Matters Agreement entered into with Exelis and Xylem. Currently we cannot reasonably estimate the amount of such changes. ITT anticipates concluding all Tax Matters Agreement items in 2021.

Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE DATA

The following table provides a reconciliation of the data used in the calculation of basic and diluted common shares outstanding for the three years ended December 31, 2020, 2019 and 2018.


	2020	2019	2018
Basic weighted average common shares outstanding	86.7	87.7	87.7
Add: Dilutive impact of outstanding equity awards	0.6	0.9	1.0
Diluted weighted average common shares outstanding	87.3	88.6	88.7

There were no anti-dilutive shares as of December 31, 2020, 2019, and 2018 to exclude from the computation of diluted earnings per share.

Receivables, Net

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Receivables, Net

RECEIVABLES, NET


	2020		2019
Trade accounts receivable	$	492.5	$	562.3
Notes receivable	11.0		6.2
Other	19.1		21.2
Receivables, gross	522.6		589.7
Less: allowance for credit losses - receivables	(15.1)		(11.3)
Receivables, net	$	507.5	$	578.4

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


	2020		2019
Allowance for credit losses - receivables	$	15.1	$	11.3
Allowance for credit losses - contract assets	0.5		1.5
Total allowance for credit losses	$	15.6	$	12.8

Our allowance for credit losses for the year ended December 31, 2020 includes our estimate of the impact of the COVID-19 pandemic and declines in the oil and gas market and we expect it 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 follow table displays a rollforward of the total allowance for credit losses for the years ended December 31, 2020, 2019, and 2018.


	2020		2019		2018
Total allowance for credit losses – January 1	$	12.8	$	18.3	$	16.1
Impact of adoption of ASU 2016-13 (See Note 2)	1.7		—		—
Charges to income	6.2		3.5		3.6
Write-offs	(5.5)		(9.2)		(0.8)
Foreign currency and other	0.4		0.2		(0.6)
Total allowance for credit losses – December 31	$	15.6	$	12.8	$	18.3

Inventories, Net

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories, Net

INVENTORIES, NET


	2020		2019
Finished goods	$	63.1	$	80.7
Work in process	77.5		83.9
Raw materials	219.9		228.3
Inventories, net	$	360.5	$	392.9

Other Current and Non-Current Assets

12 Months Ended

Dec. 31, 2020

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

Other Current and Non-Current Assets

OTHER CURRENT AND NON-CURRENT ASSETS


	2020		2019
Asbestos-related assets(a)	$	91.0	$	67.2
Advance payments and other prepaid expenses	39.6		45.4
Contract assets	19.1		18.0
Prepaid income taxes	29.0		20.6

Other	10.8		2.2
Other current assets	$	189.5	$	153.4
Other employee benefit-related assets	$	113.9	$	133.6
Operating lease right-of-use assets	87.3		91.7
Capitalized software costs	23.9		30.1
Environmental-related assets	10.6		22.2
Equity method investments	11.7		9.8
Other	24.6		29.1
Other non-current assets	$	272.0	$	316.5

(a)The increase in asbestos-related assets as of December 31, 2020 primarily relates to a 2020 settlement agreement with an insurer accelerating payments previously included in a buyout agreement. Refer to Note 20, Commitments and Contingencies, for further information.

Plant, Property and Equipment, Net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Plant, Property and Equipment, Net

PLANT, PROPERTY AND EQUIPMENT, NET


	Useful life (in years)	2020		2019
Machinery and equipment	2 - 10	$	1,205.7	$	1,128.9
Buildings and improvements	5 - 40	273.9		279.3
Furniture, fixtures and office equipment	3 - 7	82.0		79.8
Construction work in progress		44.7		48.8
Land and improvements		34.6		33.3
Other		5.0		10.5
Plant, property and equipment, gross		1,645.9		1,580.6
Less: accumulated depreciation		(1,120.8)		(1,049.1)
Plant, property and equipment, net		$	525.1	$	531.5

Depreciation expense of $83.2, $84.1 and $82.8 was recognized in 2020, 2019 and 2018, respectively.

During 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.

Goodwill and Other Intangible Assets, Net

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill

Changes in the carrying amount of goodwill for the years ended December 31, 2020 and 2019 by segment are as follows:


	Motion Technologies		Industrial Process		Connect & Control Technologies		Total
Goodwill - December 31, 2018	$	294.5	$	315.8	$	265.6	$	875.9


Goodwill acquired	—		40.1		14.3		54.4
Foreign currency	(0.9)		(1.8)		(0.4)		(3.1)
Goodwill - December 31, 2019	$	293.6	$	354.1	$	279.5	$	927.2


Adjustments to purchase price allocations	—		(2.5)		—		(2.5)
Foreign currency	4.5		13.8		1.8		20.1
Goodwill - December 31, 2020	$	298.1	$	365.4	$	281.3	$	944.8

Goodwill acquired in 2019 is related to our acquisitions of Rheinhütte Pumpen Group (Rheinhütte) and Matrix Composites, Inc. (Matrix). Goodwill acquired represents the preliminary calculation of the excess of the purchase price over the net assets acquired. Adjustments to purchase price allocations during 2020 is related to the completion of the Rheinhütte valuation. See Note 22, Acquisitions, for further information.

Other Intangible Assets

Information regarding our other intangible assets is as follows:


	December 31, 2020						December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Intangibles		Gross Carrying Amount		Accumulated Amortization		Net Intangibles
Customer relationships	$	163.3	$	(101.7)	$	61.6	$	176.3	$	(99.6)	$	76.7
Proprietary technology	46.7		(23.4)		23.3		58.4		(28.1)		30.3
Patents and other	16.2		(11.5)		4.7		21.8		(13.0)		8.8
Finite-lived intangible total	226.2		(136.6)		89.6		256.5		(140.7)		115.8
Indefinite-lived intangibles	16.8		—		16.8		22.2		—		22.2
Other Intangible Assets	$	243.0	$	(136.6)	$	106.4	$	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 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.

Customer relationships, proprietary technology and patents and other intangible assets are amortized over weighted average lives of approximately 12.6 years, 12.9 years and 6.0 years, respectively. Indefinite-lived intangibles primarily consist of brands and trademarks.

Amortization expense related to intangible assets for 2020, 2019 and 2018 was $20.4, $20.8 and $17.6, respectively. Estimated amortization expense for each of the five succeeding years is as follows:


2021			19.0
2022			16.2
2023			14.5
2024			9.0
2025			7.9
Thereafter			23.0

Accrued Liabilities and Other Non-Current Liabilities

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accrued Liabilities and Other Non-Current Liabilities

ACCRUED LIABILITIES AND OTHER NON-CURRENT LIABILITIES


	2020		2019
Compensation and other employee-related benefits	$	137.3	$	145.4
Asbestos-related liability	91.4		86.0
Contract liabilities and other customer-related liabilities	73.7		74.6
Accrued income taxes and other tax-related liabilities	36.9		27.0
Accrued warranty costs	23.1		18.5
Operating lease liabilities	19.8		19.9
Environmental and other legal matters	19.1		17.9
Accrued restructuring costs	19.1		7.5
Other	37.0		34.0
Accrued and other current liabilities	$	457.4	$	430.8
Operating lease liabilities	$	72.4	$	76.0
Environmental liabilities	50.1		55.8
Compensation and other employee-related benefits	29.4		32.4
Non-current maturities of long-term debt	13.0		12.9
Deferred income taxes and other tax-related liabilities	11.9		24.0
Other	33.8		33.6
Other non-current liabilities	$	210.6	$	234.7

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases and Rentals

LEASES

The Company’s lease portfolio primarily relates to real estate, which may be used for manufacturing or non-manufacturing purposes, and contains lease terms generally ranging between one and 18 years. Our lease portfolio also includes vehicles and equipment. Substantially all of our leases are classified as operating leases. Short-term lease costs, variable lease costs, and sublease income are not considered material. Operating lease costs were $25.0, $25.1, and $25.1 for the year ended December 31, 2020, 2019 and 2018, respectively.

Future operating lease payments under non-cancellable operating leases with an initial term in excess of 12 months as of December 31, 2020 are shown below.


2021	$	21.7
2022	19.3
2023	14.7
2024	10.6
2025	8.5
Thereafter	26.3
Total future lease payments	101.1
Less: amount of lease payments representing interest	8.9
Present value of future lease payments	$	92.2

Short-term lease liability	$	19.8
Long-term lease liability	72.4
Present value of future lease payments	$	92.2

Our lease portfolio has a weighted average remaining lease term of 6.4 years, and the weighted average discount rate is 2.6%. During the year ended December 31, 2020, we recognized non-cash right-of-use assets of $28.0 for new leases entered into during the period, including our new corporate headquarters in Stamford, CT. Additionally, in the fourth quarter of 2020 we terminated a lease in Basingstoke, United Kingdom, resulting in a reduction in our right-of-use asset and liability of $13.2. Operating cash outflows from operating leases during the year ended December 31, 2020 were $22.6.

Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt

DEBT


	2020		2019
Commercial paper	$	104.3	$	84.2

Current maturities of long-term debt	2.5		2.3
Commercial paper and current maturities of long-term debt	106.8		86.5
Non-current maturities of long-term debt	13.0		12.9
Total debt	$	119.8	$	99.4

Commercial Paper

Commercial paper outstanding as of December 31, 2020 and 2019 was issued entirely through the Company's euro program and had an associated weighted average interest rate of (0.06)% and 0.05%, respectively. The outstanding commercial paper for both periods had 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 JP Morgan Chase Bank, N.A., as administrative agent, and Citibank, N.A., as syndication agent. On November 5, 2019, we amended the Revolving Credit Agreement to extend the maturity date from November 25, 2021 to November 25, 2022. The interest rate and fees associated with drawn amounts are unchanged. 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 in 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. We are also permitted, subject to certain conditions, to request that lenders increase the commitments under the facility by up to $200 for a maximum aggregate principal amount of $700. Borrowings under the credit facility are available in U.S. dollars, Euros or British pound sterling.

At our election, the interest rate per annum applicable to the competitive advances will be obtained from bids in accordance with competitive auction procedures. At our election, interest rate per annum applicable to the revolving loans will be based on either (i) a Eurodollar rate determined by reference to LIBOR, adjusted for statutory reserve requirements, plus an applicable margin or (ii) a fluctuating rate of interest determined by reference to the greatest of (a) the prime rate of JPMorgan Chase Bank, N.A., (b) the federal funds effective rate plus one-half of 1% or (c) the 1-month LIBOR rate, adjusted for statutory reserve requirements, plus 1%, in each case, plus an applicable margin. As of December 31, 2020 and 2019, we had no outstanding obligations under the credit facility.

The credit facility 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. At December 31, 2020, our leverage ratio and interest coverage ratio were within the prescribed thresholds. In the event of a ratings downgrade 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 Revolving Credit Agreement.

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 December 31, 2020.

Long-term Debt

Our long-term debt is specific to outstanding Italian government loans maturing in June 2027. These loans carry a weighted average fixed interest rate of 0.71% and require annual principal and interest payments of approximately $2.5 through maturity. The non-current portion of long-term debt is presented within other non-current liabilities in our Consolidated Balance Sheets.

Postretirement Benefit Plans

12 Months Ended

Dec. 31, 2020

Postemployment Benefits [Abstract]

Postretirement Benefit Plans

POSTRETIREMENT BENEFIT PLANS

Defined Contribution Plans

Substantially all of ITT’s U.S. and certain international employees are eligible to participate in a defined contribution plan. ITT sponsors numerous defined contribution savings plans, which allow employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. Certain plans require us to match a portion of the employee contributions. Company contributions charged to expense amounted to $10.6, $17.6 and $17.1 for 2020, 2019 and 2018, respectively. Contributions during 2020 were impacted by a suspension of select 401(k) benefits for certain U.S. participants as a cost reduction measure in response to the COVID-19 pandemic.

The ITT Stock Fund, an investment option in our U.S. based defined contribution plan, is considered an employee stock ownership plan and, as a result, participants in the ITT Stock Fund may receive dividends in cash or may reinvest such dividends into the ITT Stock Fund. The ITT Stock Fund held approximately 0.1 shares of ITT common stock at December 31, 2020.

Defined Benefit Plans

In the fourth quarter of 2020, the Company terminated its U.S. qualified pension plan and transferred its liabilities to an insurance company. Refer to "U.S. Qualified Pension Plan Termination" below for further information. ITT sponsors a number of defined benefit pension plans, primarily outside of the U.S., which have approximately 900 active participants. As of December 31, 2020, international pension plans represented 88% of our total projected benefit obligation. There is one remaining U.S. pension plan, which is frozen to new participants. International plan benefits are primarily determined based on participant years of service, future compensation, and age at retirement or termination.

ITT also provides health care and life insurance benefits for eligible U.S. employees upon retirement. In some cases, the plan is still open to certain union employees, but for the majority of our businesses these plans are closed to new participants. The majority of the liability pertains to retirees with postretirement medical insurance.

U.S. Qualified Pension Plan Termination

In the fourth quarter of 2020, the Company terminated its U.S. qualified pension plan by purchasing a group annuity contract from MassMutual Life Insurance Company (MassMutual), which fully assumed the responsibility for paying and administering pension benefits to approximately five thousand plan participants and their beneficiaries. MassMutual is a highly rated Fortune 100 insurance company that has a long history of efficiently providing and administering pension benefits. In connection with the plan termination, the Company settled all future obligations under the plan by providing lump sum payments to eligible participants who elected to receive them, and by transferring the remaining projected benefit obligation to the insurance company. The termination was funded with plan assets of approximately $320 and cash of $8.4. Consequently, in the fourth quarter of 2020, the Company recognized a settlement charge of $136.9 within non-operating expenses, which primarily represents the acceleration of deferred charges previously included within accumulated other comprehensive loss and derecognition of the net assets of the plan.

Balance Sheet Information

The following table provides a summary of the funded status of our postretirement benefit plans and the presentation of the funded status within our Consolidated Balance Sheet as of December 31, 2020 and 2019.


	2020						2019
	Pension		Other Benefits		Total		Pension		Other Benefits		Total
Fair value of plan assets	$	0.5	$	—	$	0.5	$	320.5	$	1.3	$	321.8
Projected benefit obligation	124.5		118.3		242.8		408.8		116.6		525.4
Funded status	$	(124.0)	$	(118.3)	$	(242.3)	$	(88.3)	$	(115.3)	$	(203.6)
Amounts reported within:
Non-current assets	$	0.2	$	—	$	0.2	$	24.5	$	—	$	24.5
Accrued liabilities	(5.8)		(9.2)		(15.0)		(4.9)		(9.3)		(14.2)
Non-current liabilities	(118.4)		(109.1)		(227.5)		(107.9)		(106.0)		(213.9)

A portion of our projected benefit obligation includes amounts that have not yet been recognized as expense in our results of operations. Such amounts are recorded within accumulated other comprehensive loss until they are amortized as a component of net periodic postretirement cost. The following table provides a summary of amounts recorded within accumulated other comprehensive loss at December 31, 2020 and 2019.


	2020						2019
	Pension		Other Benefits		Total		Pension		Other Benefits		Total
Net actuarial loss	$	40.9	$	39.2	$	80.1	$	143.4	$	37.8	$	181.2
Prior service cost (benefit)	0.4		(27.1)		(26.7)		0.4		(32.2)		(31.8)
Total	$	41.3	$	12.1	$	53.4	$	143.8	$	5.6	$	149.4

The following tables provide a rollforward of the benefit obligation, plan assets and funded status for our U.S. and international pension plans and our other employee-related defined benefit plans for the years ended December 31, 2020 and 2019.


