0000216228-21-000040 | 10-Q | XBRL Viewer

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Document and Entity Information - shares shares in Millions	6 Months Ended
Document and Entity Information - shares shares in Millions	Jul. 03, 2021	Aug. 04, 2021
Cover [Abstract]
Entity Registrant Name	ITT INC.
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jul. 03, 2021
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity File Number	001-05672
Entity Central Index Key	0000216228
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	81-1197930
Entity Address, Address Line One	1133 Westchester Avenue
Entity Address, City or Town	White Plains
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10604
City Area Code	(914)
Local Phone Number	641-2000
Title of 12(b) Security	Common Stock, par value $1 per share
Trading Symbol	ITT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		86.1

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Income Statement [Abstract]
Revenue	$ 691.6	$ 514.7	$ 1,390.0	$ 1,178.0
Costs of revenue	467.0	351.1	936.4	805.0
Gross profit	224.6	163.6	453.6	373.0
General and administrative expenses	60.2	44.6	112.3	101.7
Sales and marketing expenses	38.3	35.7	75.0	77.3
Research and development expenses	23.2	18.9	47.5	41.6
Asbestos-related (benefit) costs, net	(76.8)	16.0	(74.4)	(24.7)
Restructuring costs	0.1	27.9	3.7	31.0
Asset impairment charges	0.0	0.0	0.0	16.3
Operating income	179.6	20.5	289.5	129.8
Interest and non-operating (income) expenses, net	(3.5)	2.2	(4.8)	2.8
Income from continuing operations before income tax expense	183.1	18.3	294.3	127.0
Income tax expense (benefit)	143.9	(28.1)	168.6	(3.4)
Income from continuing operations	39.2	46.4	125.7	130.4
Income from discontinued operations, net of tax	0.0	1.6	0.0	2.7
Net income	39.2	48.0	125.7	133.1
Less: Income attributable to noncontrolling interests	0.2	0.0	0.5	0.3
Net income attributable to ITT Inc.	39.0	48.0	125.2	132.8
Amounts attributable to ITT Inc.:
Income from continuing operations, net of tax	39.0	46.4	125.2	130.1
Income from discontinued operations, net of tax	0.0	1.6	0.0	2.7
Net income attributable to ITT Inc.	$ 39.0	$ 48.0	$ 125.2	$ 132.8
Basic earnings per share:
Continuing operations	$ 0.45	$ 0.54	$ 1.45	$ 1.50
Discontinued operations	0	0.02	0	0.03
Net income	0.45	0.56	1.45	1.53
Diluted earnings per share:
Continuing operations	0.45	0.53	1.44	1.49
Discontinued operations	0	0.02	0	0.03
Net income	$ 0.45	$ 0.55	$ 1.44	$ 1.52
Weighted average common shares – basic	86.1	86.3	86.2	87.0
Weighted average common shares – diluted	86.5	86.8	86.7	87.6

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Income from discontinued operations, net of tax expense of $0.0, $0.3, $0.0, and $0.7, respectively	$ 0.0	$ (0.3)	$ 0.0	$ (0.7)
Income tax expense (benefit)	$ 143.9	$ (28.1)	$ 168.6	$ (3.4)

- Definition

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

+ References

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 39.2	$ 48.0	$ 125.7	$ 133.1
Other comprehensive income (loss):
Net foreign currency translation adjustment	8.4	2.1	(21.6)	(49.2)
Net change in postretirement benefit plans, net of tax (expense) benefit of $(0.1), $0.3, $(0.2), and $0.6, respectively	0.0	0.9	0.0	1.8
Other comprehensive income (loss)	8.4	3.0	(21.6)	(47.4)
Comprehensive income	47.6	51.0	104.1	85.7
Less: Comprehensive income attributable to noncontrolling interests	0.2	0.0	0.5	0.3
Comprehensive income attributable to ITT Inc.	47.4	51.0	103.6	85.4
Reclassification adjustments (see Note 15):
Amortization of prior service benefit, net of tax expense of $(0.3), $(0.3), $(0.6) and $(0.6), respectively	(0.9)	(1.0)	(1.9)	(1.9)
Amortization of net actuarial loss, net of tax benefit of $0.2, $0.6, $0.4 and $1.2, respectively	0.9	1.9	1.9	3.7
Net change in postretirement benefit plans, net of tax (expense) benefit of $(0.1), $0.3, $(0.2), and $0.6, respectively	$ 0.0	$ 0.9	$ 0.0	$ 1.8

CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) (Parentheticals) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Net change in postretirement benefit plans, Tax Benefits	$ (0.1)	$ 0.3	$ (0.2)	$ 0.6
Amortization of prior service costs, Tax (Expense) Benefit	(0.3)	(0.3)	(0.6)	(0.6)
Amortization of net actuarial loss, Tax Benefits	$ 0.2	$ 0.6	$ 0.4	$ 1.2

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Jul. 03, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 578.8	$ 859.8
Receivables, net	553.4	507.5
Inventories, net	406.2	360.5
Other current assets	88.8	189.5
Total current assets	1,627.2	1,917.3
Plant, property and equipment, net	502.7	525.1
Goodwill	936.3	944.8
Other intangible assets, net	95.8	106.4
Asbestos-related assets	0.0	353.7
Deferred income taxes	37.3	158.3
Other non-current assets	263.0	272.0
Total non-current assets	1,835.1	2,360.3
Total assets	3,462.3	4,277.6
Current liabilities:
Commercial paper and current maturities of long-term debt	199.7	106.8
Accounts payable	337.8	306.8
Accrued liabilities	362.5	457.4
Total current liabilities	900.0	871.0
Asbestos-related liabilities	0.0	840.6
Postretirement benefits	222.0	227.5
Other non-current liabilities	200.0	210.6
Total non-current liabilities	422.0	1,278.7
Total liabilities	$ 1,322.0	$ 2,149.7
Common stock, par value	$ 1	$ 1
Shareholders’ equity:
Issued and outstanding – 86.1 shares and 86.5 shares, respectively	$ 86.1	$ 86.5
Retained earnings	2,353.1	2,319.3
Total accumulated other comprehensive loss	(301.0)	(279.4)
Total ITT Inc. shareholders’ equity	2,138.2	2,126.4
Noncontrolling interests	2.1	1.5
Total shareholders’ equity	2,140.3	2,127.9
Total liabilities and shareholders’ equity	$ 3,462.3	$ 4,277.6

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - shares shares in Millions	Jul. 03, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, shares authorized	250.0	250.0
Common stock, shares issued	86.1	86.5
Common stock, shares outstanding	86.1	86.5

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Operating Activities
Income from continuing operations attributable to ITT Inc.	$ 125.2	$ 130.1
Adjustments to income from continuing operations:
Depreciation and amortization	57.2	54.5
Equity-based compensation	7.4	5.8
Asbestos-related (benefit) costs, net	(74.4)	(24.7)
Asset impairment charges	0.0	16.3
Other non-cash charges, net	11.2	23.5
Asbestos-related payments, net	(4.5)	(7.6)
Divestiture of asbestos-related assets and liabilities	(398.0)	0.0
Changes in assets and liabilities:
Change in receivables	(51.6)	97.2
Change in inventories	(50.8)	2.0
Change in accounts payable	32.1	(62.3)
Change in accrued expenses	12.9	5.7
Change in income taxes	123.1	(17.5)
Other, net	(21.4)	(19.9)
Net Cash – Operating Activities	(231.6)	203.1
Investing Activities
Capital expenditures	(35.1)	(34.3)
Other, net	0.4	(2.8)
Net Cash – Investing Activities	(34.7)	(37.1)
Financing Activities
Commercial paper, net borrowings	95.4	51.0
Short-term revolving loans, borrowings	0.0	495.8
Short-term revolving loans, repayments	0.0	(406.2)
Long-term debt, repayments	(1.3)	(1.2)
Repurchase of common stock	(61.4)	(83.7)
Dividends paid	(38.1)	(14.6)
Other, net	0.3	0.1
Net Cash – Financing Activities	(5.1)	41.2
Exchange rate effects on cash and cash equivalents	(9.2)	(0.2)
Net cash – operating activities of discontinued operations	(0.2)	0.1
Net change in cash and cash equivalents	(280.8)	207.1
Cash and cash equivalents – beginning of year (includes restricted cash of $0.8 and $0.8, respectively)	860.6	612.9
Cash and Cash Equivalents – End of Period (includes restricted cash of $1.0 and $0.9, respectively)	579.8	820.0
Cash paid during the year for:
Interest	0.7	1.2
Income taxes, net of refunds received	$ 42.3	$ 10.7

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Jul. 03, 2021	Dec. 31, 2020	Jun. 27, 2020	Dec. 31, 2019
Restricted Cash	$ 1.0	$ 0.8	$ 0.9	$ 0.8

