0000216228-21-000012 | 10-Q | XBRL Viewer | ITT INC

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Cover Document and Entity Information Notes Details COMMITMENTS AND CONTINGENCIES Asbestos Matters Textuals (Details) Uncategorized Uncategorized Items - itt-20210331_htm.xml All Reports

Document and Entity Information - shares shares in Millions	3 Months Ended
Document and Entity Information - shares shares in Millions	Mar. 31, 2021	May 05, 2021
Cover [Abstract]
Entity Registrant Name	ITT INC.
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity File Number	001-05672
Entity Central Index Key	0000216228
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	81-1197930
Entity Address, Address Line One	1133 Westchester Avenue
Entity Address, City or Town	White Plains
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10604
City Area Code	(914)
Local Phone Number	641-2000
Title of 12(b) Security	Common Stock, par value $1 per share
Trading Symbol	ITT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		86.1

Label

Element

Value

Share-based compensation costs, liability-based awards

itt_Sharebasedcompensationcostsliabilitybasedawards

$ 800,000

Share-based compensation costs, liability-based awards

itt_Sharebasedcompensationcostsliabilitybasedawards

(600,000)

Asbestos Liability And Related Assets Net Current And Noncurrent

itt_AsbestosLiabilityAndRelatedAssetsNetCurrentAndNoncurrent

932,000,000.0

Asbestos Liability And Related Assets Net Current And Noncurrent

itt_AsbestosLiabilityAndRelatedAssetsNetCurrentAndNoncurrent

(444,700,000)

Asbestos Liability And Related Assets Net Current And Noncurrent

itt_AsbestosLiabilityAndRelatedAssetsNetCurrentAndNoncurrent

487,300,000

Asbestos Liability And Related Assets Net Current And Noncurrent

itt_AsbestosLiabilityAndRelatedAssetsNetCurrentAndNoncurrent

817,600,000

Asbestos Liability And Related Assets Net Current And Noncurrent

itt_AsbestosLiabilityAndRelatedAssetsNetCurrentAndNoncurrent

(386,800,000)

Asbestos Liability And Related Assets Net Current And Noncurrent

itt_AsbestosLiabilityAndRelatedAssetsNetCurrentAndNoncurrent

430,800,000

Asbestos Liability And Related Assets Net Current And Noncurrent

itt_AsbestosLiabilityAndRelatedAssetsNetCurrentAndNoncurrent

909,900,000

Asbestos Liability And Related Assets Net Current And Noncurrent

itt_AsbestosLiabilityAndRelatedAssetsNetCurrentAndNoncurrent

(421,800,000)

Asbestos Liability And Related Assets Net Current And Noncurrent

itt_AsbestosLiabilityAndRelatedAssetsNetCurrentAndNoncurrent

488,100,000

Asbestos Liability And Related Assets Net Current And Noncurrent

itt_AsbestosLiabilityAndRelatedAssetsNetCurrentAndNoncurrent

804,800,000

Asbestos Liability And Related Assets Net Current And Noncurrent

itt_AsbestosLiabilityAndRelatedAssetsNetCurrentAndNoncurrent

(420,800,000)

Asbestos Liability And Related Assets Net Current And Noncurrent

itt_AsbestosLiabilityAndRelatedAssetsNetCurrentAndNoncurrent

384,000,000.0

Increase Decrease Net Cash Activity

itt_IncreaseDecreaseNetCashActivity

(23,500,000)

Increase Decrease Net Cash Activity

itt_IncreaseDecreaseNetCashActivity

21,900,000

Increase Decrease Net Cash Activity

itt_IncreaseDecreaseNetCashActivity

(1,600,000)

^[1]

Increase Decrease Net Cash Activity

itt_IncreaseDecreaseNetCashActivity

(27,300,000)

Increase Decrease Net Cash Activity

itt_IncreaseDecreaseNetCashActivity

21,200,000

Increase Decrease Net Cash Activity

itt_IncreaseDecreaseNetCashActivity

(6,100,000)

^[1]