	2020								2019
	U.S. Pension		Int’l Pension		Other Benefits		Total		U.S. Pension		Int’l Pension		Other Benefits		Total
Change in benefit obligation
Benefit obligation – January 1	$	310.4	$	98.4	$	116.6	$	525.4	$	291.8	$	89.4	$	118.6	$	499.8
Service cost	—		1.5		0.8		2.3		0.2		1.2		0.7		2.1
Interest cost	6.9		1.0		2.8		10.7		11.1		1.5		4.0		16.6
Amendments	—		—		—		—		—		—		1.7		1.7
Actuarial loss(a)	45.0		3.3		4.0		52.3		31.0		10.4		3.6		45.0
Benefits paid	(18.9)		(3.6)		(5.9)		(28.4)		(23.7)		(3.0)		(12.0)		(38.7)
Acquired	—		—		—		—		—		0.5		—		0.5
Settlement	(327.9)		(0.6)		—		(328.5)		—		—		—		—

Foreign currency translation	—		9.0		—		9.0		—		(1.6)		—		(1.6)
Benefit obligation – December 31	$	15.5	$	109.0	$	118.3	$	242.8	$	310.4	$	98.4	$	116.6	$	525.4

(a)In 2020, the actuarial loss is primarily due to a decrease in discount rates in addition to the annuity premium in connection with the U.S. qualified pension plan termination. In 2019, the actuarial loss was primarily due to a reduction in the discount rate used to measure the benefit obligations.


	2020								2019
	U.S. Pension		Int’l Pension		Other Benefits		Total		U.S. Pension		Int’l Pension		Other Benefits		Total
Change in plan assets
Plan assets – January 1	$	319.9	$	0.6	$	1.3	$	321.8	$	277.8	$	0.6	$	2.9	$	281.3
Actual return on plan assets	20.0		—		—		20.0		57.7		—		0.4		58.1
Employer contributions	9.3		4.1		4.6		18.0		9.9		3.0		10.0		22.9
Benefits and expenses paid	(21.3)		(3.6)		(5.9)		(30.8)		(25.5)		(3.0)		(12.0)		(40.5)

Settlement	(327.9)		(0.6)		—		(328.5)		—		—		—		—

Plan assets – December 31	$	—	$	0.5	$	—	$	0.5	$	319.9	$	0.6	$	1.3	$	321.8
Funded status at end of year	$	(15.5)	$	(108.5)	$	(118.3)	$	(242.3)	$	9.5	$	(97.8)	$	(115.3)	$	(203.6)

The accumulated benefit obligation for all defined benefit pension plans was $121.6 and $406.3 at December 31, 2020 and 2019, respectively. Information for pension plans with an accumulated benefit obligation in excess of plan assets is included in the following table.


	2020		2019
Projected benefit obligation	$	124.2	$	112.8
Accumulated benefit obligation	121.3		110.3
Fair value of plan assets	—		—

Statements of Operations Information

The following table provides the components of net periodic postretirement cost and other amounts recognized in other comprehensive loss for each of the years ended December 31, 2020, 2019 and 2018 as they pertain to our defined benefit pension plans.


	2020						2019						2018
	U.S. Pension		Int’l Pension		Total		U.S. Pension		Int’l Pension		Total		U.S. Pension		Int’l Pension		Total
Net periodic postretirement cost - pension
Service cost	$	—	$	1.5	$	1.5	$	0.2	$	1.2	$	1.4	$	0.4	$	1.3	$	1.7
Interest cost	6.9		1.0		7.9		11.1		1.5		12.6		10.1		1.4		11.5
Expected return on plan assets	(7.2)		—		(7.2)		(14.8)		—		(14.8)		(15.8)		—		(15.8)
Amortization of net actuarial loss	4.8		1.5		6.3		4.3		0.8		5.1		4.9		0.9		5.8
Amortization of prior service cost	—		—		—		0.7		—		0.7		0.9		—		0.9
Net periodic postretirement cost	4.5		4.0		8.5		1.5		3.5		5.0		0.5		3.6		4.1
Settlement charges	136.9		0.1		137.0		—		—		—		1.7		—		1.7
Total net periodic postretirement cost	141.4		4.1		145.5		1.5		3.5		5.0		2.2		3.6		5.8
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Net actuarial loss (gain)	34.7		3.2		37.9		(10.2)		10.3		0.1		15.4		0.8		16.2
Prior service cost	—		—		—		—		—		—		—		(0.1)		(0.1)
Amortization of net actuarial loss	(141.7)		(1.6)		(143.3)		(4.3)		(0.8)		(5.1)		(6.6)		(0.9)		(7.5)
Amortization of prior service cost	—		—		—		(0.7)		—		(0.7)		(0.9)		—		(0.9)
Foreign currency translation	—		2.9		2.9		—		(0.3)		(0.3)		—		(1.0)		(1.0)
Total change recognized in other comprehensive income	(107.0)		4.5		(102.5)		(15.2)		9.2		(6.0)		7.9		(1.2)		6.7
Total impact from net periodic postretirement cost and changes in other comprehensive income	$	34.4	$	8.6	$	43.0	$	(13.7)	$	12.7	$	(1.0)	$	10.1	$	2.4	$	12.5

In 2020, the Company recorded a settlement charge of $136.9 related to the termination and sale of the U.S. qualified pension plan. In 2018, we recorded a settlement charge of $1.7 related to retiree lump sum pension payments in our Industrial Process segment.


	2020		2019		2018
Net periodic postretirement cost - other postretirement
Service cost	$	0.8	$	0.7	$	0.9
Interest cost	2.8		4.0		4.5
Expected return on plan assets	—		(0.2)		(0.1)
Amortization of net actuarial loss	2.6		2.3		4.0
Amortization of prior service credit	(5.1)		(5.1)		(5.3)


Total net periodic postretirement cost	1.1		1.7		4.0
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Net actuarial loss (gain)	3.9		3.4		(15.6)
Prior service cost	—		1.7		—
Amortization of net actuarial loss	(2.6)		(2.3)		(4.0)
Amortization of prior service credit	5.1		5.1		5.3

Total changes recognized in other comprehensive income	6.4		7.9		(14.3)
Total impact from net periodic postretirement cost and changes in other comprehensive income	$	7.5	$	9.6	$	(10.3)

Postretirement Plan Assumptions

The determination of projected benefit obligations and the recognition of expenses related to postretirement benefit plans are dependent on various assumptions that are judgmental and developed in consultation with external advisors. Management develops each assumption using relevant Company experience in conjunction with market-related data for each individual country in which such plans exist. Periodically, the Company performs experience studies to validate certain actuarial assumptions such as age of retirement, rates of turnover, utilization of optional forms of payments. The actuarial assumptions are based on the provisions of the applicable accounting pronouncements, review of various market data and discussion with our external advisors. Assumptions are reviewed annually and adjusted as necessary. Changes in these assumptions could materially affect our financial statements.

The following table provides the weighted-average assumptions used to determine projected benefit obligations and net periodic postretirement cost, as they pertain to our U.S. and non-U.S. defined benefit pension plans and other employee-related defined benefit plans.


	2020						2019
	U.S. Pension		Int’l Pension		Other Benefits		U.S. Pension		Int’l Pension		Other Benefits
Obligation Assumptions:
Discount rate	2.4	%	0.7	%	2.4	%	3.2	%	1.0	%	3.2	%
Rate of future compensation increase	N/A		2.9	%	N/A		N/A		3.0	%	N/A
Cost Assumptions:
Discount rate	3.2	%	1.0	%	3.2	%	4.3	%	1.7	%	4.3	%
Expected return on plan assets	4.0	%	1.0	%	6.0	%	6.0	%	1.0	%	6.0	%

The discount rate is used to calculate the present value of expected future benefit payments at the measurement date. The discount rate assumption is based on current investment yields of high-quality fixed income investments during the retirement benefits maturity period. The pension discount rate is determined by considering an interest rate yield curve comprising AAA/AA bonds, with maturities that are generally between zero and 30 years, developed by the plan's actuaries. Annual benefit payments are then discounted to present value using this yield curve to develop a single discount rate matching the plan's characteristics.

We estimate the service and interest components of net periodic benefit cost of the U.S. defined benefit plans by discounting the individual expected cash flows underlying the service cost and interest cost using the applicable spot rates from the yield curve used to discount the cash flows in measuring the benefit obligation.

The rate of future compensation increase assumption for foreign plans reflects our long-term actual experience and future and near-term outlook. The rate of future compensation increase assumption is not applicable for U.S. plans because the plan is frozen.

The Company has updated the mortality assumption to reflect the most recent projection update.

The assumed rate of future increases in the per capita cost of health care (the health care trend rate) is 6.5% for pre-age 65 retirees and 5.8% for post-age 65 retirees for 2021, decreasing ratably to 4.5% in 2028. To the extent that actual experience differs from these assumptions, the effect will be amortized over the average future working life or life expectancy of the plan participants.

The expected long-term rate of return on assets reflects the expected returns for each major asset class in which the plans invest, the weight of each asset class in the target mix, the correlations among asset classes, and their expected volatilities. Our expected return on plan assets is estimated by evaluating both historical returns and estimates of future returns based on our target asset allocation. Specifically, we estimate future returns based on independent estimates of asset class returns weighted by the target investment allocation. The expected return on plan assets was reduced in 2020 based on an update to the asset allocation as of December 31, 2019 to reduce risk pursuant to the expected plan termination.

Fair Value of Plan Assets

In measuring plan assets at fair value, a fair value hierarchy is applied which categorizes and prioritizes the inputs used to estimate fair value into three levels. The fair value hierarchy is based on maximizing the use of observable inputs and minimizing the use of unobservable inputs when measuring fair value. Classification within the fair value hierarchy is based on the lowest level input that is significant to the fair value measurement. The three levels of the fair value hierarchy are defined as follows:

•Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2 inputs are other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices (in non-active markets or in active markets for similar assets or liabilities), inputs other than quoted prices that are observable, and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

•Level 3 inputs are unobservable inputs for the assets or liabilities.

Collective trusts are valued at net asset value (NAV) as a practical expedient and thus are not leveled in this table, but are included in the totals column to assist in reconciling to fair value of plan assets. Mutual funds are valued at quoted market prices that represent the NAV of shares and are classified within level 1 of the fair value hierarchy. Cash and cash equivalents are held in money market or short-term investment funds and are classified within level 1 of the fair value hierarchy.

As of December 31, 2020, our plan assets were not considered material. The following table provides the investments at fair value held by our postretirement benefit plans at December 31, 2019, by asset class.


	Pension						Other Benefits
	Level 1		Measured at NAV		Total		Level 1












Fixed income - collective trusts	$	—	$	238.8	$	238.8	$	—

Mutual funds	—		—		—		1.3
Cash and other	81.7		—		81.7		—
Total	$	81.7	$	238.8	$	320.5	$	1.3

Contributions

While we make contributions to our postretirement benefit plans when considered necessary or advantageous to do so, the minimum funding requirements established by local government funding or taxing authorities, or established by other agreements, may influence future contributions. Funding requirements under IRS rules are a major consideration in making contributions to our defined benefit pension plans in the U.S. In addition, we fund certain of our international pension plans in countries where funding is allowable and tax-efficient. During 2020 and 2019, we contributed $13.4 and $12.9, respectively, to our global pension plans which includes $8.4 associated with the termination of our U.S. qualified plan in 2020 and a discretionary contribution to our U.S. qualified pension plan of $9.0 in 2019. We anticipate making contributions to our global pension plans of approximately $6 during 2021.

We contributed $4.6 and $10.0 to our other employee-related defined benefit plans during 2020 and 2019, respectively. We estimate that the 2021 contributions to our other employee-related defined benefit plans will be approximately $9.

Estimated Future Benefit Payments

The following table provides the projected timing of payments for benefits earned to date and the expectation that certain future service will be earned by current active employees for our pension and other employee-related benefit plans.


	U.S. Pension		Int’l Pension		Other Benefits
2021	$	0.9	$	4.8	$	9.3
2022	0.9		3.8		8.8
2023	0.9		4.0		8.4
2024	0.9		4.2		8.1
2025	0.9		3.8		7.7
2026 - 2030	4.4		20.3		33.5

Long-Term Incentive Employee Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Long-Term Incentive Employee Compensation

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION

The 2011 Omnibus Incentive Plan (2011 Incentive Plan) was approved by shareholders and established in May of 2011 to provide for the awarding of options on common shares and full value restricted common shares or units to employees and non-employee directors. As of December 31, 2020, 37.2 shares were available for future grants under the 2011 Incentive Plan. The Company makes shares available for the exercise of stock options or vesting of restricted shares or units by purchasing shares in the open market.

Our long-term incentive plan (LTIP) awards are comprised of two components: restricted stock units (RSUs) and performance stock units (PSUs). Prior to 2017, our LTIP awards also included non-qualified stock options (NQOs). The majority of RSUs settle in shares; however RSUs and PSUs granted to certain international employees are settled in cash. We account for NQOs and equity-settled RSUs and PSUs as equity-based compensation awards and cash-settled RSUs and PSUs are accounted for as liability-based awards. PSUs contain equally weighted performance conditions for total shareholder return (TSR) and return on invested capital (ROIC). PSUs vest based on predetermined performance metrics that align with the Company's stock price and financial performance following a three-year performance period and are subject to a payout factor which includes a maximum and minimum payout. PSUs are accounted for as two distinct awards, a TSR award and a ROIC award.

LTIP costs are primarily recorded within general and administrative expenses, at fair value over the requisite service period (typically three years) on a straight-line basis and are reduced by forfeitures as they occur. These costs impacted our consolidated results of operations as follows:


	2020		2019		2018
Equity-based awards	$	13.4	$	15.7	$	21.6
Liability-based awards	0.8		2.8		1.5
Total share-based compensation expense	$	14.2	$	18.5	$	23.1

As of December 31, 2020, there was $16.8 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 1.8 years. Additionally, unrecognized compensation cost related to liability-based awards was $1.3, which is expected to be recognized ratably over a weighted-average period of 2.0 years.

Non-Qualified Stock Options

NQOs generally vest over or at the conclusion of a 3-year period and are exercisable over 10 years, except in certain instances of death, retirement or disability. The weighted average exercise price per share is the fair market value of the underlying common stock on the date each option is granted.

A summary of activity related to our NQOs as of December 31, 2020, 2019 and 2018 is presented below.


	2020			2019			2018
Stock Options	Shares	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price
Outstanding – January 1	0.3	$	33.55	0.7	$	35.04	0.9	$	34.07

Exercised	(0.1)	35.37		(0.4)	36.08		(0.2)	30.52

Outstanding – December 31	0.2	$	32.22	0.3	$	33.55	0.7	$	35.04
Options exercisable – December 31	0.2	$	32.22	0.3	$	33.55	0.5	$	36.04

The aggregate intrinsic value of options exercised (which is the amount by which the stock price exceeded the exercise price of the options on the date of exercise) as of December 31, 2020, 2019 and 2018 was $4.1, $11.1 and $4.5, respectively.

The amount of cash received from the exercise of stock options was $4.3, $14.9 and $5.8 for 2020, 2019 and 2018, respectively. The income tax benefit realized during 2020, 2019 and 2018 associated with exercised stock options and vested restricted stock was $4.1, $6.5 and $3.0, respectively. Excess tax benefits arising from exercised stock options and vested restricted stock were $3.0, $4.6 and $2.2 for 2020, 2019 and 2018, respectively.