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock [Member]	Retained Earnings [Member]	Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]
Common Stock Outstanding (Shares)			87.8
Common Stock Outstanding (Dollars)			$ 87.8
Retained earnings				$ (2,372.4)
Total accumulated other comprehensive loss	$ (385.3)					$ (385.3)
Noncontrolling interests							$ 2.9
Total shareholders' equity	2,077.8
Net income	133.1		$ 0.0	132.8		0.0	0.3
Activity from stock incentive plans, shares			0.4
Activity from stock incentive plans	5.9		$ 0.4	5.5		0.0	0.0
Share repuchases, shares			(1.9)
Share repurchases	(83.7)		$ (1.9)	(81.8)		0.0	0.0
Other		$ (1.2)			$ (1.2)
Dividends declared	(29.5)		0.0	(29.5)		0.0	0.0
Other Comprehensive Income (Loss), Net of Tax	$ (47.4)		$ 0.0	0.0		(47.4)	0.0
Dividends declared per share	$ 0.338
Common Stock Outstanding (Shares)			86.3
Common Stock Outstanding (Dollars)			$ 86.3
Retained earnings				(2,361.8)
Total accumulated other comprehensive loss	$ (435.7)					(435.7)
Noncontrolling interests							3.2
Total shareholders' equity	2,015.6
Net income	48.0		$ 0.0	48.0		0.0	0.0
Activity from stock incentive plans, shares			0.0
Activity from stock incentive plans	3.3		$ 0.0	3.3		0.0	0.0
Share repuchases, shares			0.0
Share repurchases	(0.3)		$ 0.0	(0.3)		0.0	0.0
Dividends declared	(14.6)		0.0	(14.6)		0.0	0.0
Other Comprehensive Income (Loss), Net of Tax	$ 3.0		$ 0.0	0.0		3.0	0.0
Dividends declared per share	$ 0.169
Common Stock Outstanding (Shares)			86.3
Common Stock Outstanding (Dollars)			$ 86.3
Retained earnings				(2,398.2)
Total accumulated other comprehensive loss	$ (432.7)					(432.7)
Noncontrolling interests							3.2
Total shareholders' equity	$ 2,055.0
Common Stock Outstanding (Shares)	86.5		86.5
Common Stock Outstanding (Dollars)	$ 86.5		$ 86.5
Retained earnings	(2,319.3)			(2,319.3)
Total accumulated other comprehensive loss	(279.4)					(279.4)
Noncontrolling interests	1.5						1.5
Total shareholders' equity	2,127.9
Net income	125.7		$ 0.0	125.2		0.0	0.5
Activity from stock incentive plans, shares			0.3
Activity from stock incentive plans	7.9		$ 0.3	7.6		0.0	0.0
Share repuchases, shares			(0.7)
Share repurchases	(61.4)		$ (0.7)	(60.7)		0.0	0.0
Other	0.1						0.1
Dividends declared	(38.3)		0.0	(38.3)		0.0	0.0
Other Comprehensive Income (Loss), Net of Tax	$ (21.6)		$ 0.0	0.0		(21.6)	0.0
Dividends declared per share	$ 0.44
Common Stock Outstanding (Shares)			86.1
Common Stock Outstanding (Dollars)			$ 86.1
Retained earnings				(2,329.4)
Total accumulated other comprehensive loss	$ (309.4)					(309.4)
Noncontrolling interests							1.8
Total shareholders' equity	2,107.9
Net income	39.2		$ 0.0	39.0		0.0	0.2
Activity from stock incentive plans, shares			0.0
Activity from stock incentive plans	4.4		$ 0.0	4.4		0.0	0.0
Share repuchases, shares			0.0
Share repurchases	(0.4)		$ 0.0	(0.4)		0.0	0.0
Other	0.1
Dividends declared	(19.3)		0.0	(19.3)		0.0	0.0
Other Comprehensive Income (Loss), Net of Tax	$ 8.4		$ 0.0	0.0		8.4	0.0
Dividends declared per share	$ 0.22
Common Stock Outstanding (Shares)	86.1		86.1
Common Stock Outstanding (Dollars)	$ 86.1		$ 86.1
Retained earnings	(2,353.1)			$ (2,353.1)
Total accumulated other comprehensive loss	(301.0)					$ (301.0)
Noncontrolling interests	2.1						$ 2.1
Total shareholders' equity	$ 2,140.3

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Dividends declared per share	$ 0.22	$ 0.169	$ 0.44	$ 0.338

OTHER CURRENT AND NON-CURRENT ASSETS - Components of Other Current and Non-Current Assets - USD ($) $ in Millions	Jul. 03, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Asbestos-related assets (see Note 19)	$ 0.0	$ 91.0
Advance payments and other prepaid expenses	43.3	39.6
Current contract assets, net	14.4	19.1
Prepaid income taxes	23.3	29.0
Other	7.8	10.8
Other current assets	88.8	189.5
Other employee benefit-related assets	116.5	113.9
Operating lease right-of-use assets	80.0	87.3
Capitalized software costs	20.4	23.9
Environmental-related assets	8.1	10.6
Equity method investments	12.4	11.7
Other	25.6	24.6
Other non-current assets	$ 263.0	$ 272.0

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Employee Compensation Costs - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Share-based Payment Arrangement [Abstract]
Equity-based awards	$ 4.2	$ 3.3	$ 7.4	$ 5.8
Liability-based awards	0.2	0.5	1.1	(0.1)
Total share-based compensation expense	$ 4.4	$ 3.8	$ 8.5	$ 5.7

CAPITAL STOCK - Additional Information - USD ($) shares in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Jul. 03, 2021	Jul. 03, 2021	Jun. 27, 2020
Equity, Class of Treasury Stock [Line Items]
Aggregate cost of repurchase	$ 0.4	$ 61.4	$ 83.7
Number of shares repurchased under settlement of employee tax withholding obligations		0.1	0.2
Shares repurchased aggregate value under settlement of employee tax withholding obligations		$ 11.4	$ 10.5
2006 Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Share repurchase program	1,000,000.0	$ 1,000,000.0
Repurchase of shares of common stock		1.4
Aggregate cost of repurchase			$ 61.9
2019 Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Share repurchase program	$ 500.0	$ 500.0
Repurchase of shares of common stock		0.6
Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase of shares of common stock			1.7
Aggregate cost of repurchase		$ 50.0	$ 73.2

DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND UPDATES TO SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jul. 03, 2021
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business ITT Inc. is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and 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 through three segments: Motion Technologies (MT), consisting of friction and shock and vibration equipment; Industrial Process (IP), consisting of industrial flow equipment and services; and Connect & Control Technologies (CCT), 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 the novel coronavirus (COVID-19) a pandemic, resulting in certain local government-mandated site closures. While most of our businesses were deemed essential, we experienced disruption in our operations due to decreased customer demand, temporary plant closures, and elevated safety standards to keep our employees safe. The Company continues to face certain risks and uncertainties resulting from COVID-19, including 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 and people’s attitudes towards receiving the vaccines. Due to these uncertainties, the severity and extent of future impacts from COVID-19 or any new strains of the virus cannot be reasonably estimated at this time. Basis of Presentation The unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions) necessary to state fairly the financial position, results of operations, and cash flows for the periods presented. The Consolidated Condensed Balance Sheet as of December 31, 2020, presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K (2020 Annual Report) for the year ended December 31, 2020 but does not include all disclosures required by GAAP. We consistently applied the accounting policies described in the 2020 Annual Report in preparing these unaudited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2020 Annual Report. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available and may be impacted by the duration and severity of the COVID-19 pandemic. Estimates and assumptions are used for, but not limited to, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, accounting for business combinations, goodwill and other intangible asset impairment testing, environmental liabilities and assets, allowance for credit losses and inventory valuation. Actual results could differ from these estimates. Effective July 1 2021, the Company divested the entity holding asbestos-related assets and liabilities to a third-party. As a result of the transaction, all associated asbestos-related assets and liabilities were removed from the Company’s consolidated balance sheet, other than current liabilities for certain transaction costs. See Note 19, Commitments and Contingencies, for further information. ITT’s quarterly financial periods end on the Saturday that is closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year, which ends on December 31st. ITT’s second quarter for 2021 and 2020 ended on July 3, 2021 and June 27, 2020, respectively, and were both thirteen week periods. Certain prior year amounts have been reclassified to conform to the current year presentation.

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Jul. 03, 2021
Recent Accounting Pronouncements [Abstract]
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. Recent Accounting Pronouncements Not Yet Adopted: In March 2020 and January 2021, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01, Reference Rate Reform (Topic 848): Scope, respectively. Together, the ASUs provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance was effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. We do not expect this guidance to have a significant impact on our operating results, financial position, or cash flows; however, we will continue to monitor the potential impact, if adopted.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

SEGMENT INFORMATION

6 Months Ended

Jul. 03, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

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

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

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

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

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


	Revenue				Operating Income				Operating Margin
For the Three Months Ended	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Motion Technologies	$	343.6	$	199.3	$	64.7	$	10.4	18.8	%	5.2	%
Industrial Process	213.9		193.3		31.5		18.5		14.7	%	9.6	%
Connect & Control Technologies	134.5		122.9		17.9		8.4		13.3	%	6.8	%
Eliminations	(0.4)		(0.8)		—		—		—		—
Total segment results	691.6		514.7		114.1		37.3		16.5	%	7.2	%
Asbestos-related benefit (costs), net(a)	—		—		76.8		(16.0)		—		—
Other Corporate costs	—		—		(11.3)		(0.8)		—		—
Total Corporate and other benefit (costs)	—		—		65.5		(16.8)		—		—
Total	$	691.6	$	514.7	$	179.6	$	20.5	26.0	%	4.0	%

(a)The 2021 period includes a pre-tax gain of $88.8 resulting from the divestiture of the entity holding asbestos-related assets and liabilities. See Note 19, Commitments and Contingencies, for further information.