Compensation And Other Employee Related Liabilities Noncurrent

itt_CompensationAndOtherEmployeeRelatedLiabilitiesNoncurrent

29,000,000.0

Compensation And Other Employee Related Liabilities Noncurrent

itt_CompensationAndOtherEmployeeRelatedLiabilitiesNoncurrent

29,400,000

Other Employee Benefit Related Assets

itt_OtherEmployeeBenefitRelatedAssets

115,300,000

Other Employee Benefit Related Assets

itt_OtherEmployeeBenefitRelatedAssets

113,900,000

Finite And Infinite Lived Intangible Assets Gross

itt_FiniteAndInfiniteLivedIntangibleAssetsGross

241,600,000

Finite And Infinite Lived Intangible Assets Gross

itt_FiniteAndInfiniteLivedIntangibleAssetsGross

243,000,000.0

Carrying Value of Tangible Assets Written Down to Estimated Fair Value

itt_CarryingValueofTangibleAssetsWrittenDowntoEstimatedFairValue

14,000,000.0

Asbestos Related Costs (Benefit), Provision to Maintain 10-Year Forecast Period

itt_AsbestosRelatedCostsBenefitProvisiontoMaintain10YearForecastPeriod

1,400,000

Asbestos Related Costs (Benefit), Provision to Maintain 10-Year Forecast Period

itt_AsbestosRelatedCostsBenefitProvisiontoMaintain10YearForecastPeriod

1,000,000.0

Asbestos Related Costs (Benefit), Provision to Maintain 10-Year Forecast Period

itt_AsbestosRelatedCostsBenefitProvisiontoMaintain10YearForecastPeriod

2,400,000

^[1]

Asbestos Related Costs (Benefit), Provision to Maintain 10-Year Forecast Period

itt_AsbestosRelatedCostsBenefitProvisiontoMaintain10YearForecastPeriod

14,500,000

Asbestos Related Costs (Benefit), Provision to Maintain 10-Year Forecast Period

itt_AsbestosRelatedCostsBenefitProvisiontoMaintain10YearForecastPeriod

(2,700,000)

Asbestos Related Costs (Benefit), Provision to Maintain 10-Year Forecast Period

itt_AsbestosRelatedCostsBenefitProvisiontoMaintain10YearForecastPeriod

11,800,000

^[1]

Shares Repurchased Aggregate Value Under Settlement Of Employee Tax Withholding Obligations

itt_SharesRepurchasedAggregateValueUnderSettlementOfEmployeeTaxWithholdingObligations

11,000,000.0

Shares Repurchased Aggregate Value Under Settlement Of Employee Tax Withholding Obligations

itt_SharesRepurchasedAggregateValueUnderSettlementOfEmployeeTaxWithholdingObligations

10,200,000

Asbestos Related Current Assets

itt_AsbestosRelatedCurrentAssets

91,000,000.0

Asbestos Related Current Assets

itt_AsbestosRelatedCurrentAssets

91,000,000.0

Asbestos Related Current Assets

itt_AsbestosRelatedCurrentAssets

$ 67,200,000

Number Of Shares Repurchased Under Settlement Of Employee Tax Withholding Obligations

itt_NumberOfSharesRepurchasedUnderSettlementOfEmployeeTaxWithholdingObligations

100,000

Number Of Shares Repurchased Under Settlement Of Employee Tax Withholding Obligations

itt_NumberOfSharesRepurchasedUnderSettlementOfEmployeeTaxWithholdingObligations

200,000

Asbestos Related Liability Current

itt_AsbestosRelatedLiabilityCurrent

$ 91,600,000

Asbestos Related Liability Current

itt_AsbestosRelatedLiabilityCurrent

91,400,000

Asbestos Related Liability Current

itt_AsbestosRelatedLiabilityCurrent

86,300,000

Asbestos Related Assets

itt_AsbestosRelatedAssets

330,800,000

Asbestos Related Assets

itt_AsbestosRelatedAssets

353,700,000

Asbestos Related Assets

itt_AsbestosRelatedAssets

353,600,000

Contract Liabilities and Other Customer-Related Liabilities

itt_ContractLiabilitiesandOtherCustomerRelatedLiabilities

67,700,000

Contract Liabilities and Other Customer-Related Liabilities

itt_ContractLiabilitiesandOtherCustomerRelatedLiabilities

73,700,000

Estimated Environmental Related Assets, Noncurrent

itt_EstimatedEnvironmentalRelatedAssetsNoncurrent

8,500,000

Estimated Environmental Related Assets, Noncurrent

itt_EstimatedEnvironmentalRelatedAssetsNoncurrent

10,600,000

Changes In Pre-Existing Environmental Accruals

itt_ChangesInPreExistingEnvironmentalAccruals

(100,000)

Changes In Pre-Existing Environmental Accruals

itt_ChangesInPreExistingEnvironmentalAccruals

0

Changes In Pre-Existing Environmental Accruals

itt_ChangesInPreExistingEnvironmentalAccruals

0

Changes In Pre-Existing Environmental Accruals

itt_ChangesInPreExistingEnvironmentalAccruals

(1,600,000)