The following table summarizes information about our outstanding and exercisable stock options at December 31, 2020.


Exercise Prices	Number of shares	Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
$19.97 - $26.76	0.1	1.6	$	3.7
$33.01 - $43.52	0.1	4.4	3.7
	0.2	3.2	$	7.4

As of December 31, 2020, there were no options "out-of-the-money" and all options outstanding were fully vested. The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based on ITT’s closing stock price of $77.02 as of December 31, 2020, which would have been received by the option holders had all option holders exercised their options as of that date.

The fair value of each option grant was estimated on the date of grant using the binomial lattice pricing model which incorporates multiple and variable assumptions over time, including assumptions such as employee exercise patterns, stock price volatility and changes in dividends. There were no NQOs granted in 2020, 2019 or 2018.

Restricted Stock Units and Performance Stock Units

The fair value of equity-settled restricted stock units is determined using the closing price of the Company’s common stock on the date of grant. The fair value of cash-settled RSUs is remeasured using the closing price of ITT's common stock at the end of each reporting period. Recipients do not have voting rights and do not receive cash dividends during the restriction period. Dividend equivalents on RSUs, which are subject to forfeiture, are accrued and paid in cash upon vesting of the RSU. If a recipient retires or is terminated other than for cause, a pro rata portion of the RSU may vest.

For PSUs, the fair value of the ROIC award is based on the closing price of ITT common stock on the date of grant less the present value of expected dividend payments during the vesting period. For ROIC awards granted in 2020, a dividend yield of 1.11% was assumed based on ITT's annualized dividend payment of $0.676 per share and the March 4, 2020 closing stock price of $61.17. The fair value of the ROIC award is fixed on the grant date; however, a probability assessment is performed each reporting period to estimate the likelihood of achieving the ROIC targets and the amount of compensation to be recognized.

The fair value of the TSR award is measured using a Monte Carlo simulation on the date of grant, measuring potential total shareholder return for ITT relative to the other companies in the S&P 400 Capital Goods Index (the TSR Performance Group). The expected volatility of ITT's stock price is based on the historical volatility of a peer group while expected volatility for the other companies in the TSR Performance Group is based on their own stock price history. For TSR awards granted in 2020, all volatility and correlation measures were based on three years of daily historical price data through March 4, 2020, corresponding to the three-year performance period of the award. As the grant date occurs after the beginning of the performance period, actual TSR performance between the beginning of the performance period (December average closing stock price) and the grant date was reflected in the valuation. For TSR awards granted in 2020, a dividend yield of 1.11% was assumed based on ITT's annualized dividend payment of $0.676 per share and the March 4, 2020 closing stock price of $61.17.

The table below provides a rollforward of outstanding RSUs and PSUs for each of the years ended December 31, 2020, 2019 and 2018.


	2020			2019			2018
Restricted Stock and Performance Units	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Outstanding – January 1	1.0	$	51.24	1.2	$	42.94	1.2	$	38.74
Granted	0.3	61.13		0.3	60.91		0.4	54.79
Performance adjustment(a)	0.1	57.88		0.1	44.87		—	—
Vested and issued	(0.5)	44.86		(0.6)	38.03		(0.3)	41.09
Forfeited	(0.1)	59.50		—	—		(0.1)	42.55
Outstanding – December 31	0.8	$	59.25	1.0	$	51.24	1.2	$	42.94
Vested pending issuance	0.2	$	57.88	0.2	$	44.87	0.2	$	33.27

(a)Represents an adjustment for performance results achieved related to outstanding PSU shares that vested during the period and are pending issuance.

The table below provides the number of the outstanding shares by award type as of December 31, 2020, 2019 and 2018. Cash-settled PSUs outstanding are not material.


	2020	2019	2018
Equity-settled RSUs	0.4	0.5	0.7
Cash-settled RSUs	—	0.1	0.1
Equity-settled PSUs	0.4	0.4	0.4

As of December 31, 2020, substantially all RSUs outstanding are expected to vest. As of December 31, 2020, the total number of PSUs expected to vest based on current performance estimates, including those vested but pending issuance, was 0.4.

Capital Stock	12 Months Ended
Capital Stock	Dec. 31, 2020
Equity [Abstract]
Capital Stock	CAPITAL STOCK ITT has authority to issue an aggregate of 300 shares of capital stock, of which 250 shares have been designated as Common Stock having a par value of $1 per share and 50 shares have been designated as Preferred Stock not having any par or stated value. There was no Preferred Stock outstanding as of December 31, 2020 and 2019. The holders of ITT common stock are entitled to receive dividends when and as declared by ITT’s Board of Directors. Dividends are paid quarterly. Dividends declared were $0.676, $0.588 and $0.536 per common share in 2020, 2019, and 2018, respectively. 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 2020, 2019, and 2018, we repurchased and retired 1.7 shares, 0.5 shares, and 1.0 shares of common stock for $73.2, $28.7 and $50.0, respectively, including 1.5 shares and $61.9 in 2020 under the 2006 Plan. Through December 31, 2020, we had repurchased 24.5 shares for $1,011.0, including commissions, under these programs. Separate from the share repurchase program, the Company repurchased 0.2 shares, 0.3 shares, and 0.1 shares for an aggregate price of $11.0, $12.7, and $6.1, during 2020, 2019 and 2018, respectively, in settlement of employee tax withholding obligations due upon the vesting of RSUs and PSUs.

Guarantees, Indemnities and Warranties

12 Months Ended

Dec. 31, 2020

Guarantees [Abstract]

Guarantees, Indemnities and Warranties

GUARANTEES, INDEMNITIES AND WARRANTIES

Indemnities

Since our founding in 1920, we have acquired and disposed of numerous businesses. The related acquisition and disposition agreements allocate certain assets and liabilities among the parties and contain various representation and warranty clauses and may provide indemnities for a misrepresentation or breach of the representations and warranties by either party or for assumed or excluded liabilities. These provisions address a variety of subjects. The term and monetary amounts of each such provision are defined in the specific agreements and may be affected by various conditions and external factors. Many of the provisions have expired either by operation of law or as a result of the terms of the agreement. We do not have a liability recorded for these expired provisions and are not aware of any claims or other information that would give rise to material payments under such provisions.

As part of the 2011 spin-off, ITT LLC agreed to assume certain liabilities and provide certain indemnifications and cross-indemnifications among ITT LLC, Exelis and Xylem, subject to limited exceptions with respect to certain employee claims and other liabilities and obligations. These provisions address a variety of subjects, including asserted and unasserted product liability matters (e.g., asbestos claims, product warranties) which relate to certain products manufactured, repaired or sold prior to the 2011 spin-off. These provisions last indefinitely and are not affected by Harris' acquisition of Exelis, or Harris' subsequent merger with L3 Technologies. ITT LLC expects Exelis and Xylem to fully perform under the terms of the Distribution Agreement and therefore has not recorded a liability for matters for which we have been assumed or indemnified. In addition, both Exelis and Xylem have made asbestos indemnity claims that could give rise to material payments under the indemnity provided by ITT LLC; such claims are included in our estimate of asbestos liabilities.

Guarantees

We have $150.5 of guarantees, letters of credit and similar arrangements outstanding at December 31, 2020, primarily pertaining to commercial or performance guarantees and insurance matters. We have not recorded any material loss contingencies under these guarantees, letters of credit and similar arrangements as of December 31, 2020 as the likelihood of nonperformance by ITT is considered remote. From time to time, we may provide certain third-party guarantees that may be affected by various conditions and external factors, some of which could require that payments be made under such guarantees. We do not consider the maximum exposure or current recorded liabilities under our third-party guarantees to be material either individually or in the aggregate. We do not believe such payments would have a material adverse impact on our financial statements.

Warranties

ITT warrants numerous products, the terms of which vary widely. In general, ITT warrants its products against defect and specific non-performance. In certain markets, such as automotive, aerospace and rail, liability for product defects could extend beyond the selling price of the product and could be significant if the defect interrupts production or results in a recall. The table included below provides changes in the warranty accrual for December 31, 2020 and 2019.


	2020		2019
Warranty accrual – January 1	$	20.5	$	17.3
Warranty expense	12.3		10.5
Payments	(8.2)		(8.5)
Foreign currency and other	0.8		1.2
Warranty accrual – December 31	$	25.4	$	20.5

Acquisitions Acquisitions (Notes)

12 Months Ended

Dec. 31, 2019

Acquisitions [Abstract]

Acquisitions 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, that is subject to change based on customary net working capital adjustments. 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 $12.0 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.