	Revenue				Operating Income				Operating Margin
For the Six Months Ended	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Motion Technologies	$	712.7	$	497.2	$	140.7	$	63.5	19.7	%	12.8	%
Industrial Process	416.2		420.6		62.5		27.4		15.0	%	6.5	%
Connect & Control Technologies	261.8		261.6		29.7		24.3		11.3	%	9.3	%
Eliminations	(0.7)		(1.4)		—		—		—		—
Total segment results	1,390.0		1,178.0		232.9		115.2		16.8	%	9.8	%
Asbestos-related benefit, net(a)	—		—		74.4		24.7		—		—
Other Corporate costs					(17.8)		(10.1)		—		—
Total Corporate and other benefit	—		—		56.6		14.6		—		—
Total	$	1,390.0	$	1,178.0	$	289.5	$	129.8	20.8	%	11.0	%


As of and for the Six Months Ended	Total Assets				Capital Expenditures				Depreciation & Amortization
	July 3, 2021		December 31, 2020		July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Motion Technologies	$	1,284.7	$	1,202.3	$	27.8	$	22.9	$	31.8	$	29.2
Industrial Process	1,013.5		1,069.6		2.7		4.4		11.1		12.3
Connect & Control Technologies	717.1		720.5		3.9		6.2		11.3		11.7
Corporate(b)	447.0		1,285.2		0.7		0.8		3.0		1.3
Total	$	3,462.3	$	4,277.6	$	35.1	$	34.3	$	57.2	$	54.5

(b)The decrease in Corporate total assets as of July 3, 2021 is due to the divestiture of the entity holding asbestos-related assets and liabilities and the cash contribution to fund the divestiture. See Note 19, Commitments and Contingencies, for further information.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

REVENUE REVENUE

6 Months Ended

Jul. 03, 2021

Revenue from Contract with Customer [Abstract]

Revenue Footnote

REVENUE

The following table represents our revenue disaggregated by end market for the three and six months ended July 3, 2021 and June 27, 2020.


For the Three Months Ended July 3, 2021	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	334.2		$	—		$	—		$	—		$	334.2
Chemical and industrial pumps		—			167.7			—			—			167.7
Aerospace and defense		2.6			—			63.9			—			66.5
Oil and gas		—			46.2			8.9			—			55.1
General industrial		6.8			—			61.7			(0.4)			68.1
Total		$	343.6		$	213.9		$	134.5		$	(0.4)		$	691.6


For the Six Months Ended July 3, 2021	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	698.2		$	—		$	—		$	—		$	698.2
Chemical and industrial pumps		—			327.4			—			—			327.4
Aerospace and defense		4.2			—			124.1			—			128.3
Oil and gas		—			88.8			17.4			—			106.2
General industrial		10.3			—			120.3			(0.7)			129.9
Total		$	712.7		$	416.2		$	261.8		$	(0.7)		$	1,390.0


For the Three Months Ended June 27, 2020	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	195.6		$	—		$	—		$	—		$	195.6
Chemical and industrial pumps		—			158.6			—			—			158.6
Aerospace and defense		1.6			—			64.6			—			66.2
Oil and gas		—			34.7			7.7			—			42.4
General industrial		2.1			—			50.6			(0.8)			51.9
Total		$	199.3		$	193.3		$	122.9		$	(0.8)		$	514.7


For the Six Months Ended June 27, 2020	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	488.0		$	—		$	—		$	(0.1)		$	487.9
Chemical and industrial pumps		—			320.1			—			—			320.1
Aerospace and defense		4.5			—			150.7			—			155.2
Oil and gas		—			100.5			15.5			—			116.0
General industrial		4.7			—			95.4			(1.3)			98.8
Total		$	497.2		$	420.6		$	261.6		$	(1.4)		$	1,178.0

Contract Assets and Liabilities

Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings, net of allowances for credit losses. Contract assets are included in other current assets and other non-current assets in our Consolidated Condensed Balance Sheet. Contract liabilities consist of advance payments and billings in excess of revenue recognized. Contract liabilities are included in accrued liabilities and other non-current liabilities in our Consolidated Condensed Balance Sheet. The following table represents our net contract assets and liabilities as of July 3, 2021 and December 31, 2020.


	July 3, 2021			December 31, 2020
Current contract assets, net		$	14.4		$	19.1
Non-current contract assets, net		0.3			—
Current contract liabilities		(39.5)			(56.2)
Non-current contract liabilities		(4.4)			(0.1)
Net contract liabilities		$	(29.2)		$	(37.2)

During the three and six months ended July 3, 2021, we recognized revenue of $15.8 and $37.7, respectively, related to contract liabilities as of December 31, 2020. The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations as of July 3, 2021 was $832.4. Of this amount, we expect to recognize approximately $560 to $580 of revenue during the remainder of 2021.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RESTRUCTURING ACTIONS RESTRUCTURING ACTIONS

6 Months Ended

Jul. 03, 2021

Restructuring and Related Activities [Abstract]

RESTRUCTURING ACTIONS

We have initiated various restructuring actions throughout our businesses during the past two years, including the 2020 Global Restructuring Plan 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 three and six months ended July 3, 2021 and June 27, 2020.


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Severance and other employee-related	$	—	$	27.8	$	2.4	$	30.9
Asset write-offs	—		—		0.6		—
Other	0.1		0.1		0.7		0.1
Total restructuring costs	$	0.1	$	27.9	$	3.7	$	31.0
By segment:
Motion Technologies	$	—	$	14.0	$	—	$	14.0
Industrial Process	—		7.8		0.9		7.9
Connect & Control Technologies	0.1		5.2		2.5		6.7
Corporate and Other	—		0.9		0.3		2.4

The following table displays a rollforward of the restructuring accruals, presented on our Consolidated Condensed Balance Sheet within accrued liabilities, for the six months ended July 3, 2021 and June 27, 2020.


	July 3, 2021		June 27, 2020
Beginning balance - January 1	$	19.1	$	7.5
Restructuring costs	4.4		31.7
Reversal of prior accruals	(0.7)		(0.7)
Cash payments	(7.2)		(9.6)
Asset write-offs	(0.6)		—
Foreign exchange translation and other	(0.5)		(0.2)
Ending balance	$	14.5	$	28.7
By accrual type:
Severance and other employee-related	$	14.3	$	28.3
Other	0.2		0.4

2020 Global Restructuring Plan

During 2020, we initiated an organizational-wide restructuring plan to reduce the overall cost structure of the Company primarily in response to a reduction in demand from the COVID-19 pandemic. Through July 3, 2021, we have recognized restructuring charges of $45.1, including $43.8 in 2020, which are primarily related to involuntary severance costs. We expect to incur additional restructuring charges of approximately $3 during the remainder of 2021 to complete this action. Cash payments during the six months ended July 3, 2021 were $6.5. The restructuring liability as of July 3, 2021 was $10.6, which we expect to be substantially paid during 2021, and is presented on our Consolidated Condensed Balance Sheet within accrued liabilities.

INCOME TAXES

6 Months Ended

Jul. 03, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES


	Three Months Ended						Six Months Ended
	July 3, 2021			June 27, 2020				July 3, 2021			June 27, 2020
Income tax expense (benefit)	$	143.9		$	(28.1)			$	168.6		$	(3.4)
Effective tax rate	78.6		%	(153.6)		%		57.3		%	(2.7)		%

The higher effective tax rate for the three and six months ended July 3, 2021 resulted from the Company recording tax expense on the reversal of previously recorded deferred tax assets of $116.9 resulting from the Company’s divestiture of the entity holding asbestos-related assets and liabilities (see Note 19, Commitments and Contingencies, for further information). In addition, the effective tax rate for the three and six months ended June 27, 2020 was lower due to tax benefits of $26.7 resulting from an internal restructuring in Europe. This reorganization resulted in a refined projection of future earnings, which will result in the realization of a portion of our deferred tax assets.

On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (ARPA), a $1.9 trillion COVID-19 stimulus legislation to accelerate the United States' recovery from the economic and health effects of the COVID-19 pandemic. ARPA builds upon many of the measures in the Coronavirus Aid, Relief, and Economic Security Act from March 2020 (the 2020 CARES Act) and the Consolidated Appropriations Act from December 2020. The Act extends the employee retention credit through the end of 2021 and maintains the credit per employee per quarter initially included in the Consolidated Appropriations Act. During the three and six months ended July 3, 2021, the Company recognized a benefit of $1.7 and $4.1 from the employee retention credit, and recognized a benefit of $7.2 during the second quarter of 2020. The benefit was recorded in operating income and related to the employer portion of payroll taxes. Certain non-U.S. jurisdictions have enacted similar stimulus measures. We continue to monitor any effects that may result from the ARPA and 2020 CARES Act or other similar legislation globally.

The Company operates in various tax jurisdictions and is subject to examination by tax authorities in these jurisdictions. The Company is currently under examination in several jurisdictions including the Czech Republic, Germany, Hong Kong, India, Italy, the U.S. and Venezuela. The estimated tax liability calculation for unrecognized tax benefits considers uncertainties in the application of complex tax laws and regulations in various tax jurisdictions. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the unrecognized tax benefit. Over the next 12 months, the net amount of the tax liability for unrecognized tax benefits in foreign and domestic jurisdictions could decrease by approximately $16 due to changes in audit status, expiration of statutes of limitations and other events. In addition, the settlement of any future examinations relating to the 2011 and prior tax years could result in changes in amounts attributable to the Company under its Tax Matters Agreement with Exelis Inc. and Xylem Inc. relating to the Company’s 2011 spin-off of those businesses.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Paragraph 21
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

EARNINGS PER SHARE

6 Months Ended

Jun. 27, 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 earnings per share from continuing operations attributable to ITT for the three and six months ended July 3, 2021 and June 27, 2020.