Total Allowance for Credit Losses

itt_TotalAllowanceforCreditLosses

15,200,000

Total Allowance for Credit Losses

itt_TotalAllowanceforCreditLosses

15,600,000

Total Allowance for Credit Losses

itt_TotalAllowanceforCreditLosses

12,800,000

Total Allowance for Credit Losses

itt_TotalAllowanceforCreditLosses

15,800,000

Impact of Adoption of ASU 2016-13

itt_ImpactofAdoptionofASU201613

0

Impact of Adoption of ASU 2016-13

itt_ImpactofAdoptionofASU201613

1,700,000

Fair Value of Impaired Tangible Assets

itt_FairValueofImpairedTangibleAssets

$ 10,000,000.0

Change in Effective Income Tax Rate, Basis Points Change

itt_ChangeInEffectiveIncomeTaxRateBasisPointsChange

(0.0050)

RestructuringAndRelatedCostAssetImpairmentCost

itt_RestructuringAndRelatedCostAssetImpairmentCost

$ 600,000

RestructuringAndRelatedCostAssetImpairmentCost

itt_RestructuringAndRelatedCostAssetImpairmentCost

0

Net Contract Liabilities

itt_NetContractLiabilities

34,300,000

Net Contract Liabilities

itt_NetContractLiabilities

37,200,000

American Rescue Plan Act Amount

itt_AmericanRescuePlanActAmount

1,900,000,000,000

Asbestos Related Costs Net

itt_AsbestosRelatedCostsNet

2,400,000

Asbestos Related Costs Net

itt_AsbestosRelatedCostsNet

(40,700,000)

Receivables Gross Current

itt_ReceivablesGrossCurrent

561,000,000.0

Receivables Gross Current

itt_ReceivablesGrossCurrent

522,600,000

Payroll Tax Benefit from CARES Act

itt_PayrollTaxBenefitFromCARESAct

2,400,000

Accrued Environmental And Litigation Liabilities Current

itt_AccruedEnvironmentalAndLitigationLiabilitiesCurrent

18,700,000

Accrued Environmental And Litigation Liabilities Current

itt_AccruedEnvironmentalAndLitigationLiabilitiesCurrent

19,100,000

Foreign exchange translation

itt_Foreignexchangetranslation

(100,000)

Foreign exchange translation

itt_Foreignexchangetranslation

(200,000)

Asbestos Related Payments

itt_AsbestosRelatedPayments

1,600,000

Asbestos Related Payments

itt_AsbestosRelatedPayments

6,100,000

Line of Credit Facility, Aggregate Borrowing Capacity

itt_LineofCreditFacilityAggregateBorrowingCapacity

500,000,000

Line of Credit Facility, Letters of Credit Face Amount Maximum

itt_LineofCreditFacilityLettersofCreditFaceAmountMaximum

100,000,000

Line of Credit Facility, Commitment Reduction Minimum Amount

itt_LineofCreditFacilityCommitmentReductionMinimumAmount

10,000,000

Line of Credit Facility, Incremental Borrowing Capacity Maximum

itt_LineofCreditFacilityIncrementalBorrowingCapacityMaximum

200,000,000

Allowance for Credit Loss, Foreign Currency and Other

itt_AllowanceforCreditLossForeignCurrencyandOther

(100,000)

Allowance for Credit Loss, Foreign Currency and Other

itt_AllowanceforCreditLossForeignCurrencyandOther

(300,000)

Estimated Environmental Related Assets

itt_EstimatedEnvironmentalRelatedAssets

16,500,000

Estimated Environmental Related Assets

itt_EstimatedEnvironmentalRelatedAssets

$ 22,200,000

Number Of Active Environmental Investigation And Remediation Sites

itt_NumberOfActiveEnvironmentalInvestigationAndRemediationSites

27

Share-based compensation costs, Total

itt_SharebasedcompensationcostsTotal

$ 4,100,000

Share-based compensation costs, Total

itt_SharebasedcompensationcostsTotal

1,900,000

Increase (Decrease) in Accrued and Deferred Income Taxes

itt_IncreaseDecreaseinAccruedandDeferredIncomeTaxes

10,400,000

Increase (Decrease) in Accrued and Deferred Income Taxes

itt_IncreaseDecreaseinAccruedandDeferredIncomeTaxes

$ 16,500,000

[1]	Includes certain administrative costs such as legal-related costs for insurance asset recoveries. The asbestos provision in the first quarter of 2020 includes amounts to maintain a rolling 10-year provision prior to the transition to a full horizon estimate.