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [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 energy 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 in 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 were 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. There is also uncertainty around the severity of a resurgence of COVID-19 or new strains of the virus, as well as the speed of distribution of the COVID-19 vaccines. 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. Basis of Presentation The Consolidated Financial Statements and Notes thereto were prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). 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. 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, allowance for doubtful accounts and inventory valuation. Actual results could differ from these estimates. Certain prior year amounts have been reclassified to conform to the current year presentation.
Principles of Consolidation	Principles of Consolidation Our consolidated financial statements include the accounts of all majority-owned subsidiaries. ITT consolidates companies in which it has a controlling financial interest or when ITT is considered the primary beneficiary of a variable interest entity. We account for investments in companies over which we have the ability to exercise significant influence, but do not hold a controlling interest under the equity method, and we record our proportionate share of income or losses in the Consolidated Statements of Operations. The results of companies acquired or disposed of during the fiscal year are included in the Consolidated Financial Statements from the effective date of acquisition or up to the date of disposal. All intercompany transactions have been eliminated.
Revenue Recognition	Revenue Recognition Revenue is derived from the sale of products and services to customers. We recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. For product sales, we consider practical and contractual limitations in determining whether there is an alternative use for the product. For example, long-term design and build contracts are typically highly customized to a customer’s specifications. For contracts with no alternative use and an enforceable right to payment for work performed to date, including a reasonable profit if the contract were terminated at the customer’s convenience for reason other than nonperformance, we recognize revenue over time. All other product sales are recognized at a point in time. For contracts recognized over time, we use the cost-to-cost method or the units-of-delivery method, depending on the nature of the contract, including length of production time. For contracts recognized at a point in time, we recognize revenue when control passes to the customer, which is generally based on shipping terms that address when title and risk and rewards pass to the customer. However, we also consider certain customer acceptance provisions as certain contracts with customers include installation, testing, certification or other acceptance provisions. In instances where contractual terms include a provision for customer acceptance, we consider whether we have previously demonstrated that the product meets objective criteria specified by either the seller or customer in assessing whether control has passed to the customer. For service contracts, we recognize revenue as the services are rendered if the customer is benefiting from the service as it is performed, or otherwise upon completion of the service. Separately priced extended warranties are recognized as a separate performance obligation over the warranty period. The transaction price in our contracts consists of fixed consideration and the impact of variable consideration including returns, rebates and allowances, and penalties. Variable consideration is generally estimated using a probability-weighted approach based on historical experience, known trends, and current factors including market conditions and status of negotiations. When there is more than one performance obligation, the transaction price is allocated to the performance obligations based on the relative estimated standalone selling prices. If not sold separately, estimated standalone selling prices are determined considering various factors including market and pricing trends, geography, product customization, and profit objectives. Revenue is recognized when the appropriate revenue recognition criteria for the individual performance obligations have been satisfied. Revenue is reported net of any required taxes collected from customers and remitted to government authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Shipping and handling activities are accounted for as activities to fulfill a promise to transfer a product to a customer. As such, shipping and handling activities are not evaluated as a separate performance obligation. For most contracts, payment is due from the customer within 30 to 90 days after the product is delivered or the service has been performed. For design and build contracts, we generally collect progress payments from the customer throughout the term of the contract, resulting in contract assets or liabilities depending on the timing of the payments. Contract assets consist of unbilled amounts when revenue recognized exceeds customer billings. Contract liabilities consist of advance payments and billings in excess of revenue recognized. Design and engineering costs for highly complex products to be sold under a long-term production-type contract are capitalized and amortized in a manner consistent with revenue recognition of the related contract or anticipated contract. Other design and development costs are capitalized only if there is a contractual guarantee for reimbursement. Costs to obtain a contract (e.g., commissions) for contracts greater than one year are capitalized and amortized in a manner consistent with revenue recognition of the related contract.
Product Warranties	Product Warranties Our standard product warranty terms generally include post-sales support and repairs or replacement of a product at no additional charge for a specified period of time. Accruals for estimated expenses related to product warranties are made at the time revenue is recognized and are recorded as a component of costs of revenue. We estimate the liability for warranty claims based on our standard warranties, the historical frequency of claims and the cost to replace or repair our products under warranty. Factors that influence our warranty liability include the number of units sold, the length of warranty term, historical and anticipated rates of warranty claims and the cost per claim.
Asbestos-Related Liabilities and Assets	Asbestos-Related Liabilities and Assets Our subsidiaries, including ITT LLC and Goulds Pumps LLC, have been named as a defendant in numerous product liability lawsuits alleging personal injury due to asbestos exposure. In the third quarter of 2020, in connection with our annual remeasurement, we extended the measurement period over which we estimate our asbestos liability to include pending claims and unasserted claims estimated to be filed through 2052, including legal fees, reflecting the full time period over which we expect asbestos-related claims to be filed against us. Previous estimates included pending claims and claims expected to be filed over the next 10 years. Our asbestos liability estimate is recognized on an undiscounted basis as the timing of future cash flows may vary. Assumptions utilized in estimating the liability for both pending and unasserted claims include: disease type, average settlement costs, percentage of claims settled or dismissed, the number of claims estimated to be compensated by the Company in the future, and the costs to defend such claims. The Company has also recorded an asbestos-related asset composed of insurance receivables. The asbestos-related asset represents our best estimate of probable recoveries related to the recorded asbestos liability. In developing this estimate, the Company considers coverage-in-place and other settlement agreements with its insurers, a review of expected levels of future recoveries, the financial viability of the insurance companies, the method by which losses will be allocated to the various insurance policies and the years covered by those policies, and the interpretation of the various policy and contract terms and limits and their interrelationships. Consistent with the asbestos liability, the asbestos-related asset has not been discounted to present value. Under coverage-in-place agreements, an insurer’s policies remain in force and the insurer undertakes to provide coverage for the Company’s pending and future asbestos claims on specified terms and conditions. Insurance payments under coverage-in-place agreements are made to the Company as asbestos claims are settled or adjudicated. The Company’s buyout agreements provide an agreed upon amount of available coverage for future asbestos claims under the subject policies to be paid to a Qualified Settlement Fund (QSF) on a specific schedule as agreed upon by the Company and its insurer. However, assets in the QSF are only available and distributed when qualifying asbestos expenditures are submitted for reimbursement as defined in the QSF agreement. Therefore, recovery of insurance reimbursements under these types of agreements is dependent on the timing of the payment of the liability and, consistent with the asbestos liability, have not been discounted to present value. In the third quarter each year, we conduct an asbestos remeasurement with the assistance of outside consultants to review and update, as appropriate, the underlying assumptions used to estimate our asbestos liability and related assets, including a reassessment of the time horizon over which a reasonable estimate of unasserted claims can be projected. In addition, as part of our ongoing review of our net asbestos exposure, each quarter we assess the most recent data available for the key inputs and assumptions, comparing the data to the expectations on which the most recent annual liability and asset estimates were based to determine whether a more detailed evaluation of our asbestos exposure is required. Prior to the extension of the time period over which we estimate asbestos liabilities in the third quarter of 2020, each quarter we recorded a net asbestos cost to reflect the estimated value of pending claims and unasserted claims estimated to maintain a 10 year liability. See Note 20, Commitments and Contingencies, for additional information.
Postretirement Benefit Plans	Postretirement Benefit Plans ITT sponsors numerous pension and other employee-related defined benefit plans (collectively, postretirement benefit plans). Our U.S. postretirement benefit plans are closed to new participants. Postretirement benefit obligations are generally determined, where applicable, based on participant years of service, future compensation, and age at retirement or termination. The determination of projected benefit obligations and the recognition of expenses related to postretirement benefit plans are dependent on various assumptions that are judgmental. The assumptions involved in the measurement of our postretirement benefit plan obligations and net periodic postretirement costs primarily relate to discount rates, long-term expected rates of return on plan assets, mortality and termination rates, and other factors. Management develops each assumption using relevant Company experience in conjunction with market-related data for each individual country in which such plans exist. Actual results that differ from our assumptions are accumulated and are amortized over the estimated future working life, or remaining lifetime, of the plan participants depending on the nature of the retirement plan. For the recognition of net periodic postretirement cost, the calculation of the long-term expected return on plan assets is generally derived using a market-related value of plan assets based on yearly average asset values at the measurement date over the last 5 years. The fair value of plan assets is estimated based on market prices or estimated fair value at the measurement date. The funded status of all plans is recorded on our balance sheet. Actuarial gains and losses and prior service costs or credits that have not yet been recognized through net income are recorded in accumulated other comprehensive income within shareholders’ equity, net of taxes, until they are amortized as a component of net periodic postretirement cost. In October 2020, the Company terminated its U.S. qualified pension plan by purchasing a group annuity contract from MassMutual Life Insurance Company (MassMutual), which fully assumed the responsibility for paying and administering pension benefits to approximately five thousand plan participants and their beneficiaries. In connection with the plan termination, the Company settled all future obligations under the plan by providing lump sum payments to eligible participants who elected to receive them, and by transferring the remaining projected benefit obligation to the insurance company. See Note 16, Postretirement Benefit Plans, for additional information.
Research and Development	Research & DevelopmentResearch and development activities are charged to expense as incurred. R&D as a percentage of sales was 3.4% during both 2020 and 2019, and 3.6% during 2018.
Income Taxes	Income Taxes We determine the provision for income taxes using the asset and liability approach. Under this approach, deferred income tax assets and liabilities are determined based on the estimated future tax effects of differences between the financial reporting and tax bases of assets and liabilities, applying currently enacted tax rates in effect for the year in which we expect the differences will reverse. The ultimate realization of deferred tax assets is dependent on the generation of future taxable income (including the reversals of deferred tax liabilities) during the periods in which those deferred tax assets will become deductible. We record a valuation allowance against our deferred tax assets when it is more likely than not that all or a portion of the deferred tax assets will not be realized. In assessing the need for a valuation allowance, the Company considers all available positive and negative evidence regarding the realizability of its deferred tax assets, including the future reversal of existing taxable temporary differences, taxable income in carryback periods, prudent and feasible tax planning strategies, estimated future taxable income, and whether we have a recent history of losses. The valuation allowance can be affected by changes to tax regulations, interpretations and rulings, changes to enacted statutory tax rates, and changes to future taxable income estimates. We have not provided deferred tax liabilities for the impact of U.S. income taxes on book over tax basis which we consider indefinitely reinvested outside the U.S. We plan foreign earnings remittance amounts based on projected cash flow needs, as well as the working capital and long-term investment requirements of foreign subsidiaries and our domestic operations. Furthermore, we recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position in consideration of applicable tax statutes and related interpretations and precedents and the expected outcome of the proceedings (or negotiations) with the taxing authorities. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized on ultimate settlement. The Company has elected to account for Global Intangible Low Taxed Income as a current period expense when incurred.
Earnings Per Share	Earnings Per Share Basic earnings per common share considers the weighted average number of common shares outstanding. Diluted earnings per share considers the outstanding shares utilized in the basic earnings per share calculation as well as the dilutive effect of outstanding stock options and restricted stock that do not contain rights to nonforfeitable dividends. Diluted shares outstanding include the dilutive effect of in-the-money options, unvested restricted stock units and unvested performance stock units. The dilutive effect of such equity awards is calculated based on the average share price for each reporting period using the treasury stock method. Common stock equivalents are excluded from the computation of earnings per share if they have an anti-dilutive effect.
Cash and Cash Equivalents	Cash and Cash Equivalents ITT considers all highly liquid investments purchased with an original maturity or remaining maturity at the time of purchase of three months or less to be cash equivalents. Cash equivalents primarily include fixed-maturity time deposits and money market investments. Restricted cash was $0.8 as of December 31, 2020 and 2019. Restricted cash is presented within Other current assets and Other non-current assets.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject ITT to significant concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable from trade customers, investments, and derivatives. We maintain cash and cash equivalents with various financial institutions located in different geographical regions, and our policy is designed to limit exposure to any individual counterparty. As part of our risk management processes, we perform periodic evaluations of the relative credit standing of the financial institutions. We have not sustained any material credit losses during the previous three years from financial instruments held at financial institutions. Credit risk with respect to accounts receivable is generally diversified due to the large number of entities comprising ITT’s customer base and their dispersion across many different industries and geographic regions. However, our largest customer represents approximately 12% and 13% of the December 31, 2020 and 2019 outstanding trade accounts receivable balance, respectively. ITT performs ongoing credit evaluations of the financial condition of its third-party distributors, resellers and other customers and requires collateral, such as letters of credit and bank guarantees, in certain circumstances.
Factoring of Trade Receivables	Factoring of Trade Receivables Factoring arrangements, whereby substantially all economic risks and rewards associated with trade receivables are transferred to a third party, are accounted for by derecognizing the trade receivables upon receipt of cash proceeds from the factoring arrangement. Factoring arrangements, whereby some, but not substantially all, of the economic risks and rewards are transferred to a third party and the assets subject to the factoring arrangement remain under the Company's control are accounted for by not derecognizing the trade receivables and recognizing any related obligations to the third party.
Allowance for Doubtful Accounts	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 is based on a variety of factors including the length of time receivables are 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.
Inventories	Inventories Inventories, which include the costs of material, labor and overhead, are stated at the lower of cost or net realizable value. Cost is generally computed using the standard cost method, which approximates actual cost on a first-in, first-out (FIFO) basis. Variances between standard and actual costs are charged to cost of sales or capitalized to inventory. Estimated losses from obsolete and slow-moving inventories are recorded to reduce inventory values to their estimated net realizable value and are charged to cost of sales. At the point of loss recognition, a new cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in a recovery in carrying value. Inventories valued under the last-in, first-out (LIFO) method represent 12.5% and 14.5% of total 2020 and 2019 inventories, respectively. We have a LIFO reserve of $12.0 and $12.4 recorded as of December 31, 2020 and 2019, respectively.
Plant, Property and Equipment	Plant, Property and Equipment Plant, property and equipment, including capitalized interest applicable to major project expenditures, are recorded at cost. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are depreciated over the life of the lease or the asset, whichever is shorter. Fully depreciated assets are retained in property and accumulated depreciation accounts until disposal. Repairs and maintenance costs are expensed as incurred.
Leases	Leases The Company enters into leases for the use of premises and equipment, primarily classified as operating leases. Operating lease costs are recognized as an operating expense over the lease term on a straight-line basis. For leases with terms greater than 12 months, we record a right-of-use asset and lease liability equal to the present value of the lease payments. In determining the discount rate used to measure the right-of-use asset and lease liability, we utilize the Company’s incremental borrowing rate and consider the term of the lease, as well as the geographic location of the leased asset. Where options to renew a lease are available, they are included in the lease term and capitalized on the balance sheet to the extent there would be a significant economic penalty not to elect the option. Certain real estate leases are subject to periodic changes in an index or market rate. While lease liabilities are not remeasured as a result of changes to an index or rate, these changes are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred. Variable lease expense also includes property tax and property insurance costs.
Capitalized Internal Use Software	Capitalized Internal Use Software Costs incurred in the preliminary project stage of developing or acquiring internal use software are expensed as incurred. After the preliminary project stage is completed, management has approved the project and it is probable that the project will be completed and the software will be used for its intended purpose, ITT capitalizes certain internal and external costs incurred to acquire or create internal use software, principally related to software coding, designing system interfaces and installation and testing of the software. ITT amortizes capitalized internal use software costs using the straight-line method over the estimated useful life of the software, generally from 3 to 7 years.
Investments	Investments Investments in fixed-maturity time deposits having an original maturity exceeding three months at the time of purchase, referred to as short-term time deposits, are classified as held-to-maturity and are recorded at amortized cost, which approximates fair value. There were no short-term time deposits held as of December 31, 2020 and December 31, 2019. Investments in corporate-owned life insurance (COLI) policies are recorded at their cash surrender values as of the balance sheet date. The Company’s investments in COLI policies are included in other non-current assets in the consolidated balance sheets and were $113.7 and $109.1 at December 31, 2020 and 2019, respectively. Changes in the cash surrender value during the period generally reflect gains or losses in the fair value of assets, premium payments, and policy redemptions. Gains from COLI investments of $4.3, $4.8, and $2.8 were recorded within general and administrative expenses in the Consolidated Statements of Operations during years ended December 31, 2020, 2019 and 2018, respectively.
Long-Lived Asset Impairment	Long-Lived Asset Impairment Long-lived assets, including intangible assets with finite lives and capitalized internal use software, are tested for impairment whenever events or changes in circumstances indicate their carrying value may not be recoverable. We assess the recoverability of long-lived assets based on the undiscounted future cash flow the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When an impairment is identified, we reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. During the first quarter of 2020, we recorded an impairment of $4.0 for a business within the Industrial Process segment. See Note 11, Plant, Property and Equipment, Net, for additional information.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents purchase consideration paid in a business combination that exceeds the values assigned to the net assets of the acquired business. Intangible assets include customer relationships, proprietary technology, trademarks, patents and other intangible assets. Intangible assets with a finite life are generally amortized on a straight-line basis over an estimated economic useful life, which generally ranges from 7-20 years, and are tested for impairment if indicators of impairment are identified. Certain of our intangible assets have an indefinite life, namely certain brands and trademarks. Goodwill and indefinite-lived intangible assets are not amortized, but rather are tested for impairment annually (or more frequently if impairment indicators arise, such as changes to the reporting unit structure, significant adverse changes in the business climate or an adverse action or assessment by a regulator). We conduct our annual impairment testing on the first day of the fourth fiscal quarter. We may perform an initial qualitative evaluation which considers present events and circumstances, to determine the likelihood of impairment. If the likelihood of impairment is not considered to be more likely than not, then no further testing is performed. If it is considered to be more likely than not that the asset is impaired based on the qualitative evaluation or we elect not to perform a qualitative evaluation, then a quantitative impairment test is performed. In the quantitative impairment test, the fair value of each reporting unit is compared to its carrying amount. If the fair value of a reporting unit exceeds its carrying value, there is no impairment. If the carrying value of the reporting unit exceeds its estimated fair value, then we record an impairment loss equal to the difference. For indefinite-lived intangibles, if it is considered to be more likely than not that the asset is impaired, we compare the fair value of those assets to their carrying value. We recognize an impairment loss when the estimated fair value of the indefinite-lived intangible asset is less than its carrying value. During the first quarter of 2020, we determined that certain intangible assets within the Industrial Process segment, including an indefinite-lived trademark, customer relationships and proprietary technology, would not be recoverable, resulting in an impairment of $12.3. See Note 12, Goodwill and Other Intangible Assets, Net, for additional information. We estimate the fair value of our reporting units using an income approach. Under the income approach, we estimate fair value based on the present value of estimated future cash flows. We estimate the fair value of our indefinite-lived intangible assets using the relief from royalty method. The relief from royalty method estimates the portion of a company’s earnings attributable to an intellectual property asset based on an assumed royalty rate that the company would have paid had the asset not been owned.
Business Combinations	Business Combinations We allocate the purchase price of acquisitions to the tangible and intangible assets acquired, liabilities assumed, and non-controlling interests in the acquiree based on their estimated fair value at the acquisition date. Changes to acquisition date fair values prior to the expiration of the measurement period, a period not to exceed 12 months from date of acquisition, are recorded as an adjustment to the associated goodwill in the reporting period in which the adjustment amounts are determined. Changes to acquisition date fair values after expiration of the measurement period are recorded in earnings. The excess of the acquisition price over those estimated fair values is recorded as goodwill. Acquisition-related expenses are expensed as incurred and the costs associated with restructuring actions initiated after the acquisition are recognized separately from the business combination.
Commitments and Contingencies	Commitments and Contingencies We record accruals for commitments and loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount of loss, and these assessments can involve a series of complex judgments about future events and may rely on estimates and assumptions that have been deemed reasonable by management. We review these accruals quarterly and adjust the accruals to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other current information. See Note 20, Commitments and Contingencies, for additional information.
Environmental-Related Liabilities and Assets	Environmental-Related Liabilities and Assets Accruals for environmental matters are recorded on a site-by-site basis when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. Our estimated liability is reduced to reflect the participation of other potentially responsible parties in those instances where it is probable that such parties are legally responsible and financially capable of paying their respective shares of the relevant costs, and that share can be reasonably estimated. Environmental liabilities are primarily included in other non-current liabilities at undiscounted amounts. The Company records an asset related to its environmental insurance and other expected third party recoveries. The environmental-related asset represents our best estimate of probable recoveries from third parties for costs incurred in past periods, as well as costs estimated to be incurred in future periods. Environmental costs and related recoveries are recorded within general and administrative expenses in the Consolidated Statements of Operations.
Foreign Currency Translation	Foreign Currency The national currencies of our foreign subsidiaries are generally the functional currencies. Balance Sheet accounts are translated at the exchange rate in effect at the end of each period, except for equity which is translated at historical rates; Statement of Operations accounts are translated at the average rates of exchange prevailing during the period. Gains and losses resulting from foreign currency translation are reflected in the cumulative translation adjustments component of shareholders’ equity. For foreign subsidiaries that do not use the local currency as their functional currency, foreign currency assets and liabilities are remeasured to the foreign subsidiary’s functional currency using end of period exchange rates, except for nonmonetary balance sheet accounts, which are remeasured at historical exchange rates. For transactions denominated in other than the functional currency, revenue and expenses are remeasured at average exchange rates in effect during the reporting period in which the transactions occurred, except for expenses related to nonmonetary assets and liabilities. Transaction gains or losses from foreign currency remeasurement are reported in general and administrative expenses in the Consolidated Statements of Operations. During 2020, 2019, and 2018, we recognized transaction losses of $7.6, $2.7, and $1.2, respectively.
Derivative Financial Instruments	Derivative Financial Instruments ITT may use derivative financial instruments, primarily foreign currency forward and option contracts, to mitigate exposure from foreign currency exchange rate fluctuations as it pertains to receipts from customers, payments to suppliers and intercompany transactions. We record derivatives at their fair value as either an asset or liability. For derivatives not designated as hedges, adjustments to reflect changes in the fair value of our derivatives are included in earnings. For cash flow hedges that qualify and are designated for hedge accounting, the effective portion of the change in fair value of the derivative is recorded in accumulated other comprehensive loss and subsequently recognized in earnings when the hedged transaction affects earnings. Any ineffective portion is recognized immediately in earnings. As of December 31, 2020 and 2019, no derivatives were designated as hedges. The differentials paid or received on interest rate swap agreements are recognized as adjustments to interest expense. Derivative contracts involve the risk of non-performance by the counterparty. The fair value of our foreign currency contracts are determined using the net position of the contracts and the applicable spot rates and forward rates as of the reporting date.
Related Parties Policy	Related PartiesRelated party transactions include those between: a parent and its subsidiaries; subsidiaries of a common parent; an entity and trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity’s management; an entity and its principal owners, management, or members of their immediate families; and affiliates. In January 2021, the Company entered into a three-month consulting agreement for $0.2 with Thomas Scalera, ITT's former Executive Vice President and Chief Financial Officer. The consulting agreement includes, but is not limited to, financial, accounting, and investor relations advisory services.