	Three Months Ended		Six Months Ended
	July 3, 2021	June 27, 2020	July 3, 2021	June 27, 2020
Basic weighted average common shares outstanding	86.1	86.3	86.2	87.0
Add: Dilutive impact of outstanding equity awards	0.4	0.5	0.5	0.6
Diluted weighted average common shares outstanding	86.5	86.8	86.7	87.6

For the three and six months ended July 3, 2021, there were 0.0 and 0.1, respectively, of anti-dilutive shares related to equity stock unit awards excluded from the computation of diluted earnings per share. For the three and six months ended June 27, 2020, there were 0.2 and 0.2, respectively, of anti-dilutive shares.

RECEIVABLES, NET

6 Months Ended

Jul. 03, 2021

Receivables [Abstract]

RECEIVABLES, NET


	July 3, 2021			December 31, 2020
Trade accounts receivable		$	533.8		$	492.5
Notes receivable		15.5			11.0
Other		16.9			19.1
Receivables, gross		566.2			522.6
Less: Allowance for credit losses - receivables		(12.8)			(15.1)
Receivables, net		$	553.4		$	507.5

The following table displays our allowance for credit losses for receivables and contract assets as of July 3, 2021 and December 31, 2020.


	July 3, 2021			December 31, 2020
Allowance for credit losses - receivables		$	12.8		$	15.1
Allowance for credit losses - contract assets		0.5			0.5
Total allowance for credit losses		$	13.3		$	15.6

The following table displays a rollforward of the total allowance for credit losses for the six months ended July 3, 2021 and June 27, 2020.



	July 3, 2021			June 27, 2020
Total allowance for credit losses - January 1		$	15.6		$	12.8
Impact of adoption of ASU 2016-13		—			1.7
(Recoveries) charges to income		(1.7)			8.6
Write-offs		(0.7)			(3.0)
Foreign currency and other		0.1			(0.1)
Total allowance for credit losses - ending balance		$	13.3		$	20.0

INVENTORIES, NET

6 Months Ended

Jul. 03, 2021

Inventory Disclosure [Abstract]

INVENTORIES, NET


	July 3, 2021			December 31, 2020
Finished goods		$	75.2		$	63.1
Work in process		82.5			77.5
Raw materials		248.5			219.9
Inventories, net		$	406.2		$	360.5

OTHER CURRENT AND NON-CURRENT ASSETS

6 Months Ended

Jul. 03, 2021

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

OTHER CURRENT AND NON-CURRENT ASSETS


	July 3, 2021			December 31, 2020

Advance payments and other prepaid expenses		$	43.3		$	39.6
Prepaid income taxes		23.3			29.0
Current contract assets, net		14.4			19.1
Asbestos-related assets (see Note 19)		—			91.0
Other		7.8			10.8
Other current assets		$	88.8		$	189.5
Other employee benefit-related assets		$	116.5		$	113.9
Operating lease right-of-use assets		80.0			87.3
Capitalized software costs		20.4			23.9
Equity method investments		12.4			11.7
Environmental-related assets		8.1			10.6
Other		25.6			24.6
Other non-current assets		$	263.0		$	272.0

PLANT, PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jul. 03, 2021

Property, Plant and Equipment [Abstract]

PLANT, PROPERTY AND EQUIPMENT, NET


	Useful life (in years)	July 3, 2021			December 31, 2020
Machinery and equipment	2 - 10		$	1,207.3		$	1,205.7
Buildings and improvements	5 - 40		270.5			273.9
Furniture, fixtures and office equipment	3 - 7		81.1			82.0
Construction work in progress			40.2			44.7
Land and improvements			33.7			34.6
Other			4.9			5.0
Plant, property and equipment, gross			1,637.7			1,645.9
Less: Accumulated depreciation			(1,135.0)			(1,120.8)
Plant, property and equipment, net			$	502.7		$	525.1

Depreciation expense of $21.5 and $20.7, and $42.9 and $41.2 was recognized in the three and six months ended July 3, 2021 and June 27, 2020, respectively.

During the first quarter of 2020, we recorded an impairment of $4.0 for a business within IP due to challenging economic conditions in the upstream oil and gas market combined with impacts associated with the COVID-19 pandemic. Long-lived assets of the business, with a carrying value of $14.0, primarily building and improvements, machinery and equipment, were reduced to their current estimated fair value of $10.0. The 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 or future cash flows of our businesses could cause us to record additional impairment charges in future periods, which may be material.

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

6 Months Ended

Jul. 03, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill

The following table provides a rollforward of the carrying amount of goodwill for the six months ended July 3, 2021 by segment.


	Motion Technologies			Industrial Process			Connect & Control Technologies			Total
Goodwill - December 31, 2020		$	298.1		$	365.4		$	281.3	$	944.8



Foreign exchange translation		(2.4)			(5.4)			(0.7)		(8.5)
Goodwill - July 3, 2021		$	295.7		$	360.0		$	280.6	$	936.3

Other Intangible Assets, Net

Information regarding our other intangible assets is as follows:


	July 3, 2021									December 31, 2020
	Gross Carrying Amount			Accumulated Amortization			Net Intangibles			Gross Carrying Amount			Accumulated Amortization			Net Intangibles
Customer relationships		$	162.9		$	(107.9)		$	55.0		$	163.3		$	(101.7)		$	61.6
Proprietary technology		46.4			(25.2)			21.2			46.7			(23.4)			23.3
Patents and other		16.2			(13.2)			3.0			16.2			(11.5)			4.7
Finite-lived intangible total		225.5			(146.3)			79.2			226.2			(136.6)			89.6
Indefinite-lived intangibles		16.6			—			16.6			16.8			—			16.8
Other intangible assets		$	242.1		$	(146.3)		$	95.8		$	243.0		$	(136.6)		$	106.4

As a result of the global COVID-19 pandemic combined with a decline in the upstream oil and gas market, during the first quarter of 2020, we determined that certain intangible assets within the IP segment including an indefinite-lived trademark, customer relationships and proprietary technology, would not be recoverable resulting in an impairment of $12.3. Significant additional adverse changes to the economic environment or future cash flows of our businesses could cause us to record additional impairment charges in future periods, which may be material.

Amortization expense related to finite-lived intangible assets was $4.9 and $4.2, and $10.0 and $9.0 for the three and six months ended July 3, 2021 and June 27, 2020, respectively.

ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES

6 Months Ended

Jul. 03, 2021

Payables and Accruals [Abstract]

ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES

ACCRUED LIABILITIES AND OTHER NON-CURRENT LIABILITIES


	July 3, 2021			December 31, 2020
Compensation and other employee-related benefits		$	142.4		$	137.3
Contract liabilities and other customer-related liabilities		60.2			73.7
Accrued income taxes and other tax-related liabilities		36.8			36.9
Accrued warranty costs		23.6			23.1
Operating lease liabilities		19.3			19.8
Environmental liabilities and other legal matters		14.8			19.1
Accrued restructuring costs		14.5			19.1
Asbestos-related liabilities(a)		10.4			91.4
Other		40.5			37.0
Accrued liabilities		$	362.5		$	457.4
Operating lease liabilities		$	65.8		$	72.4
Environmental liabilities		48.3			50.1
Compensation and other employee-related benefits		27.4			29.4
Deferred income taxes and other tax-related liabilities		12.0			11.9
Non-current maturities of long-term debt		11.4			13.0
Other		35.1			33.8
Other non-current liabilities		$	200.0		$	210.6

(a)As of July 3, 2021, the current liability represents transaction costs related to the divestiture of the entity holding asbestos-related assets and liabilities. See Note 19, Commitments and Contingencies, for further information.

DEBT Debt (Notes)

6 Months Ended

Jul. 03, 2021

Debt Disclosure [Abstract]

Debt [Text Block]

DEBT


	July 3, 2021			December 31, 2020
Commercial paper		$	197.4		$	104.3

Current maturities of long-term debt and finance leases		2.3			2.5
Commercial paper and current maturities of long-term debt		199.7			106.8
Non-current maturities of long-term debt		11.4			13.0
Total debt and finance leases		$	211.1		$	119.8

Commercial Paper

Commercial paper outstanding of $197.4 as of July 3, 2021 was issued through both the Company’s U.S. and Euro programs. Commercial paper outstanding under the U.S. program was $150.0, with a weighted average interest rate of 0.21%. Commercial paper outstanding under the Euro program was $47.4, with a weighted average negative interest rate of (0.44)%. Commercial paper outstanding of $104.3 as of December 31, 2020 was issued entirely under the Company’s Euro program and had a weighted average negative interest rate of (0.06)%. 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 2014 Revolving Credit Agreement) with a consortium of third party lenders including JPMorgan Chase Bank, N.A., as administrative agent, and Citibank, N.A., as syndication agent. During 2019, we extended the 2014 Revolving Credit Agreement maturity date to November 25, 2022. The 2014 Revolving Credit Agreement provides for an aggregate principal amount of up to $500 of (i) revolving extensions of credit (the revolving loans) outstanding at any time, (ii) competitive advance borrowing option which will be provided on an uncommitted competitive advance basis through an auction mechanism (the competitive advances), and (iii) letters of credit for a face amount up to $100 at any time outstanding. Subject to certain conditions, we are permitted to terminate permanently the total commitments and reduce commitments in minimum amounts of $10. Borrowings under the credit facility are available in U.S. dollars, Euros or British pound sterling. We are permitted to request that lenders increase the commitments under the facility by up to $200 for a maximum aggregate principal amount of $700, however this is subject to certain conditions and therefore may not be available to us.

The interest rate per annum on the Revolving Credit Agreement is based on the LIBOR rate of the currency we borrow in, adjusted for statutory reserve requirements, plus a margin of 1.1%. As of July 3, 2021 and December 31, 2020, we had no outstanding obligations under the credit facility. There is a 0.15% fee per annum applicable to the commitments under the 2014 Revolving Credit Agreement. The fees and margin are subject to adjustment should the Company’s credit ratings change.

The 2014 Revolving Credit Agreement contains customary affirmative and negative covenants that, among other things, will limit or restrict our ability to: incur additional debt or issue guarantees; create liens; enter into certain sale and lease-back transactions; merge or consolidate with another person; sell, transfer, lease or otherwise dispose of assets; liquidate or dissolve; and enter into restrictive covenants. Additionally, the 2014 Revolving Credit Agreement requires us not to permit the ratio of consolidated total indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) (leverage ratio) to exceed 3.00 to 1.00 at any time, or the ratio of consolidated EBITDA to consolidated interest expense (interest coverage ratio) to be less than 3.00 to 1.00. In the event of certain ratings downgrades of the Company to a level below investment grade, the direct and indirect significant U.S. subsidiaries of the Company would be required to guarantee the obligations under the credit facility.

As of July 3, 2021, our interest coverage ratio and leverage ratios associated with short-term loans were within the prescribed thresholds.

On April 29, 2020, we entered into two 364-day term revolving credit agreements totaling $200 (the Incremental Revolving Credit Agreements) which provided the Company with additional liquidity in excess of the Revolving Credit Agreement. The credit agreements expired in April 2021 and we did not renew the

agreements. Borrowings were available in U.S. dollars and the interest rate per annum was based on the LIBOR rate, adjusted for statutory reserve requirements, plus a margin of up to 1.55%. The Incremental Revolving Credit Agreements were subject to fees of up to 0.35% per annum. The fees and margin were subject to adjustment should the Company’s credit ratings change. All other key provisions of the Incremental Revolving Credit Agreements mirrored 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.

Subsequent Event

On August 5, 2021, we refinanced our revolving credit facility agreement to replace the 2014 Revolving Credit Agreement with a syndicate of third party lenders including Bank of America, N.A., as administrative agent (the 2021 Revolving Credit Agreement). The 2014 Revolving Credit Agreement was terminated on August 5, 2021. The 2021 Revolving Credit Agreement matures in August 2026 and provides for an aggregate principal amount of up to $700. The 2021 Revolving Credit Agreement provides for a potential increase of commitment of up to $350 for a possible maximum of $1,050 in aggregate commitments at the request of the Company and with the consent of the institutions providing such increase of commitments.

The 2021 Revolving Credit Agreement contains customary affirmative and negative covenants that, among other things, will limit or restrict our ability to: incur additional debt or issue guarantees; create certain liens; merge or consolidate with another person; sell, transfer, lease or otherwise dispose of assets; liquidate or dissolve; and enter into restrictive covenants. Additionally, the 2021 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 3.50 to 1.00, with a qualified acquisition step up immediately following such qualified acquisition of 4.00 to 1.00 for four quarters, 3.75 to 1.00 for two quarters thereafter, and returning to 3.50 to 1.00 thereafter.

The interest rate per annum on the 2021 Revolving Credit Agreement is based on the LIBOR rate of the currency we borrow in, plus a margin of 1.1%, with applicable benchmark replacement rates for the currencies available when LIBOR is phased out as a result of the impending reference rate reform. There is a 0.15% fee per annum applicable to the commitments under the 2021 Revolving Credit Agreement. The margin and fees are subject to adjustment should the Company’s credit ratings change.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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+ Details

POSTRETIREMENT BENEFIT PLANS

6 Months Ended

Jul. 03, 2021

Retirement Benefits [Abstract]

POSTRETIREMENT BENEFIT PLANS

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. 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 initially funded with plan assets of approximately $320 and cash of $8.4. During the second quarter of 2021, the funding was finalized, resulting in income of $3.4 presented within the interest and non-operating (income) expenses line in the Consolidated Statements of Operations.

The following table provides the components of net periodic benefit cost for pension plans and other employee-related benefit plans for the three and six months ended July 3, 2021 and June 27, 2020.













	July 3, 2021									June 27, 2020
For the Three Months Ended	Pension			Other Benefits			Total			Pension			Other Benefits			Total
Service cost		$	0.3		$	0.2		$	0.5		$	0.3		$	0.2		$	0.5
Interest cost		0.3			0.4			0.7			2.3			0.7			3.0
Expected return on plan assets		—			—			—			(2.1)			—			(2.1)
Amortization of prior service benefit		—			(1.2)			(1.2)			—			(1.3)			(1.3)
Amortization of net actuarial loss		0.5			0.6			1.1			1.7			0.8			2.5


Total net periodic benefit cost		$	1.1		$	—		$	1.1		$	2.2		$	0.4		$	2.6













	July 3, 2021									June 27, 2020
For the Six Months Ended	Pension			Other Benefits			Total			Pension			Other Benefits			Total
Service cost		$	0.7		$	0.4		$	1.1		$	0.6		$	0.4		$	1.0
Interest cost		0.5			0.9			1.4			4.6			1.4			6.0
Expected return on plan assets		—			—			—			(4.3)			—			(4.3)
Amortization of prior service benefit		—			(2.5)			(2.5)			—			(2.5)			(2.5)
Amortization of net actuarial loss		1.0			1.3			2.3			3.5			1.4			4.9


Total net periodic benefit cost		$	2.2		$	0.1		$	2.3		$	4.4		$	0.7		$	5.1

We made contributions to our global postretirement plans of $5.5 and $4.2 during the six months ended July 3, 2021 and June 27, 2020, respectively. We expect to make contributions of approximately $7 to $11 during the remainder of 2021, principally related to our other employee-related benefit plans.

Amortization from accumulated other comprehensive income into earnings related to prior service benefit and net actuarial loss was $0.0 and $0.9, and $0.0 and $1.8, net of tax, during the three and six months ended July 3, 2021 and June 27, 2020, respectively. No other reclassifications from accumulated other comprehensive income into earnings were recognized during any of the presented periods.

- Definition

The entire disclosure for retirement benefits.

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+ Details

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION

6 Months Ended

Jul. 03, 2021

Share-based Payment Arrangement [Abstract]

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION

Our long-term incentive plan (LTIP) costs are primarily recorded within general and administrative expenses. The following table provides the components of LTIP costs for the three and six months ended July 3, 2021 and June 27, 2020.


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Equity-based awards	$	4.2	$	3.3	$	7.4	$	5.8
Liability-based awards	0.2		0.5		1.1		(0.1)
Total share-based compensation expense	$	4.4	$	3.8	$	8.5	$	5.7

The change in share-based compensation expense for equity-based awards was primarily driven by the likelihood of achieving certain performance targets. The change in share-based compensation expense for liability-based awards is driven by the change in ITT’s stock price. At July 3, 2021, there was $28.3 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 1.9 years. Additionally, unrecognized compensation cost related to liability-based awards was $2.0, which is expected to be recognized ratably over a weighted-average period of 2.2 years.

Year-to-Date 2021 LTIP Activity

The majority of our LTIP awards are granted during the first quarter of each year and vest on the completion of a three-year service period. During the six months ended July 3, 2021, we granted the following LTIP awards as provided in the table below:


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

Restricted stock units (RSUs)	0.1		$	85.07
Performance stock units (PSUs)	0.1		$	84.27

During the six months ended July 3, 2021 and June 27, 2020, a nominal amount of non-qualified stock options were exercised resulting in proceeds of $0.5 and $0.1, respectively. During the six months ended July 3, 2021 and June 27, 2020, RSUs of 0.1 and 0.2, respectively, vested and were issued. During the six months ended July 3, 2021 and June 27, 2020, PSUs of 0.2 that vested on December 31, 2020 and 2019, respectively, were issued.

CAPITAL STOCK	6 Months Ended
CAPITAL STOCK	Jul. 03, 2021
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCK On October 27, 2006, our Board of Directors approved a three-year, $1,000 share repurchase program (the 2006 Plan), which it modified in 2008 to make the term indefinite. On October 30, 2019, the Board of Directors approved a new indefinite term $500 share repurchase program (the 2019 Plan). During the first quarter of 2020, we completed the 2006 Plan and commenced repurchases under the 2019 Plan. During the six months ended July 3, 2021 and June 27, 2020, we repurchased and retired 0.6 and 1.7 shares of common stock for $50.0 and $73.2, respectively, under these programs, including 1.4 shares and $61.9 in 2020, which fully exhausted the 2006 Plan. Separate from the share repurchase program, the Company repurchased 0.1 and 0.2 shares during the six months ended July 3, 2021 and June 27, 2020, respectively, for an aggregate amount of $11.4 and $10.5, respectively, in settlement of employee tax withholding obligations due upon the vesting of RSUs and PSUs.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive Loss

6 Months Ended

Jul. 03, 2021

Statement of Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Loss

ACCUMULATED OTHER COMPREHENSIVE LOSS


As of and for the Three Months Ended July 3, 2021	Postretirement Benefit Plans		Cumulative Translation Adjustment		Accumulated Other Comprehensive Loss
April 3, 2021	(55.9)		(253.5)		(309.4)
Net foreign currency translation adjustment	—		8.4		8.4
July 3, 2021	$	(55.9)	$	(245.1)	$	(301.0)


As of and for the Six Months Ended July 3, 2021
December 31, 2020	$	(55.9)	$	(223.5)	$	(279.4)
Net foreign currency translation adjustment	—		(21.6)		(21.6)
July 3, 2021	$	(55.9)	$	(245.1)	$	(301.0)


As of and for the Three Months Ended June 27, 2020
March 28, 2020	(132.4)		(303.3)		(435.7)
Net change in postretirement benefit plans, net of tax	0.9		—		0.9
Net foreign currency translation adjustment	—		2.1		2.1
June 27, 2020	$	(131.5)	$	(301.2)	$	(432.7)


As of and for the Six Months Ended June 27, 2020
December 31, 2019	$	(133.3)	$	(252.0)	$	(385.3)
Net change in postretirement benefit plans, net of tax	1.8		—		1.8
Net foreign currency translation adjustment	—		(49.2)		(49.2)
June 27, 2020	$	(131.5)	$	(301.2)	$	(432.7)

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jul. 03, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

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

Asbestos Matters

Prior to the divestiture described below, former subsidiaries of ITT, including ITT LLC and Goulds Pumps LLC, have been sued, along with many other companies in product liability lawsuits alleging personal injury due to purported asbestos exposure. These claims generally allege that certain products sold by these entities or their subsidiaries prior to 1985 contained a part manufactured by a third party (e.g., a gasket) which contained asbestos. To the extent these third-party parts may have contained asbestos, it was encapsulated in the gasket (or other) material and was non-friable. ITT LLC and Goulds Pumps LLC are wholly owned subsidiaries of InTelCo Management LLC (InTelCo), a former subsidiary of ITT.