Recent Accounting Pronouncements Recent Accounting Prouncements (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Changes and Error Corrections [Abstract]

Accounting Pronouncements Recently Adopted

Recently Adopted Accounting Pronouncements

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

Accounting Changes and Error Corrections (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Changes and Error Corrections [Abstract]

Adoption of ASU 2016-13, Cumulative Effect Adjustments Due to Adoption

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

Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of Revenue by Reporting Segments


	Revenue						Operating Income						Operating Margin
	2020		2019		2018		2020		2019		2018		2020		2019		2018
Motion Technologies	$	1,121.1	$	1,241.8	$	1,274.1	$	184.0	$	216.1	$	223.4	16.4	%	17.4	%	17.5	%
Industrial Process	843.0		943.8		827.1		77.6		104.7		91.4		9.2	%	11.1	%	11.1	%
Connect & Control Technologies	516.5		663.9		646.6		57.0		111.5		96.5		11.0	%	16.8	%	14.9	%
Total segment results	2,480.6		2,849.5		2,747.8		318.6		432.3		411.3		12.9	%	15.2	%	15.0	%
Asbestos-related (costs) benefit, net	—		—		—		(66.3)		20.2		(4.9)		—		—		—
Gain (loss) on sale or disposal of long-lived corporate assets	—		—		—		0.7		(0.2)		38.5		—		—		—
Eliminations / Other corporate costs	(2.8)		(3.1)		(2.7)		(26.5)		(40.9)		(47.6)		—		—		—
Total Eliminations / Corporate and Other costs	(2.8)		(3.1)		(2.7)		(92.1)		(20.9)		(14.0)		—		—		—
Total	$	2,477.8	$	2,846.4	$	2,745.1	$	226.5	$	411.4	$	397.3	9.1	%	14.5	%	14.5	%

Schedule of Segment Reporting Information


	Assets				Capital Expenditures						Depreciation and Amortization
	2020		2019		2020		2019		2018		2020		2019		2018
Motion Technologies	$	1,202.3	$	1,178.2	$	43.8	$	57.7	$	75.0	$	60.0	$	58.6	$	57.2
Industrial Process	1,069.6		1,137.8		8.3		11.2		7.8		23.7		26.3		26.9
Connect & Control Technologies	720.5		755.6		10.6		19.4		10.8		23.1		21.8		21.2
Corporate and Other	1,285.2		1,036.1		1.0		3.1		1.9		5.4		6.7		4.1
Total	$	4,277.6	$	4,107.7	$	63.7	$	91.4	$	95.5	$	112.2	$	113.4	$	109.4

Business Segment Information by Geographical Information


For the Year Ended December 31, 2020	Motion Technologies		Industrial Process		Connect & Control Technologies		Eliminations		Total
North America(a)	$	187.3	$	479.0	$	319.3	$	(2.6)	$	983.0
Europe(b)	676.4		95.5		97.4		—		869.3
Asia	243.8		93.1		77.0		(0.2)		413.7
Middle East and Africa	1.5		92.0		18.8		—		112.3
South America	12.1		83.4		4.0		—		99.5
Total	$	1,121.1	$	843.0	$	516.5	$	(2.8)	$	2,477.8

For the Year Ended December 31, 2019
North America(a)	$	204.4	$	558.7	$	431.9	$	(2.9)	$	1,192.1
Europe(b)	780.5		89.7		125.9		—		996.1
Asia	241.7		101.9		83.8		(0.2)		427.2
Middle East and Africa	2.3		114.1		16.3		—		132.7
South America	12.9		79.4		6.0		—		98.3
Total	$	1,241.8	$	943.8	$	663.9	$	(3.1)	$	2,846.4

For the Year Ended December 31, 2018
North America(a)	$	185.3	$	483.6	$	404.3	$	(2.4)	$	1,070.8
Europe(b)	807.6		60.3		132.9		(0.1)		1,000.7
Asia	265.5		81.6		84.5		(0.2)		431.4
Middle East and Africa	1.3		128.1		17.2		—		146.6
South America	14.4		73.5		7.7		—		95.6
Total	$	1,274.1	$	827.1	$	646.6	$	(2.7)	$	2,745.1

(a)Includes revenue of $811.0, $989.4, and $887.0, from the United States for 2020, 2019, and 2018, respectively.

(b)Includes revenue of $334.9, $391.2, and $412.5, from Germany for 2020, 2019, and 2018, respectively.

Schedule of PP&E by Geographic Region

The following table displays Plant, Property and Equipment, net by geographic region as of December 31, 2020, and 2019.


	2020		2019
North America(a)	$	174.1	$	192.2
Europe(b)	263.8		250.0
Asia	83.7		84.6
Middle East and Africa	0.2		0.4
South America	3.3		4.3
Total	$	525.1	$	531.5

(a)Includes $141.8 and $158.7, in the United States as of December 31, 2020 and 2019, respectively.

(b)Includes $108.2 and $95.7, in Italy as of December 31, 2020 and 2019, respectively.

Revenue Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

The following table represents our revenue disaggregated by end market for the years ended December 31, 2020, 2019, and 2018:


For the Year Ended December 31, 2020	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	1,104.6		$	—		$	—		$	(0.2)		$	1,104.4
Chemical and industrial pumps		—			660.5			—			—			660.5
Aerospace and defense		6.7			—			284.7			—			291.4
Oil and gas		—			182.5			31.3			—			213.8
General industrial		9.8			—			200.5			(2.6)			207.7
Total		$	1,121.1		$	843.0		$	516.5		$	(2.8)		$	2,477.8

For the Year Ended December 31, 2019
Auto and rail		$	1,222.6		$	—		$	—		$	(0.2)		$	1,222.4
Chemical and industrial pumps		—			701.7			—			—			701.7
Aerospace and defense		9.1			—			409.2			—			418.3
Oil and gas		—			242.1			39.4			—			281.5
General industrial		10.1			—			215.3			(2.9)			222.5
Total		$	1,241.8		$	943.8		$	663.9		$	(3.1)		$	2,846.4

For the Year Ended December 31, 2018
Auto and rail		$	1,253.0		$	—		$	—		$	(0.2)		$	1,252.8
Chemical and industrial pumps		—			598.7			—			—			598.7
Aerospace and defense		8.5			—			369.5			—			378.0
Oil and gas		—			228.4			39.6			—			268.0
General industrial		12.6			—			237.5			(2.5)			247.6
Total		$	1,274.1		$	827.1		$	646.6		$	(2.7)		$	2,745.1

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

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


	2020			2019			Change
Current contract assets		$	19.1		$	18.0		6.1	%

Current contract liabilities		(56.2)			(57.4)			(2.1)	%
Noncurrent contract liabilities		(0.1)			—			—	%
Net contract liabilities		$	(37.2)		$	(39.4)		(5.6)	%

Our net contract liability decreased $2.2, or 5.6%, during 2020. During 2020, we recognized revenue of $51.1, related to contract liabilities at December 31, 2019.

Restructuring Actions Restructuring Actions (Tables)

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Costs


	2020		2019		2018
By component:
Severance costs and other employee-related	$	41.5	$	12.4	$	4.5

Other	1.5		0.4		0.7
Total restructuring costs	$	43.0	$	12.8	$	5.2
By segment:
Motion Technologies	$	12.7	$	4.9	$	2.3
Industrial Process	19.5		5.7		0.1
Connect & Control Technologies	8.5		2.0		2.1
Corporate and Other	2.3		0.2		0.7

Schedule of Restructuring Accruals

The following table displays a rollforward of the restructuring accruals, presented on our Consolidated Balance Sheet within accrued liabilities, for the years ended December 31, 2020 and 2019.


	2020		2019
Restructuring accruals - beginning balance	$	7.5	$	6.7
Restructuring costs	44.1		13.4
Reversal of prior accruals	(1.1)		(0.6)
Cash payments	(33.0)		(11.7)

Foreign exchange translation and other	1.6		(0.3)
Restructuring accrual - ending balance	$	19.1	$	7.5
By accrual type:
Severance and other employee-related	$	18.6	$	7.2
Other	0.5		0.3

Expected Restructuring Costs by Segment Global Restructuring Plan

The table below summarizes the total restructuring costs incurred to through December 31, 2020 and total expected restructuring costs by segment related to the 2020 Global Restructuring Plan.


	Incurred to Date		Expected Costs
Motion Technologies	$	12.7	$	12.7
Industrial Process	19.9		22.6
Connect & Control Technologies	8.8		13.4
Corporate and Other	2.4		2.4
Total	$	43.8	$	51.1

Restructuring Rollforward Global Restructuring Plan

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


Beginning balance - January 1	$	—
Restructuring costs	43.8
Cash payments	(27.9)
Foreign exchange translation and other	1.2
Ending balance - December 31	$	17.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Tax Data from Continuing Operations

For each of the years ended December 31, 2020, 2019, and 2018 the tax data related to continuing operations is as follows:


	2020			2019			2018
Income components:
United States	$	(124.3)		$	143.9		$	114.4
International	209.5			270.5			276.6
Income from continuing operations before income tax	85.2			414.4			391.0
Income tax expense components:
Current income tax expense:
United States – federal	9.9			9.4			6.3
United States – state and local	(1.5)			0.5			7.9
International	50.8			49.1			58.2
Total current income tax expense	59.2			59.0			72.4
Deferred income tax (benefit) expense components:
United States – federal	(36.6)			10.1			7.4
United States – state and local	(4.8)			1.5			(0.2)
International	(2.5)			19.3			(21.9)
Total deferred income tax (benefit) expense	(43.9)			30.9			(14.7)
Income tax expense	$	15.3		$	89.9		$	57.7
Effective income tax rate	18.0		%	21.7		%	14.8		%

Reconciliation of Tax Provision for Continuing Operations


	2020		2019		2018
Tax provision at U.S. statutory rate	21.0	%	21.0	%	21.0	%
Tax on undistributed foreign earnings	7.4	%	1.8	%	(1.2)	%
Pension settlement AOCI expense	5.9	%	—	%	—	%
Italy patent box	(5.6)	%	(1.2)	%	(1.0)	%
Audit settlements and unrecognized tax benefits	(5.4)	%	0.1	%	(0.3)	%
Excess tax benefits on stock-based compensation	(3.6)	%	(1.1)	%	(0.6)	%
State and local income tax	(2.4)	%	0.7	%	1.5	%
Foreign tax rate differential	1.6	%	2.8	%	3.7	%
Valuation allowance on deferred tax assets	1.5	%	(0.5)	%	(2.4)	%
U.S. tax on foreign earnings	(0.2)	%	—	%	0.5	%
U.S. permanent items	(0.1)	%	(1.0)	%	0.4	%
Tax exempt interest	—	%	—	%	(5.8)	%
One-time tax on foreign earnings - Tax Act	—	%	—	%	(1.0)	%
Federal deferred taxes remeasurement - Tax Act	—	%	—	%	0.4	%
Other adjustments	(2.1)	%	(0.9)	%	(0.4)	%
Effective income tax rate	18.0	%	21.7	%	14.8	%

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities include the following:


	2020		2019
Deferred Tax Assets:
Loss carryforwards	$	128.6	$	139.8
Asbestos	116.7		101.5
Employee benefits	64.7		59.4
Accruals	59.3		46.0
Credit carryforwards	3.4		2.5
Other	27.0		20.5
Gross deferred tax assets	399.7		369.7
Less: Valuation allowance	123.0		129.8
Net deferred tax assets	$	276.7	$	239.9
Deferred Tax Liabilities:
Intangibles	$	(40.9)	$	(43.0)
Undistributed earnings	(49.2)		(33.8)
Accelerated depreciation	(30.3)		(26.9)
Investment	0.5		(0.2)
Total deferred tax liabilities	$	(119.9)	$	(103.9)
Net deferred tax assets	$	156.8	$	136.0

Deferred Taxes in Consolidated Balance Sheets

Deferred taxes are presented in the Consolidated Balance Sheets as follows:


	2020		2019
Non-current assets	$	158.3	$	138.1
Other non-current liabilities	(1.5)		(2.1)
Net deferred tax assets	$	156.8	$	136.0

Deferred Tax Asset Valuation Allowance Rollforward [Table Text Block]

The table included below provides a rollforward of our valuation allowance on net deferred income tax assets from December 31, 2017 to December 31, 2020.


	State		Foreign		Total
DTA valuation allowance - December 31, 2017	$	72.4	$	97.6	$	170.0
Change in assessment	—		(22.9)		(22.9)
Current year operations	(15.1)		9.0		(6.1)
DTA valuation allowance - December 31, 2018	$	57.3	$	83.7	$	141.0
Change in assessment	—		5.6		5.6
Current year operations	(8.8)		(8.0)		(16.8)
DTA valuation allowance - December 31, 2019	$	48.5	$	81.3	$	129.8
Change in assessment	—		(6.2)		(6.2)
Current year operations	(8.1)		7.5		(0.6)
DTA valuation allowance - December 31, 2020	$	40.4	$	82.6	$	123.0

Attributes Available for Utilization

We have the following tax attributes available for utilization at December 31, 2020:


Attribute	Amount		First Year of Expiration
U.S. federal net operating losses	$	2.9	12/31/2037
U.S. state net operating losses	915.7		12/31/2021
U.S. federal tax credits	2.0		12/31/2029
U.S. state tax credits	1.4		12/31/2027
Foreign net operating losses(a)	332.1		12/31/2021

(a) Includes approximately $224.9 of net operating loss carryforwards in Luxembourg as of December 31, 2020.

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for each of the years ended December 31, 2020, 2019, and 2018 is as follows:


	2020		2019		2018
Unrecognized tax benefits – January 1	$	46.2	$	45.8	$	51.9
Additions for:
Current year tax positions	0.9		1.5		1.5
Prior year tax positions	0.3		0.3		—

Reductions for:
Prior year tax positions	—		(0.1)		(0.2)
Expiration of statute of limitations	(4.7)		(1.2)		(1.9)
Settlements	(1.2)		(0.1)		(5.5)
Unrecognized tax benefits – December 31	$	41.5	$	46.2	$	45.8

Open Tax Years by Major Jurisdiction

The following table summarizes the earliest open tax years by major jurisdiction as of December 31, 2020:


Jurisdiction			Earliest Open Year
China			2015
Czech Republic			2014
Germany			2014
Hong Kong			2007
India			2010
Italy			2014
Korea			2014
Luxembourg			2015
Mexico			2014
United States			2017

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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 common shares outstanding for the three years ended December 31, 2020, 2019 and 2018.