On June 30, 2021, the Company entered into a Membership Interest Purchase Agreement (the Purchase Agreement) with Sapphire TopCo, Inc. (Buyer), a wholly owned subsidiary of Delticus HoldCo, L.P., which is a portfolio company of the private equity firm Warburg Pincus LLC. Under the Purchase Agreement, the Company transferred 100% of the equity interests of InTelCo to the Buyer, effective as of July 1, 2021, along with a cash contribution from the Company of $398. As InTelCo was the obligor for the Company's asbestos-related liabilities and policyholder of the related insurance assets through its subsidiaries ITT LLC and Goulds Pumps LLC, the rights and obligations related to these items transferred upon the sale. In addition, pursuant to the Purchase Agreement, the Buyer and InTelCo have indemnified the Company and its affiliates for asbestos-related liabilities and other product liabilities and the Company has indemnified InTelCo and its affiliates for all other historical liabilities of InTelCo. This indemnification is not subject to any cap or time limitation. In connection with the sale, the Company and its Board of Directors received a solvency opinion from an independent advisory firm that InTelCo was solvent and adequately capitalized after giving effect to the transaction.

Following the completion of the transfer, the Company no longer has any obligation with respect to pending and future asbestos claims. As such, InTelco has been deconsolidated from the financial results of the Company as we no longer maintain control of the entity. Therefore, all associated assets and liabilities are no longer reported on the consolidated balance sheet. The transaction resulted in a pre-tax gain of $88.8. Additionally, the Company recorded tax expense as a result of the reversal of previously recorded deferred tax assets of $116.9, resulting in an after-tax loss of $28.1 recorded in the second quarter of 2021.

The following is a summary of the impacts of the divestiture:


Cash and cash equivalents	$	(398.0)
Current asbestos-related assets	(91.0)
Long-term asbestos-related assets	(310.4)
Accrued liabilities	91.2
Long-term asbestos-related liabilities	797.0
Gain on divestiture of asbestos-related assets and liabilities before income tax	$	88.8
Less: income tax expense	116.9
Loss on divestiture of asbestos-related assets and liabilities, net of tax	$	(28.1)

Asbestos-Related Costs (Benefit), Net

Prior to the divestiture of the entity holding asbestos-related assets and liabilities, the Company recognized an estimated asbestos liability for pending claims and claims expected to be filed in the future, including legal fees. In the third quarter of 2020, we extended the measurement period over which we estimate the asbestos liability to include pending claims and claims estimated to be filed through 2052, including legal fees, reflecting the full time period over which we expected claims to be filed against us. Previous estimates included pending claims and claims expected to be filed over the next 10 years. Additionally, prior to the divestiture of the entity holding asbestos-related assets and liabilities, the Company recorded an asbestos-related asset composed of probable insurance recoveries. The table below summarizes the total net asbestos charges (benefits) for the three and six months ended July 3, 2021 and June 27, 2020.


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Asbestos provision(a)	$	12.0	$	11.8	$	14.4	$	23.6
Gain on divestiture before income tax	(88.8)		—		(88.8)		—
Insurance settlement agreements(b)	—		4.2		—		(48.3)
Asbestos-related (benefit) costs, net	$	(76.8)	$	16.0	$	(74.4)	$	(24.7)

(a)Includes certain administrative costs such as legal-related costs for insurance asset recoveries and transaction costs related to the divestiture of the entity holding asbestos-related assets and liabilities. The asbestos provision for the three and six months ended June 27, 2020 includes amounts to maintain a rolling 10-year provision prior to the transition to a full horizon estimate.

(b)In March 2020, we finalized a settlement agreement with a group of insurers to settle responsibility for claims under certain insurance policies for a lump sum payment of $66.4, resulting in a benefit of $52.5. During June 2020, we entered into a settlement agreement with an insurer accelerating payments previously included in a buyout agreement, resulting in a loss of $4.2.

The following table provides a rollforward of the estimated asbestos liability and related assets for the six months ended July 3, 2021 and June 27, 2020.


	July 3, 2021						June 27, 2020
For the Six Months Ended	Liability		Asset		Net		Liability		Asset		Net
Beginning balance	$	932.0	$	444.7	$	487.3	$	817.6	$	386.8	$	430.8
Asbestos provision(a)	13.4		(1.0)		14.4		28.9		5.3		23.6


Insurance settlement agreements(b)	—		—		—		—		48.3		(48.3)
Net cash activity(a)	(46.8)		(42.3)		(4.5)		(42.7)		(35.1)		(7.6)
Divestiture of asbestos-related assets and liabilities	(888.2)		(401.4)		(486.8)		—		—		—
Ending balance	$	10.4	$	—	$	10.4	$	803.8	$	405.3	$	398.5
Current portion(c)	$	10.4	$	—			$	85.9	$	85.9
Noncurrent portion	$	—	$	—			$	717.9	$	319.4

(c)As of July 3, 2021, the current liability represents transaction costs related to the divestiture of the entity holding asbestos-related assets and liabilities.

Environmental Matters

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

The following table provides a rollforward of the estimated environmental liability for the six months ended July 3, 2021 and June 27, 2020.


For the Six Months Ended	July 3, 2021		June 27, 2020
Environmental liability - beginning balance	$	58.3	$	61.9
Change in estimates for pre-existing accruals:
Continuing operations	0.1		1.4
Discontinued operations	(0.1)		(1.6)
Accruals added during the period for new matters	1.0		—
Payments	(6.7)		(2.3)
Foreign currency	(0.1)		(0.1)
Environmental liability - ending balance	$	52.5	$	59.3

Environmental-related assets, including a Qualified Settlement Fund and estimated recoveries from insurance providers and other third parties, were $12.1 and $20.4 as of July 3, 2021 and June 27, 2020, respectively.

We are currently involved with 27 active environmental investigation and remediation sites. As of July 3, 2021, we have estimated the potential high-end liability range of environmental-related matters to be $91.8.

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

Derivative Instruments and Hedging Activities	6 Months Ended
Derivative Instruments and Hedging Activities	Jul. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Fair Value	DERIVATIVE FINANCIAL INSTRUMENTS From time to time, the Company 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; as well as from commodity price fluctuations. 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 July 3, 2021 and December 31, 2020, no derivatives were designated as hedges. 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. As of July 3, 2021, the U.S. dollar equivalent notional value of outstanding foreign currency forward and option contracts, which are denominated in euros, was $100.5 and the fair value was $2.2, recorded within other current assets. There were no derivative contracts outstanding as of December 31, 2020. During the three and six months ended July 3, 2021, we recognized losses related to foreign currency derivatives not designated as hedges of $0.8 and $2.2, respectively, within general and administrative expenses. During the three and six months ended June 27, 2020, we recognized a gain of $0.3 and a loss of $3.8, respectively. From time to time, we enter into call option contracts to mitigate exposure to commodity price fluctuations. As of July 3, 2021, call option contracts were nominal. There were no call option contracts outstanding as of December 31, 2020. We utilize market approaches to estimate the fair value of our derivative instruments by discounting anticipated future cash flows derived from the derivative’s contractual terms and observable foreign exchange rates. The fair values of the derivatives summarized above are determined based on Level 2 inputs in the fair value hierarchy.

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jul. 03, 2021
Accounting Policies [Abstract]
Description of Business	Description of Business ITT Inc. is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and 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 through three segments: Motion Technologies (MT), consisting of friction and shock and vibration equipment; Industrial Process (IP), consisting of industrial flow equipment and services; and Connect & Control Technologies (CCT), 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 the novel coronavirus (COVID-19) a pandemic, resulting in certain local government-mandated site closures. While most of our businesses were deemed essential, we experienced disruption in our operations due to decreased customer demand, temporary plant closures, and elevated safety standards to keep our employees safe. The Company continues to face certain risks and uncertainties resulting from COVID-19, including 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 and people’s attitudes towards receiving the vaccines. Due to these uncertainties, the severity and extent of future impacts from COVID-19 or any new strains of the virus cannot be reasonably estimated at this time.
Basis of Accounting	Basis of Presentation The unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions) necessary to state fairly the financial position, results of operations, and cash flows for the periods presented. The Consolidated Condensed Balance Sheet as of December 31, 2020, presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K (2020 Annual Report) for the year ended December 31, 2020 but does not include all disclosures required by GAAP. We consistently applied the accounting policies described in the 2020 Annual Report in preparing these unaudited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2020 Annual Report. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available and may be impacted by the duration and severity of the COVID-19 pandemic. Estimates and assumptions are used for, but not limited to, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, accounting for business combinations, goodwill and other intangible asset impairment testing, environmental liabilities and assets, allowance for credit losses and inventory valuation. Actual results could differ from these estimates. Effective July 1 2021, the Company divested the entity holding asbestos-related assets and liabilities to a third-party. As a result of the transaction, all associated asbestos-related assets and liabilities were removed from the Company’s consolidated balance sheet, other than current liabilities for certain transaction costs. See Note 19, Commitments and Contingencies, for further information. ITT’s quarterly financial periods end on the Saturday that is closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year, which ends on December 31st. ITT’s second quarter for 2021 and 2020 ended on July 3, 2021 and June 27, 2020, respectively, and were both thirteen week periods. Certain prior year amounts have been reclassified to conform to the current year presentation.

RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jul. 03, 2021
Recent Acconting Pronouncements [Abstract]
Recent Accounting Pronouncements No Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted: In March 2020 and January 2021, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01, Reference Rate Reform (Topic 848): Scope, respectively. Together, the ASUs provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance was effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. We do not expect this guidance to have a significant impact on our operating results, financial position, or cash flows; however, we will continue to monitor the potential impact, if adopted.

SEGMENT INFORMATION (Tables)

3 Months Ended

6 Months Ended

Jul. 03, 2021

Segment Reporting [Abstract]

Reconciliation of Segment to Consolidated Results Table


	Revenue				Operating Income				Operating Margin
For the Three Months Ended	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Motion Technologies	$	343.6	$	199.3	$	64.7	$	10.4	18.8	%	5.2	%
Industrial Process	213.9		193.3		31.5		18.5		14.7	%	9.6	%
Connect & Control Technologies	134.5		122.9		17.9		8.4		13.3	%	6.8	%
Eliminations	(0.4)		(0.8)		—		—		—		—
Total segment results	691.6		514.7		114.1		37.3		16.5	%	7.2	%
Asbestos-related benefit (costs), net(a)	—		—		76.8		(16.0)		—		—
Other Corporate costs	—		—		(11.3)		(0.8)		—		—
Total Corporate and other benefit (costs)	—		—		65.5		(16.8)		—		—
Total	$	691.6	$	514.7	$	179.6	$	20.5	26.0	%	4.0	%


	Revenue				Operating Income				Operating Margin
For the Six Months Ended	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Motion Technologies	$	712.7	$	497.2	$	140.7	$	63.5	19.7	%	12.8	%
Industrial Process	416.2		420.6		62.5		27.4		15.0	%	6.5	%
Connect & Control Technologies	261.8		261.6		29.7		24.3		11.3	%	9.3	%
Eliminations	(0.7)		(1.4)		—		—		—		—
Total segment results	1,390.0		1,178.0		232.9		115.2		16.8	%	9.8	%
Asbestos-related benefit, net(a)	—		—		74.4		24.7		—		—
Other Corporate costs					(17.8)		(10.1)		—		—
Total Corporate and other benefit	—		—		56.6		14.6		—		—
Total	$	1,390.0	$	1,178.0	$	289.5	$	129.8	20.8	%	11.0	%

Schedule of Segment Reporting Information


As of and for the Six Months Ended	Total Assets				Capital Expenditures				Depreciation & Amortization
	July 3, 2021		December 31, 2020		July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Motion Technologies	$	1,284.7	$	1,202.3	$	27.8	$	22.9	$	31.8	$	29.2
Industrial Process	1,013.5		1,069.6		2.7		4.4		11.1		12.3
Connect & Control Technologies	717.1		720.5		3.9		6.2		11.3		11.7
Corporate(b)	447.0		1,285.2		0.7		0.8		3.0		1.3
Total	$	3,462.3	$	4,277.6	$	35.1	$	34.3	$	57.2	$	54.5

REVENUE Revenue (Tables)

3 Months Ended

6 Months Ended

Jul. 03, 2021

Jun. 27, 2020

Jul. 03, 2021

Jun. 27, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by End Market Table

The following table represents our revenue disaggregated by end market for the three and six months ended July 3, 2021 and June 27, 2020.


For the Three Months Ended July 3, 2021	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	334.2		$	—		$	—		$	—		$	334.2
Chemical and industrial pumps		—			167.7			—			—			167.7
Aerospace and defense		2.6			—			63.9			—			66.5
Oil and gas		—			46.2			8.9			—			55.1
General industrial		6.8			—			61.7			(0.4)			68.1
Total		$	343.6		$	213.9		$	134.5		$	(0.4)		$	691.6


For the Three Months Ended June 27, 2020	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	195.6		$	—		$	—		$	—		$	195.6
Chemical and industrial pumps		—			158.6			—			—			158.6
Aerospace and defense		1.6			—			64.6			—			66.2
Oil and gas		—			34.7			7.7			—			42.4
General industrial		2.1			—			50.6			(0.8)			51.9
Total		$	199.3		$	193.3		$	122.9		$	(0.8)		$	514.7


For the Six Months Ended July 3, 2021	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	698.2		$	—		$	—		$	—		$	698.2
Chemical and industrial pumps		—			327.4			—			—			327.4
Aerospace and defense		4.2			—			124.1			—			128.3
Oil and gas		—			88.8			17.4			—			106.2
General industrial		10.3			—			120.3			(0.7)			129.9
Total		$	712.7		$	416.2		$	261.8		$	(0.7)		$	1,390.0


For the Six Months Ended June 27, 2020	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	488.0		$	—		$	—		$	(0.1)		$	487.9
Chemical and industrial pumps		—			320.1			—			—			320.1
Aerospace and defense		4.5			—			150.7			—			155.2
Oil and gas		—			100.5			15.5			—			116.0
General industrial		4.7			—			95.4			(1.3)			98.8
Total		$	497.2		$	420.6		$	261.6		$	(1.4)		$	1,178.0

Net Contract Assets and Liabilities Table

The following table represents our net contract assets and liabilities as of July 3, 2021 and December 31, 2020.


	July 3, 2021			December 31, 2020
Current contract assets, net		$	14.4		$	19.1
Non-current contract assets, net		0.3			—
Current contract liabilities		(39.5)			(56.2)
Non-current contract liabilities		(4.4)			(0.1)
Net contract liabilities		$	(29.2)		$	(37.2)

RESTRUCTURING ACTIONS RESTRUCTURING ACTIONS (Tables)

6 Months Ended

Jul. 03, 2021

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Costs [Table Text Block]

The following table summarizes the total restructuring costs presented separately in our Consolidated Condensed Statements of Operations for the three and six months ended July 3, 2021 and June 27, 2020.


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Severance and other employee-related	$	—	$	27.8	$	2.4	$	30.9
Asset write-offs	—		—		0.6		—
Other	0.1		0.1		0.7		0.1
Total restructuring costs	$	0.1	$	27.9	$	3.7	$	31.0
By segment:
Motion Technologies	$	—	$	14.0	$	—	$	14.0
Industrial Process	—		7.8		0.9		7.9
Connect & Control Technologies	0.1		5.2		2.5		6.7
Corporate and Other	—		0.9		0.3		2.4

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


	July 3, 2021		June 27, 2020
Beginning balance - January 1	$	19.1	$	7.5
Restructuring costs	4.4		31.7
Reversal of prior accruals	(0.7)		(0.7)
Cash payments	(7.2)		(9.6)
Asset write-offs	(0.6)		—
Foreign exchange translation and other	(0.5)		(0.2)
Ending balance	$	14.5	$	28.7
By accrual type:
Severance and other employee-related	$	14.3	$	28.3
Other	0.2		0.4

INCOME TAXES Income Tax Expense (Tables)

6 Months Ended

Jul. 03, 2021

Income Tax Disclosure [Abstract]

Inome Tax Expense (Benefit) Table


	Three Months Ended						Six Months Ended
	July 3, 2021			June 27, 2020				July 3, 2021			June 27, 2020
Income tax expense (benefit)	$	143.9		$	(28.1)			$	168.6		$	(3.4)
Effective tax rate	78.6		%	(153.6)		%		57.3		%	(2.7)		%

EARNINGS PER SHARE (Tables)

6 Months Ended

Jul. 03, 2021

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share Table


	Three Months Ended		Six Months Ended
	July 3, 2021	June 27, 2020	July 3, 2021	June 27, 2020
Basic weighted average common shares outstanding	86.1	86.3	86.2	87.0
Add: Dilutive impact of outstanding equity awards	0.4	0.5	0.5	0.6
Diluted weighted average common shares outstanding	86.5	86.8	86.7	87.6

RECEIVABLES, NET (Tables)

6 Months Ended

Jul. 03, 2021

Receivables [Abstract]

Receivables, Net by Type Table


	July 3, 2021			December 31, 2020
Trade accounts receivable		$	533.8		$	492.5
Notes receivable		15.5			11.0
Other		16.9			19.1
Receivables, gross		566.2			522.6
Less: Allowance for credit losses - receivables		(12.8)			(15.1)
Receivables, net		$	553.4		$	507.5

Allowance for Credit Losses Table

The following table displays our allowance for credit losses for receivables and contract assets as of July 3, 2021 and December 31, 2020.


	July 3, 2021			December 31, 2020
Allowance for credit losses - receivables		$	12.8		$	15.1
Allowance for credit losses - contract assets		0.5			0.5
Total allowance for credit losses		$	13.3		$	15.6

Allowance for Credit Losses Rollforward Table

The following table displays a rollforward of the total allowance for credit losses for the six months ended July 3, 2021 and June 27, 2020.