	2020	2019	2018
Basic weighted average common shares outstanding	86.7	87.7	87.7
Add: Dilutive impact of outstanding equity awards	0.6	0.9	1.0
Diluted weighted average common shares outstanding	87.3	88.6	88.7

Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Receivables, Net


	2020		2019
Trade accounts receivable	$	492.5	$	562.3
Notes receivable	11.0		6.2
Other	19.1		21.2
Receivables, gross	522.6		589.7
Less: allowance for credit losses - receivables	(15.1)		(11.3)
Receivables, net	$	507.5	$	578.4

Allowance for Credit Losses

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


	2020		2019
Allowance for credit losses - receivables	$	15.1	$	11.3
Allowance for credit losses - contract assets	0.5		1.5
Total allowance for credit losses	$	15.6	$	12.8

Allowance for Credit Losses Rollforward

The follow table displays a rollforward of the total allowance for credit losses for the years ended December 31, 2020, 2019, and 2018.


	2020		2019		2018
Total allowance for credit losses – January 1	$	12.8	$	18.3	$	16.1
Impact of adoption of ASU 2016-13 (See Note 2)	1.7		—		—
Charges to income	6.2		3.5		3.6
Write-offs	(5.5)		(9.2)		(0.8)
Foreign currency and other	0.4		0.2		(0.6)
Total allowance for credit losses – December 31	$	15.6	$	12.8	$	18.3

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Components of Inventories, Net


	2020		2019
Finished goods	$	63.1	$	80.7
Work in process	77.5		83.9
Raw materials	219.9		228.3
Inventories, net	$	360.5	$	392.9

Other Current and Non-Current Assets (Tables)

12 Months Ended

Dec. 31, 2020

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

Components of Other Current and Non-Current Assets


	2020		2019
Asbestos-related assets(a)	$	91.0	$	67.2
Advance payments and other prepaid expenses	39.6		45.4
Contract assets	19.1		18.0
Prepaid income taxes	29.0		20.6

Other	10.8		2.2
Other current assets	$	189.5	$	153.4
Other employee benefit-related assets	$	113.9	$	133.6
Operating lease right-of-use assets	87.3		91.7
Capitalized software costs	23.9		30.1
Environmental-related assets	10.6		22.2
Equity method investments	11.7		9.8
Other	24.6		29.1
Other non-current assets	$	272.0	$	316.5

Plant, Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Components of Plant, Property and Equipment, Net


	Useful life (in years)	2020		2019
Machinery and equipment	2 - 10	$	1,205.7	$	1,128.9
Buildings and improvements	5 - 40	273.9		279.3
Furniture, fixtures and office equipment	3 - 7	82.0		79.8
Construction work in progress		44.7		48.8
Land and improvements		34.6		33.3
Other		5.0		10.5
Plant, property and equipment, gross		1,645.9		1,580.6
Less: accumulated depreciation		(1,120.8)		(1,049.1)
Plant, property and equipment, net		$	525.1	$	531.5

Goodwill and Other Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

Changes in the carrying amount of goodwill for the years ended December 31, 2020 and 2019 by segment are as follows:


	Motion Technologies		Industrial Process		Connect & Control Technologies		Total
Goodwill - December 31, 2018	$	294.5	$	315.8	$	265.6	$	875.9


Goodwill acquired	—		40.1		14.3		54.4
Foreign currency	(0.9)		(1.8)		(0.4)		(3.1)
Goodwill - December 31, 2019	$	293.6	$	354.1	$	279.5	$	927.2


Adjustments to purchase price allocations	—		(2.5)		—		(2.5)
Foreign currency	4.5		13.8		1.8		20.1
Goodwill - December 31, 2020	$	298.1	$	365.4	$	281.3	$	944.8

Finite-Lived Intangible Assets [Line Items]

Other Intangible Assets

Information regarding our other intangible assets is as follows:


	December 31, 2020						December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Intangibles		Gross Carrying Amount		Accumulated Amortization		Net Intangibles
Customer relationships	$	163.3	$	(101.7)	$	61.6	$	176.3	$	(99.6)	$	76.7
Proprietary technology	46.7		(23.4)		23.3		58.4		(28.1)		30.3
Patents and other	16.2		(11.5)		4.7		21.8		(13.0)		8.8
Finite-lived intangible total	226.2		(136.6)		89.6		256.5		(140.7)		115.8
Indefinite-lived intangibles	16.8		—		16.8		22.2		—		22.2
Other Intangible Assets	$	243.0	$	(136.6)	$	106.4	$	278.7	$	(140.7)	$	138.0

Estimated Amortization Expense Related to Intangible Assets

Amortization expense related to intangible assets for 2020, 2019 and 2018 was $20.4, $20.8 and $17.6, respectively. Estimated amortization expense for each of the five succeeding years is as follows:


2021			19.0
2022			16.2
2023			14.5
2024			9.0
2025			7.9
Thereafter			23.0

Accrued Liabilities and Other Non-Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accrued Liabilities and Other Non-Current Liabilities, Net


	2020		2019
Compensation and other employee-related benefits	$	137.3	$	145.4
Asbestos-related liability	91.4		86.0
Contract liabilities and other customer-related liabilities	73.7		74.6
Accrued income taxes and other tax-related liabilities	36.9		27.0
Accrued warranty costs	23.1		18.5
Operating lease liabilities	19.8		19.9
Environmental and other legal matters	19.1		17.9
Accrued restructuring costs	19.1		7.5
Other	37.0		34.0
Accrued and other current liabilities	$	457.4	$	430.8
Operating lease liabilities	$	72.4	$	76.0
Environmental liabilities	50.1		55.8
Compensation and other employee-related benefits	29.4		32.4
Non-current maturities of long-term debt	13.0		12.9
Deferred income taxes and other tax-related liabilities	11.9		24.0
Other	33.8		33.6
Other non-current liabilities	$	210.6	$	234.7

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Future operating lease payments under non-cancellable operating leases with an initial term in excess of 12 months as of December 31, 2020 are shown below.


2021	$	21.7
2022	19.3
2023	14.7
2024	10.6
2025	8.5
Thereafter	26.3
Total future lease payments	101.1
Less: amount of lease payments representing interest	8.9
Present value of future lease payments	$	92.2

Short-term lease liability	$	19.8
Long-term lease liability	72.4
Present value of future lease payments	$	92.2

Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Outstanding Debt


	2020		2019
Commercial paper	$	104.3	$	84.2

Current maturities of long-term debt	2.5		2.3
Commercial paper and current maturities of long-term debt	106.8		86.5
Non-current maturities of long-term debt	13.0		12.9
Total debt	$	119.8	$	99.4

Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Summary of Funded Status of Postretirement Benefit Plans and Presentation of Such Balances within Consolidated Balance Sheet


	2020						2019
	Pension		Other Benefits		Total		Pension		Other Benefits		Total
Fair value of plan assets	$	0.5	$	—	$	0.5	$	320.5	$	1.3	$	321.8
Projected benefit obligation	124.5		118.3		242.8		408.8		116.6		525.4
Funded status	$	(124.0)	$	(118.3)	$	(242.3)	$	(88.3)	$	(115.3)	$	(203.6)
Amounts reported within:
Non-current assets	$	0.2	$	—	$	0.2	$	24.5	$	—	$	24.5
Accrued liabilities	(5.8)		(9.2)		(15.0)		(4.9)		(9.3)		(14.2)
Non-current liabilities	(118.4)		(109.1)		(227.5)		(107.9)		(106.0)		(213.9)

Amount Recognized in Accumulated Other Comprehensive Income Loss

The following table provides a summary of amounts recorded within accumulated other comprehensive loss at December 31, 2020 and 2019.


	2020						2019
	Pension		Other Benefits		Total		Pension		Other Benefits		Total
Net actuarial loss	$	40.9	$	39.2	$	80.1	$	143.4	$	37.8	$	181.2
Prior service cost (benefit)	0.4		(27.1)		(26.7)		0.4		(32.2)		(31.8)
Total	$	41.3	$	12.1	$	53.4	$	143.8	$	5.6	$	149.4

Changes in Projected Benefit Obligations of Pension and Other Employee-Related Defined Benefit Plans


	2020								2019
	U.S. Pension		Int’l Pension		Other Benefits		Total		U.S. Pension		Int’l Pension		Other Benefits		Total
Change in benefit obligation
Benefit obligation – January 1	$	310.4	$	98.4	$	116.6	$	525.4	$	291.8	$	89.4	$	118.6	$	499.8
Service cost	—		1.5		0.8		2.3		0.2		1.2		0.7		2.1
Interest cost	6.9		1.0		2.8		10.7		11.1		1.5		4.0		16.6
Amendments	—		—		—		—		—		—		1.7		1.7
Actuarial loss(a)	45.0		3.3		4.0		52.3		31.0		10.4		3.6		45.0
Benefits paid	(18.9)		(3.6)		(5.9)		(28.4)		(23.7)		(3.0)		(12.0)		(38.7)
Acquired	—		—		—		—		—		0.5		—		0.5
Settlement	(327.9)		(0.6)		—		(328.5)		—		—		—		—

Foreign currency translation	—		9.0		—		9.0		—		(1.6)		—		(1.6)
Benefit obligation – December 31	$	15.5	$	109.0	$	118.3	$	242.8	$	310.4	$	98.4	$	116.6	$	525.4

Changes in Fair Value of Plan Assets of Pension Plans


	2020								2019
	U.S. Pension		Int’l Pension		Other Benefits		Total		U.S. Pension		Int’l Pension		Other Benefits		Total
Change in plan assets
Plan assets – January 1	$	319.9	$	0.6	$	1.3	$	321.8	$	277.8	$	0.6	$	2.9	$	281.3
Actual return on plan assets	20.0		—		—		20.0		57.7		—		0.4		58.1
Employer contributions	9.3		4.1		4.6		18.0		9.9		3.0		10.0		22.9
Benefits and expenses paid	(21.3)		(3.6)		(5.9)		(30.8)		(25.5)		(3.0)		(12.0)		(40.5)

Settlement	(327.9)		(0.6)		—		(328.5)		—		—		—		—

Plan assets – December 31	$	—	$	0.5	$	—	$	0.5	$	319.9	$	0.6	$	1.3	$	321.8
Funded status at end of year	$	(15.5)	$	(108.5)	$	(118.3)	$	(242.3)	$	9.5	$	(97.8)	$	(115.3)	$	(203.6)

Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets

Information for pension plans with an accumulated benefit obligation in excess of plan assets is included in the following table.


	2020		2019
Projected benefit obligation	$	124.2	$	112.8
Accumulated benefit obligation	121.3		110.3
Fair value of plan assets	—		—

Other Changes in Plan Assets and Net Periodic Postretirement Cost Recognized in Other Comprehensive Income (Loss)


	2020						2019						2018
	U.S. Pension		Int’l Pension		Total		U.S. Pension		Int’l Pension		Total		U.S. Pension		Int’l Pension		Total
Net periodic postretirement cost - pension
Service cost	$	—	$	1.5	$	1.5	$	0.2	$	1.2	$	1.4	$	0.4	$	1.3	$	1.7
Interest cost	6.9		1.0		7.9		11.1		1.5		12.6		10.1		1.4		11.5
Expected return on plan assets	(7.2)		—		(7.2)		(14.8)		—		(14.8)		(15.8)		—		(15.8)
Amortization of net actuarial loss	4.8		1.5		6.3		4.3		0.8		5.1		4.9		0.9		5.8
Amortization of prior service cost	—		—		—		0.7		—		0.7		0.9		—		0.9
Net periodic postretirement cost	4.5		4.0		8.5		1.5		3.5		5.0		0.5		3.6		4.1
Settlement charges	136.9		0.1		137.0		—		—		—		1.7		—		1.7
Total net periodic postretirement cost	141.4		4.1		145.5		1.5		3.5		5.0		2.2		3.6		5.8
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Net actuarial loss (gain)	34.7		3.2		37.9		(10.2)		10.3		0.1		15.4		0.8		16.2
Prior service cost	—		—		—		—		—		—		—		(0.1)		(0.1)
Amortization of net actuarial loss	(141.7)		(1.6)		(143.3)		(4.3)		(0.8)		(5.1)		(6.6)		(0.9)		(7.5)
Amortization of prior service cost	—		—		—		(0.7)		—		(0.7)		(0.9)		—		(0.9)
Foreign currency translation	—		2.9		2.9		—		(0.3)		(0.3)		—		(1.0)		(1.0)
Total change recognized in other comprehensive income	(107.0)		4.5		(102.5)		(15.2)		9.2		(6.0)		7.9		(1.2)		6.7
Total impact from net periodic postretirement cost and changes in other comprehensive income	$	34.4	$	8.6	$	43.0	$	(13.7)	$	12.7	$	(1.0)	$	10.1	$	2.4	$	12.5

Weighted Average Assumptions used to Determine Benefit Obligations


	2020						2019
	U.S. Pension		Int’l Pension		Other Benefits		U.S. Pension		Int’l Pension		Other Benefits
Obligation Assumptions:
Discount rate	2.4	%	0.7	%	2.4	%	3.2	%	1.0	%	3.2	%
Rate of future compensation increase	N/A		2.9	%	N/A		N/A		3.0	%	N/A
Cost Assumptions:
Discount rate	3.2	%	1.0	%	3.2	%	4.3	%	1.7	%	4.3	%
Expected return on plan assets	4.0	%	1.0	%	6.0	%	6.0	%	1.0	%	6.0	%

Fair Value of Plan Assets Held by Our Postretirement Benefits Plans

The following table provides the investments at fair value held by our postretirement benefit plans at December 31, 2019, by asset class.


	Pension						Other Benefits
	Level 1		Measured at NAV		Total		Level 1












Fixed income - collective trusts	$	—	$	238.8	$	238.8	$	—

Mutual funds	—		—		—		1.3
Cash and other	81.7		—		81.7		—
Total	$	81.7	$	238.8	$	320.5	$	1.3

Estimated Future Benefit Payments


	U.S. Pension		Int’l Pension		Other Benefits
2021	$	0.9	$	4.8	$	9.3
2022	0.9		3.8		8.8
2023	0.9		4.0		8.4
2024	0.9		4.2		8.1
2025	0.9		3.8		7.7
2026 - 2030	4.4		20.3		33.5

Other Postretirement Benefit Plan, Defined Benefit [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Other Changes in Plan Assets and Net Periodic Postretirement Cost Recognized in Other Comprehensive Income (Loss)


	2020		2019		2018
Net periodic postretirement cost - other postretirement
Service cost	$	0.8	$	0.7	$	0.9
Interest cost	2.8		4.0		4.5
Expected return on plan assets	—		(0.2)		(0.1)
Amortization of net actuarial loss	2.6		2.3		4.0
Amortization of prior service credit	(5.1)		(5.1)		(5.3)


Total net periodic postretirement cost	1.1		1.7		4.0
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Net actuarial loss (gain)	3.9		3.4		(15.6)
Prior service cost	—		1.7		—
Amortization of net actuarial loss	(2.6)		(2.3)		(4.0)
Amortization of prior service credit	5.1		5.1		5.3

Total changes recognized in other comprehensive income	6.4		7.9		(14.3)
Total impact from net periodic postretirement cost and changes in other comprehensive income	$	7.5	$	9.6	$	(10.3)

Long-Term Incentive Employee Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Long-Term Incentive Employee Compensation Costs


	2020		2019		2018
Equity-based awards	$	13.4	$	15.7	$	21.6
Liability-based awards	0.8		2.8		1.5
Total share-based compensation expense	$	14.2	$	18.5	$	23.1

Rollforward of Outstanding Stock Options

A summary of activity related to our NQOs as of December 31, 2020, 2019 and 2018 is presented below.


	2020			2019			2018
Stock Options	Shares	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price
Outstanding – January 1	0.3	$	33.55	0.7	$	35.04	0.9	$	34.07

Exercised	(0.1)	35.37		(0.4)	36.08		(0.2)	30.52

Outstanding – December 31	0.2	$	32.22	0.3	$	33.55	0.7	$	35.04
Options exercisable – December 31	0.2	$	32.22	0.3	$	33.55	0.5	$	36.04

Share-Based Compensation Summary of Stock Options

The following table summarizes information about our outstanding and exercisable stock options at December 31, 2020.


Exercise Prices	Number of shares	Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
$19.97 - $26.76	0.1	1.6	$	3.7
$33.01 - $43.52	0.1	4.4	3.7
	0.2	3.2	$	7.4

Rollforward of Outstanding Restricted Stock

The table below provides a rollforward of outstanding RSUs and PSUs for each of the years ended December 31, 2020, 2019 and 2018.


	2020			2019			2018
Restricted Stock and Performance Units	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Outstanding – January 1	1.0	$	51.24	1.2	$	42.94	1.2	$	38.74
Granted	0.3	61.13		0.3	60.91		0.4	54.79
Performance adjustment(a)	0.1	57.88		0.1	44.87		—	—
Vested and issued	(0.5)	44.86		(0.6)	38.03		(0.3)	41.09
Forfeited	(0.1)	59.50		—	—		(0.1)	42.55
Outstanding – December 31	0.8	$	59.25	1.0	$	51.24	1.2	$	42.94
Vested pending issuance	0.2	$	57.88	0.2	$	44.87	0.2	$	33.27

(a)Represents an adjustment for performance results achieved related to outstanding PSU shares that vested during the period and are pending issuance.

Number of Outstanding Equity Settled RSUs, Cash Settled RSUs and RSAs

The table below provides the number of the outstanding shares by award type as of December 31, 2020, 2019 and 2018. Cash-settled PSUs outstanding are not material.


	2020	2019	2018
Equity-settled RSUs	0.4	0.5	0.7
Cash-settled RSUs	—	0.1	0.1
Equity-settled PSUs	0.4	0.4	0.4

Guarantees, Indemnities and Warranties (Tables)

12 Months Ended

Dec. 31, 2020

Guarantees [Abstract]

Changes in Product Warranty Accrual

The table included below provides changes in the warranty accrual for December 31, 2020 and 2019.


	2020		2019
Warranty accrual – January 1	$	20.5	$	17.3
Warranty expense	12.3		10.5
Payments	(8.2)		(8.5)
Foreign currency and other	0.8		1.2
Warranty accrual – December 31	$	25.4	$	20.5

Acquisitions Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

Acquisitions [Abstract]

Assets Acquired [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

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

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Organization And Summary Of Significant Accounting Policies [Line Items]
Measurement period used to determine the long term expected return plan assets	5 years
Research and Development Expense, Percentage of Sales	0.034		0.036
Restricted Cash and Cash Equivalents	$ 0.8	$ 0.8	$ 1.0	$ 1.2
LIFO inventory, percentage of total	12.50%	14.50%
LIFO inventory reserve amount recorded	$ 12.0	$ 12.4
Maturities of time deposits, description	original maturity exceeding three months at the time of purchase, referred to as short-term time deposits, are classified as held-to-maturity and are recorded at amortized cost, which approximates fair value.
Short-term investments	$ 0.0
Investments in Corporate Owned Life Insurance	113.7	109.1
Gain from Corporate Owned Life Insurance	4.3	4.8	2.8
Tangible Asset Impairment Charges	4.0
Goodwill and Intangible Asset Impairment	$ 12.3
Acquisition measurement period	12 months
Foreign Currency Transaction Gain (Loss), before Tax	$ 7.6	$ 2.7	$ 1.2
Related Party Costs	$ 0.2
Minimum [Member] \| Software [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Capitalized Software, Useful Life	3 years
Minimum [Member] \| Intangible assets with a finite life amortized on a straight-line basis [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life	7 years
Maximum [Member] \| Software [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Capitalized Software, Useful Life	7 years
Maximum [Member] \| Intangible assets with a finite life amortized on a straight-line basis [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	12.00%	13.00%

Recent Accounting Pronouncements Adoption of 2016-13 - Expected Credit Loss - Adjustments for New Accounting Pronouncement [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Receivable [Domain]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance as of December 31, 2020 - Prior to Adoption of ASU 2016-13			$ 578.4
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ (1.6)
Balance as of January 1, 2020 - Subsequent to Adoption of ASU 2016-13		$ 576.8
Other Current Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance as of December 31, 2020 - Prior to Adoption of ASU 2016-13			153.4
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	(0.1)
Balance as of January 1, 2020 - Subsequent to Adoption of ASU 2016-13		153.3
Deferred Income Tax Asset
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance as of December 31, 2020 - Prior to Adoption of ASU 2016-13			138.1
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	0.5
Balance as of January 1, 2020 - Subsequent to Adoption of ASU 2016-13		138.6
Retained Earnings [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance as of December 31, 2020 - Prior to Adoption of ASU 2016-13			$ 2,372.4
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ (1.2)
Balance as of January 1, 2020 - Subsequent to Adoption of ASU 2016-13		$ 2,371.2

Segment Information Plant, Property and Equipment by Region (Details) - USD ($)
$ in Millions

Dec. 31, 2020

Dec. 31, 2019

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenues from External Customers and Long-Lived Assets [Line Items]

$ 525.1

$ 531.5

North America [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

^[1]

174.1

192.2

Europe [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

^[2]

263.8

250.0

Asia Pacific [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

83.7

84.6

Middle East [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

0.2

0.4

South America [Member]

U.S. federal net operating losses

$ 3.3

$ 4.3

[1]	Includes $141.8 and $158.7, in the United States as of December 31, 2020 and 2019, respectively.
[2]	Includes $108.2 and $95.7, in Italy as of December 31, 2020 and 2019, respectively.

Revenue Revenue - Disaggregated by Product Type and Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 2,477.8	$ 2,846.4	$ 2,745.1
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenue	(2.8)	(3.1)	(2.7)
Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	1,104.4	1,222.4	1,252.8
Auto and rail \| Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenue	(0.2)	(0.2)	(0.2)
Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	660.5	701.7	598.7
Chemical and industrial pumps \| Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	291.4	418.3	378.0
Aerospace and defense \| Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
Oil and gas
Disaggregation of Revenue [Line Items]
Revenue	213.8	281.5	268.0
Oil and gas \| Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
General industrial
Disaggregation of Revenue [Line Items]
Revenue	207.7	222.5	247.6
General industrial \| Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenue	(2.6)	(2.9)	(2.5)
Motion Technologies
Disaggregation of Revenue [Line Items]
Revenue	1,121.1	1,241.8	1,274.1
Motion Technologies \| Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	1,104.6	1,222.6	1,253.0
Motion Technologies \| Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
Motion Technologies \| Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	6.7	9.1	8.5
Motion Technologies \| Oil and gas
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
Motion Technologies \| General industrial
Disaggregation of Revenue [Line Items]
Revenue	9.8	10.1	12.6
Industrial Process
Disaggregation of Revenue [Line Items]
Revenue	843.0	943.8	827.1
Industrial Process \| Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
Industrial Process \| Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	660.5	701.7	598.7
Industrial Process \| Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
Industrial Process \| Oil and gas
Disaggregation of Revenue [Line Items]
Revenue	182.5	242.1	228.4
Industrial Process \| General industrial
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
Connect & Control Technologies
Disaggregation of Revenue [Line Items]
Revenue	516.5	663.9	646.6
Connect & Control Technologies \| Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
Connect & Control Technologies \| Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
Connect & Control Technologies \| Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	284.7	409.2	369.5
Connect & Control Technologies \| Oil and gas
Disaggregation of Revenue [Line Items]
Revenue	31.3	39.4	39.6
Connect & Control Technologies \| General industrial
Disaggregation of Revenue [Line Items]
Revenue	$ 200.5	$ 215.3	$ 237.5

Revenue Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract assets	$ 19.1	$ 18.0
Current Contract Assets, Percentage Change from Prior Period	6.10%
Contract with Customer, Liability, Current	$ (56.2)	(57.4)
Current Contract Liabilities, Percentage Change from Prior Period	(2.10%)
Contract with Customer, Liability, Noncurrent	$ 0.1	0.0
Noncurrent Contract Liabilities, Percentage Change from Prior Period	0
Net Contract Liabilities	$ (37.2)	$ (39.4)
Net Contract Liability, Percentage Change from Prior Period	(5.60%)

Revenue Revenue - Textuals (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Maximum Percentage Of Revenue For Which Individual Customer Accounts For	9.10%	9.80%	10.70%
Service and Repair Revenue, Percentage of Total	4.00%
Net Contract Liability, Change from Prior Year	$ 2.2
Net Contract Liability, Percentage Change from Prior Period	(5.60%)
Contract with Customer, Liability, Revenue Recognized	$ 51.1
Revenue, Remaining Performance Obligation, Amount	777.2
Capitalized Contract Cost, Net	6.5	$ 8.1
Capitalized Contract Cost, Amortization	1.6	$ 1.3
Minimum [Member]
Revenue, Remaining Performance Obligation, Amount	650.0
Maximum [Member]
Revenue, Remaining Performance Obligation, Amount	$ 670.0

Restructuring Actions Restructuring Costs by Type and Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Severance costs and other employee-related	$ 41.5	$ 12.4	$ 4.5
Other	1.5	0.4	0.7
Total restructuring costs	43.0	12.8	5.2
Motion Technologies
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	12.7	4.9	2.3
Industrial Process
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	19.5	5.7	0.1
Connect & Control Technologies
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	8.5	2.0	2.1
Corporate and Other [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 2.3	$ 0.2	$ 0.7

Restructuring Actions Restructuring Liability Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring accruals - beginning balance	$ 7.5	$ 6.7
Restructuring costs	44.1	13.4
Restructuring Reserve, Accrual Adjustment	(1.1)	(0.6)
Cash payments	(33.0)	(11.7)
Foreign exchange translation and other	1.6	(0.3)
Restructuring accrual - ending balance	19.1	7.5
Severance and other employee-related
Restructuring Cost and Reserve [Line Items]
Restructuring accruals - beginning balance	7.2
Restructuring accrual - ending balance	18.6	7.2
Other
Restructuring Cost and Reserve [Line Items]
Restructuring accruals - beginning balance	0.3
Restructuring accrual - ending balance	$ 0.5	$ 0.3

2020 Global Restructuring Plan (Details) - 2020 Global Restructuring Plan $ in Millions	Dec. 31, 2020 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 43.8
Restructuring and Related Cost, Expected Cost Remaining	51.1
Motion Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring costs	12.7
Restructuring and Related Cost, Expected Cost Remaining	12.7
Industrial Process
Restructuring Cost and Reserve [Line Items]
Restructuring costs	19.9
Restructuring and Related Cost, Expected Cost Remaining	22.6
Connect & Control Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring costs	8.8
Restructuring and Related Cost, Expected Cost Remaining	13.4
Corporate and Other [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2.4
Restructuring and Related Cost, Expected Cost Remaining	$ 2.4

2020 Global Restructuring Plan Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring accruals - beginning balance	$ 7.5	$ 6.7
Restructuring costs	43.0	12.8	$ 5.2
Cash payments	(33.0)	(11.7)
Foreign exchange translation and other	1.6	(0.3)
Restructuring accrual - ending balance	19.1	7.5	$ 6.7
2020 Global Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring accruals - beginning balance	0.0
Restructuring costs	43.8
Cash payments	(27.9)
Foreign exchange translation and other	1.2
Restructuring accrual - ending balance	$ 17.1	$ 0.0

2020 Global Restructuring Plan Textuals (Details) - 2020 Global Restructuring Plan $ in Millions	Dec. 31, 2020 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 43.8
Restructuring and Related Cost, Expected Cost Remaining	$ 7.3

Income Taxes - Income Tax Data from Continuing Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income components:
United States	$ (124.3)	$ 143.9	$ 114.4
International	209.5	270.5	276.6
Income from continuing operations before income tax	85.2	414.4	391.0
Current income tax expense:
United States – federal	9.9	9.4	6.3
United States – state and local	(1.5)	0.5	7.9
International	50.8	49.1	58.2
Total current income tax expense	59.2	59.0	72.4
Deferred income tax (benefit) expense components:
United States – federal	(36.6)	10.1	7.4
United States – state and local	(4.8)	1.5	(0.2)
International	(2.5)	19.3	(21.9)
Total deferred income tax (benefit) expense	(43.9)	30.9	(14.7)
Income tax expense	$ 15.3	$ 89.9	$ 57.7
Effective income tax rate	18.00%	21.70%	14.80%

Income Taxes - Reconciliation of Tax Provision for Continuing Operations (Detail)	12 Months Ended
	Dec. 31, 2020 Rate	Dec. 31, 2019 Rate	Dec. 31, 2018 Rate
Income Tax Disclosure [Abstract]
Tax provision at U.S. statutory rate	21.00%	21.00%	21.00%
Foreign tax rate differential	1.60%	2.80%	3.70%
Tax on undistributed foreign earnings	7.40%	1.80%	(1.20%)
Audit settlements and unrecognized tax benefits	(5.40%)	0.10%	(0.30%)
Effective Income Tax Reconciliation, Pension settlement AOCI expense	5.90%	0.00%	0.00%
Italy patent box	(5.60%)	(1.20%)	(1.00%)
Excess tax benefits on stock-based compensation	(3.60%)	(1.10%)	(0.60%)
State and local income tax	(2.40%)	0.70%	1.50%
Valuation allowance on deferred tax assets	1.50%	(0.50%)	(2.40%)
U.S. tax on foreign earnings	(0.20%)	0.00%	0.50%
U.S. permanent items	(0.10%)	(1.00%)	0.40%
Tax exempt interest	0.00%	0.00%	(5.80%)
One-time tax on foreign earnings - Tax Act	0.00%	0.00%	(1.00%)
Federal deferred taxes remeasurement - Tax Act	0.00%	0.00%	0.40%
Other adjustments	(2.10%)	(0.90%)	(0.40%)
Effective income tax rate	18.00%	21.70%	14.80%

Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred Tax Assets:
Loss carryforwards	$ 128.6	$ 139.8
Asbestos	116.7	101.5
Employee benefits	64.7	59.4
Accruals	59.3	46.0
Credit carryforwards	3.4	2.5
Other	27.0	20.5
Gross deferred tax assets	399.7	369.7
Less: Valuation allowance	123.0	129.8	$ 141.0	$ 170.0
Net deferred tax assets	276.7	239.9
Deferred Tax Liabilities:
Intangibles	(40.9)	(43.0)
Undistributed earnings	(49.2)	(33.8)
Accelerated depreciation	(30.3)	(26.9)
Investment	0.5	(0.2)
Total deferred tax liabilities	(119.9)	(103.9)
Net deferred tax assets	$ 156.8	$ 136.0

Income Taxes - Deferred Taxes in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Net	$ 156.8	$ 136.0
Deferred Tax Assets, Net	156.8	136.0
Other Noncurrent Liabilities [Member]
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Net	1.5	2.1
Deferred Tax Assets, Net	1.5	2.1
Other Noncurrent Assets [Member]
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Net	158.3	138.1
Deferred Tax Assets, Net	$ 158.3	$ 138.1

Income Taxes Income Taxes - Rollforward of Deferred Tax Assets Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Valuation Allowance [Line Items]
Deferred Tax Assets, Valuation Allowance, Beginning Balance	$ 129.8	$ 141.0	$ 170.0
Change in assessment	(6.2)	5.6	(22.9)
Current year operations	(0.6)	(16.8)	(6.1)
Deferred Tax Assets, Valuation Allowance, Ending Balance	123.0	129.8	141.0
State and Local Jurisdiction [Member]
Valuation Allowance [Line Items]
Deferred Tax Assets, Valuation Allowance, Beginning Balance	48.5	57.3	72.4
Change in assessment	0.0	0.0	0.0
Current year operations	(8.1)	(8.8)	(15.1)
Deferred Tax Assets, Valuation Allowance, Ending Balance	40.4	48.5	57.3
Foreign Tax Authority [Member]
Valuation Allowance [Line Items]
Deferred Tax Assets, Valuation Allowance, Beginning Balance	81.3	83.7	97.6
Change in assessment	(6.2)	5.6	(22.9)
Current year operations	7.5	(8.0)	9.0
Deferred Tax Assets, Valuation Allowance, Ending Balance	$ 82.6	$ 81.3	$ 83.7

Income Taxes - Attributes Available for Utilization (Detail)
$ in Millions

12 Months Ended

Dec. 31, 2020

USD ($)

Deferred Tax Asset Attributes, First Year of Expiration

$ 2.9

Dec. 31, 2037

U.S. state net operating losses

Deferred Tax Asset Attributes, First Year of Expiration

$ 915.7

Dec. 31, 2021

U.S. federal tax credits

Deferred Tax Asset Attributes, First Year of Expiration

$ 2.0

Dec. 31, 2029

U.S. state tax credits

Deferred Tax Asset Attributes, First Year of Expiration

$ 1.4

Dec. 31, 2027

Foreign net operating losses(a)

Deferred Tax Asset Attributes, First Year of Expiration

$ 332.1

^[1]

Dec. 31, 2021

[1]	(a) Includes approximately $224.9 of net operating loss carryforwards in Luxembourg as of December 31, 2020.

Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits – January 1	$ 46.2	$ 45.8	$ 51.9
Additions for:
Current year tax positions	0.9	1.5	1.5
Prior year tax positions	0.3	0.3	0.0
Reductions for:
Prior year tax positions	0.0	(0.1)	(0.2)
Expiration of statute of limitations	(4.7)	(1.2)	(1.9)
Settlements	(1.2)	(0.1)	(5.5)
Unrecognized tax benefits – December 31	$ 41.5	$ 46.2	$ 45.8

Income Taxes - Open Tax Years by Major Jurisdiction (Detail)	12 Months Ended
	Dec. 31, 2020
China
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2015
Czech Republic
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2014
Germany
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2014
Hong Kong
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2007
India
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2010
Italy
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2014
Korea
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2014
Luxembourg
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2015
Mexico
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2014
United States
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2017

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Tax Note Textuals [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount			$ (22.9)
Tax Benefit, CARES Act	$ 10.7
Undistributed Earnings of Foreign Subsidiaries	913.7
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries	240.9
Net operating loss carryforwards in Luxembourg	224.9
Excess Tax benefit from stock activity	3.0	$ 4.6	2.2
Estimated change in unrecognized tax benefits	15.0
Interest (income) expense related to tax matters	(2.0)	(0.3)	(0.9)
Interest accrued from income tax examinations	0.9	$ 2.9	$ 3.2
Continuing Operations [Member]
Tax Note Textuals [Line Items]
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	16.7
Discontinued Operations [Member]
Tax Note Textuals [Line Items]
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	0.5
Luxembourg Deferred Tax Assets
Tax Note Textuals [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	(25.9)
German and UK Deferred Tax Assets
Tax Note Textuals [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 21.7

Earnings Per Share - Basic and Diluted Loss Per Share (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding	86.7	87.7	87.7
Add: Dilutive impact of outstanding equity awards	0.6	0.9	1.0
Diluted weighted average common shares outstanding	87.3	88.6	88.7

Earnings Per Share - Number of Shares Underlying Stock Options Excluded from Computation of Diluted Loss (Detail) shares in Millions	12 Months Ended
	Dec. 31, 2020 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options	0.0

Receivables, Net - Receivables, Net (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade accounts receivable	$ 492.5	$ 562.3
Notes receivable	11.0	6.2
Other	19.1	21.2
Receivables, gross	522.6	589.7
Less: allowance for credit losses - receivables	(15.1)	(11.3)
Receivables, net	$ 507.5	$ 578.4

Receivables, Net - Rollforward of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Total allowance for credit losses – January 1	$ 11.3
Impact of adoption of ASU 2016-13 (See Note 2)	1.7	$ 0.0	$ 0.0
Charges to income	6.2	3.5	3.6
Write-offs	(5.5)	(9.2)	(0.8)
Foreign currency and other	0.4	0.2	(0.6)
Total allowance for credit losses – December 31	15.1	11.3
Total allowance for credit losses	$ 15.6	$ 12.8	$ 18.3	$ 16.1

Allowance for Credit Losses (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses - receivables	$ 15.1	$ 11.3
Allowance for credit losses - contract assets	0.5	1.5
Total allowance for credit losses	$ 15.6	$ 12.8	$ 18.3	$ 16.1

Inventories, Net - Components of Inventories, Net (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 63.1	$ 80.7
Work in process	77.5	83.9
Raw materials	219.9	228.3
Inventories, net	$ 360.5	$ 392.9

Other Current and Non-Current Assets - Components of Other Current and Non-Current Assets (Detail) - USD ($)
$ in Millions

Dec. 31, 2020

Dec. 31, 2019

Asbestos-related assets(a)

$ 91.0

^[1]

$ 67.2

Advance payments and other prepaid expenses

39.6

45.4

Contract assets

19.1

18.0

Prepaid income taxes

29.0

20.6

Other

10.8

2.2

Other current assets

189.5

153.4

Other employee benefit-related assets

113.9

133.6

Operating lease right-of-use assets

87.3

91.7

Capitalized software costs

23.9

30.1

Environmental-related assets

18.6

Equity method investments

11.7

9.8

Other

24.6

29.1

Other non-current assets

272.0

316.5

Other Noncurrent Assets [Member]

Environmental-related assets

$ 10.6

$ 22.2

[1]	The increase in asbestos-related assets as of December 31, 2020 primarily relates to a 2020 settlement agreement with an insurer accelerating payments previously included in a buyout agreement. Refer to Note 20, Commitments and Contingencies, for further information.

Plant, Property and Equipment, Net - Components of Plant, Property and Equipment, Net (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Machinery and equipment	$ 1,205.7	$ 1,128.9
Buildings and improvements	273.9	279.3
Furniture, fixtures and office equipment	82.0	79.8
Construction work in progress	44.7	48.8
Land and improvements	34.6	33.3
Other	5.0	10.5
Plant, property and equipment, gross	1,645.9	1,580.6
Less: accumulated depreciation	(1,120.8)	(1,049.1)
Plant, property and equipment, net	525.1	531.5
Depreciation expense	$ 83.2	$ 84.1	$ 82.8
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

Goodwill and Other Intangible Assets, Net - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Goodwill , beginning balance	$ 927.2	$ 875.9
Goodwill acquired		54.4
Goodwill, Purchase Accounting Adjustments	(2.5)
Foreign currency	20.1	(3.1)
Goodwill , ending Balance	944.8	927.2
Motion Technologies
Goodwill [Roll Forward]
Goodwill , beginning balance	293.6	294.5
Goodwill acquired		0.0
Goodwill, Purchase Accounting Adjustments	0.0
Foreign currency	4.5	(0.9)
Goodwill , ending Balance	298.1	293.6
Industrial Process
Goodwill [Roll Forward]
Goodwill , beginning balance	354.1	315.8
Goodwill acquired		40.1
Goodwill, Purchase Accounting Adjustments	(2.5)
Foreign currency	13.8	(1.8)
Goodwill , ending Balance	365.4	354.1
Connect & Control Technologies
Goodwill [Roll Forward]
Goodwill , beginning balance	279.5	265.6
Goodwill acquired		14.3
Goodwill, Purchase Accounting Adjustments	0.0
Foreign currency	1.8	(0.4)
Goodwill , ending Balance	$ 281.3	$ 279.5

Goodwill and Other Intangible Assets, Net - Other Intangible Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible total	$ 226.2	$ 256.5
Accumulated amortization	(136.6)	(140.7)
Finite-live intangible asset, net	89.6	115.8
Indefinite-lived intangibles	16.8	22.2
Other Intangible Assets	243.0	278.7
Other intangible assets, net	106.4	138.0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible total	163.3	176.3
Accumulated amortization	(101.7)	(99.6)
Finite-live intangible asset, net	61.6	76.7
Proprietary technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible total	46.7	58.4
Accumulated amortization	(23.4)	(28.1)
Finite-live intangible asset, net	23.3	30.3
Patents and other
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible total	16.2	21.8
Accumulated amortization	(11.5)	(13.0)
Finite-live intangible asset, net	$ 4.7	$ 8.8

Goodwill and Other Intangible Assets, Net - Estimated Amortization Expense Related to Intangible Assets (Detail) $ in Millions	Dec. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 19.0
2022	16.2
2023	14.5
2024	9.0
2025	7.9
Thereafter	$ 23.0

Other Intangible Assets Textuals (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Goodwill and Intangible Asset Impairment	$ 12.3
Amortization expense related to finite-lived intangible assets	$ 20.4	$ 20.8	$ 17.6
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average period (in years)	12 years 7 months 6 days
Proprietary technology
Finite-Lived Intangible Assets [Line Items]
Weighted average period (in years)	12 years 10 months 24 days
Patents and other
Finite-Lived Intangible Assets [Line Items]
Weighted average period (in years)	6 years

Accrued Liabilities and Other Non-Current Liabilities - Accrued Liabilities and Other Non-Current Liabilities, Net (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Compensation and other employee-related benefits	$ 137.3	$ 145.4
Asbestos-related liability	91.4	86.0
Contract liabilities and other customer-related liabilities	73.7	74.6
Accrued income taxes and other tax-related liabilities	36.9	27.0
Accrued warranty costs	23.1	18.5
Operating lease liabilities	19.8	19.9
Environmental and other legal matters	19.1	17.9
Restructuring Reserve, Accrual Adjustment	19.1	7.5
Other	37.0	34.0
Accrued and other current liabilities	457.4	430.8
Operating lease liabilities	72.4	76.0
Environmental liabilities	50.1	55.8
Compensation and other employee-related benefits	29.4	32.4
Non-current maturities of long-term debt	13.0	12.9
Deferred income taxes and other tax-related liabilities	11.9	24.0
Other	33.8	33.6
Other non-current liabilities	$ 210.6	$ 234.7

Leases - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	6 years 4 months 24 days
Operating Lease, Cost	$ 25.0	$ 25.1	$ 25.1
Operating Lease, Weighted Average Discount Rate, Percent	2.60%
Capitalized Right of Use Assets during the Period	$ 28.0
Right of Use Asset, Reduction due to Lease Termination	13.2
Operating Lease, Payments	$ 22.6

Leases Future Operating Lease Payments as of Current Year (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2021	$ 21.7
2022	19.3
2023	14.7
2024	10.6
2025	8.5
Thereafter	26.3
Total future lease payments	101.1
Less: amount of lease payments representing interest	8.9
Present value of future lease payments	92.2
Short-term lease liability	19.8	$ 19.9
Long-term lease liability	$ 72.4	$ 76.0

Debt - Outstanding Debt (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Commercial paper	$ 104.3	$ 84.2
Current maturities of long-term debt	2.5	2.3
Commercial paper and current maturities of long-term debt	106.8	86.5
Non-current maturities of long-term debt	13.0	12.9
Total debt	$ 119.8	$ 99.4

Debt - Additional Information (Detail)	12 Months Ended
Debt - Additional Information (Detail)	Dec. 31, 2020 USD ($)	Dec. 31, 2019
Debt Instrument [Line Items]
Short-term loans	$ 0
Long-term Debt, Weighted Average Interest Rate, at Point in Time	0.71%
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	$ 2,500,000
ITT 2014 Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Revolving credit facility	500,000,000
Maximum face amount outstanding on letters of credit	100,000,000
Minimum amount of reduce commitments	10,000,000
Maximum potential increase in credit facility	200,000,000
Maximum potential credit facility outstanding	$ 700,000,000
Maximum Leverage Ratio Under Credit Facility	3.00
Minimum leverage ratio under credit facility	1.00
Maximum interest coverage ratio under credit facility	3.00
Minimum interest coverage ratio under credit facility	1.00
364 Day Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Revolving credit facility	$ 200
Line of Credit Facility, Interest Rate Description	1.55
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.35%
Commercial Paper [Member]
Debt Instrument [Line Items]
Short-term Debt, Weighted Average Interest Rate, at Point in Time	(0.06%)	0.05%

Postretirement Benefit Plans - Summary of Funded Status of Postretirement Benefit Plans and Presentation of Such Balances within Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0.5	$ 321.8	$ 281.3
Projected benefit obligation	242.8	525.4	499.8
Funded status	(242.3)	(203.6)
Amounts reported within:
Non-current assets	0.2	24.5
Accrued liabilities	(15.0)	(14.2)
Non-current liabilities	(227.5)	(213.9)
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.5	320.5
Projected benefit obligation	124.5	408.8
Funded status	(124.0)	(88.3)
Amounts reported within:
Non-current assets	0.2	24.5
Accrued liabilities	(5.8)	(4.9)
Non-current liabilities	(118.4)	(107.9)
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	1.3	2.9
Projected benefit obligation	118.3	116.6	$ 118.6
Funded status	(118.3)	(115.3)
Amounts reported within:
Non-current assets	0.0	0.0
Accrued liabilities	(9.2)	(9.3)
Non-current liabilities	$ (109.1)	$ (106.0)

Postretirement Benefit Plans - Amount Recognized in Accumulated Other Comprehensive Income Loss (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	$ 80.1	$ 181.2
Prior service cost (benefit)	(26.7)	(31.8)
Total	53.4	149.4
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	40.9	143.4
Prior service cost (benefit)	0.4	0.4
Total	41.3	143.8
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	39.2	37.8
Prior service cost (benefit)	(27.1)	(32.2)
Total	$ 12.1	$ 5.6

Postretirement Benefit Plans - Changes in Projected Benefit Obligations of Pension and Other Employee-Related Defined Benefit Plans (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

$ 525.4

$ 499.8

2.3

2.1

10.7

16.6

0.0

1.7

^[1]

52.3

45.0

(28.4)

(38.7)

0.0

0.5

(328.5)

0.0

9.0

(1.6)

242.8

525.4

$ 499.8

Pension Plan [Member]

408.8

1.5

1.4

1.7

7.9

12.6

11.5

Other Postretirement Benefits Plan [Member]

124.5

408.8

116.6

118.6

0.8

0.7

0.9

2.8

4.0

4.5

0.0

1.7

4.0

3.6

(5.9)

(12.0)

0.0

0.0

0.0

United States | Pension Plan [Member]

118.3

116.6

118.6

310.4

291.8

0.0

0.2

0.4

6.9

11.1

10.1

0.0

^[1]

45.0

31.0

(18.9)

(23.7)

0.0

(327.9)

0.0

0.0

International Plan [Member] | Pension Plan [Member]

15.5

310.4

291.8

98.4

89.4

1.5

1.2

1.3

1.0

1.5

1.4

0.0

3.3

10.4

(3.6)

(3.0)

0.0

0.5

(0.6)

0.0

9.0

(1.6)