	July 3, 2021			June 27, 2020
Total allowance for credit losses - January 1		$	15.6		$	12.8
Impact of adoption of ASU 2016-13		—			1.7
(Recoveries) charges to income		(1.7)			8.6
Write-offs		(0.7)			(3.0)
Foreign currency and other		0.1			(0.1)
Total allowance for credit losses - ending balance		$	13.3		$	20.0

INVENTORIES, NET (Tables)

6 Months Ended

Jul. 03, 2021

Inventory Disclosure [Abstract]

Inventories, Net Table


	July 3, 2021			December 31, 2020
Finished goods		$	75.2		$	63.1
Work in process		82.5			77.5
Raw materials		248.5			219.9
Inventories, net		$	406.2		$	360.5

OTHER CURRENT AND NON-CURRENT ASSETS (Tables)

6 Months Ended

Jul. 03, 2021

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

Other Current and Non Current Assets Table


	July 3, 2021			December 31, 2020

Advance payments and other prepaid expenses		$	43.3		$	39.6
Prepaid income taxes		23.3			29.0
Current contract assets, net		14.4			19.1
Asbestos-related assets (see Note 19)		—			91.0
Other		7.8			10.8
Other current assets		$	88.8		$	189.5
Other employee benefit-related assets		$	116.5		$	113.9
Operating lease right-of-use assets		80.0			87.3
Capitalized software costs		20.4			23.9
Equity method investments		12.4			11.7
Environmental-related assets		8.1			10.6
Other		25.6			24.6
Other non-current assets		$	263.0		$	272.0

PLANT, PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jul. 03, 2021

Property, Plant and Equipment [Abstract]

Plant, Property and Equipment, Net Table


	Useful life (in years)	July 3, 2021			December 31, 2020
Machinery and equipment	2 - 10		$	1,207.3		$	1,205.7
Buildings and improvements	5 - 40		270.5			273.9
Furniture, fixtures and office equipment	3 - 7		81.1			82.0
Construction work in progress			40.2			44.7
Land and improvements			33.7			34.6
Other			4.9			5.0
Plant, property and equipment, gross			1,637.7			1,645.9
Less: Accumulated depreciation			(1,135.0)			(1,120.8)
Plant, property and equipment, net			$	502.7		$	525.1

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)

6 Months Ended

Jul. 03, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the Carrying Amount of Goodwill Table

Goodwill

The following table provides a rollforward of the carrying amount of goodwill for the six months ended July 3, 2021 by segment.


	Motion Technologies			Industrial Process			Connect & Control Technologies			Total
Goodwill - December 31, 2020		$	298.1		$	365.4		$	281.3	$	944.8



Foreign exchange translation		(2.4)			(5.4)			(0.7)		(8.5)
Goodwill - July 3, 2021		$	295.7		$	360.0		$	280.6	$	936.3

Other Intangible Assets Table

Other Intangible Assets, Net

Information regarding our other intangible assets is as follows:


	July 3, 2021									December 31, 2020
	Gross Carrying Amount			Accumulated Amortization			Net Intangibles			Gross Carrying Amount			Accumulated Amortization			Net Intangibles
Customer relationships		$	162.9		$	(107.9)		$	55.0		$	163.3		$	(101.7)		$	61.6
Proprietary technology		46.4			(25.2)			21.2			46.7			(23.4)			23.3
Patents and other		16.2			(13.2)			3.0			16.2			(11.5)			4.7
Finite-lived intangible total		225.5			(146.3)			79.2			226.2			(136.6)			89.6
Indefinite-lived intangibles		16.6			—			16.6			16.8			—			16.8
Other intangible assets		$	242.1		$	(146.3)		$	95.8		$	243.0		$	(136.6)		$	106.4

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

6 Months Ended

Jul. 03, 2021

Payables and Accruals [Abstract]

Accrued Liabilities and Other Non-Current Liabilities


	July 3, 2021			December 31, 2020
Compensation and other employee-related benefits		$	142.4		$	137.3
Contract liabilities and other customer-related liabilities		60.2			73.7
Accrued income taxes and other tax-related liabilities		36.8			36.9
Accrued warranty costs		23.6			23.1
Operating lease liabilities		19.3			19.8
Environmental liabilities and other legal matters		14.8			19.1
Accrued restructuring costs		14.5			19.1
Asbestos-related liabilities(a)		10.4			91.4
Other		40.5			37.0
Accrued liabilities		$	362.5		$	457.4
Operating lease liabilities		$	65.8		$	72.4
Environmental liabilities		48.3			50.1
Compensation and other employee-related benefits		27.4			29.4
Deferred income taxes and other tax-related liabilities		12.0			11.9
Non-current maturities of long-term debt		11.4			13.0
Other		35.1			33.8
Other non-current liabilities		$	200.0		$	210.6

DEBT Debt (Tables)

6 Months Ended

Jul. 03, 2021

Debt Disclosure [Abstract]

Schedule of Debt Table


	July 3, 2021			December 31, 2020
Commercial paper		$	197.4		$	104.3

Current maturities of long-term debt and finance leases		2.3			2.5
Commercial paper and current maturities of long-term debt		199.7			106.8
Non-current maturities of long-term debt		11.4			13.0
Total debt and finance leases		$	211.1		$	119.8

POSTRETIREMENT BENEFIT PLANS (Tables)

3 Months Ended

6 Months Ended

Jul. 03, 2021

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost Table

The following table provides the components of net periodic benefit cost for pension plans and other employee-related benefit plans for the three and six months ended July 3, 2021 and June 27, 2020.













	July 3, 2021									June 27, 2020
For the Three Months Ended	Pension			Other Benefits			Total			Pension			Other Benefits			Total
Service cost		$	0.3		$	0.2		$	0.5		$	0.3		$	0.2		$	0.5
Interest cost		0.3			0.4			0.7			2.3			0.7			3.0
Expected return on plan assets		—			—			—			(2.1)			—			(2.1)
Amortization of prior service benefit		—			(1.2)			(1.2)			—			(1.3)			(1.3)
Amortization of net actuarial loss		0.5			0.6			1.1			1.7			0.8			2.5


Total net periodic benefit cost		$	1.1		$	—		$	1.1		$	2.2		$	0.4		$	2.6













	July 3, 2021									June 27, 2020
For the Six Months Ended	Pension			Other Benefits			Total			Pension			Other Benefits			Total
Service cost		$	0.7		$	0.4		$	1.1		$	0.6		$	0.4		$	1.0
Interest cost		0.5			0.9			1.4			4.6			1.4			6.0
Expected return on plan assets		—			—			—			(4.3)			—			(4.3)
Amortization of prior service benefit		—			(2.5)			(2.5)			—			(2.5)			(2.5)
Amortization of net actuarial loss		1.0			1.3			2.3			3.5			1.4			4.9


Total net periodic benefit cost		$	2.2		$	0.1		$	2.3		$	4.4		$	0.7		$	5.1

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION (Tables)

6 Months Ended

Jul. 03, 2021

Share-based Payment Arrangement [Abstract]

Long-Term Incentive Employee Compensation Costs Table

The following table provides the components of LTIP costs for the three and six months ended July 3, 2021 and June 27, 2020.


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Equity-based awards	$	4.2	$	3.3	$	7.4	$	5.8
Liability-based awards	0.2		0.5		1.1		(0.1)
Total share-based compensation expense	$	4.4	$	3.8	$	8.5	$	5.7

Summary of Long-Term Incentive Plan Award Grants Table

During the six months ended July 3, 2021, we granted the following LTIP awards as provided in the table below:


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

Restricted stock units (RSUs)	0.1		$	85.07
Performance stock units (PSUs)	0.1		$	84.27

ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

6 Months Ended

Jul. 03, 2021

Jun. 27, 2020

Jul. 03, 2021

Jun. 27, 2020

Statement of Other Comprehensive Income [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)


As of and for the Three Months Ended July 3, 2021	Postretirement Benefit Plans		Cumulative Translation Adjustment		Accumulated Other Comprehensive Loss
April 3, 2021	(55.9)		(253.5)		(309.4)
Net foreign currency translation adjustment	—		8.4		8.4
July 3, 2021	$	(55.9)	$	(245.1)	$	(301.0)


As of and for the Three Months Ended June 27, 2020
March 28, 2020	(132.4)		(303.3)		(435.7)
Net change in postretirement benefit plans, net of tax	0.9		—		0.9
Net foreign currency translation adjustment	—		2.1		2.1
June 27, 2020	$	(131.5)	$	(301.2)	$	(432.7)


As of and for the Six Months Ended July 3, 2021
December 31, 2020	$	(55.9)	$	(223.5)	$	(279.4)
Net foreign currency translation adjustment	—		(21.6)		(21.6)
July 3, 2021	$	(55.9)	$	(245.1)	$	(301.0)


As of and for the Six Months Ended June 27, 2020
December 31, 2019	$	(133.3)	$	(252.0)	$	(385.3)
Net change in postretirement benefit plans, net of tax	1.8		—		1.8
Net foreign currency translation adjustment	—		(49.2)		(49.2)
June 27, 2020	$	(131.5)	$	(301.2)	$	(432.7)

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jul. 03, 2021

Commitments and Contingencies Disclosure [Abstract]

Roll Forward of Asbestos Liability and Related Assets Table

The following table provides a rollforward of the estimated asbestos liability and related assets for the six months ended July 3, 2021 and June 27, 2020.


	July 3, 2021						June 27, 2020
For the Six Months Ended	Liability		Asset		Net		Liability		Asset		Net
Beginning balance	$	932.0	$	444.7	$	487.3	$	817.6	$	386.8	$	430.8
Asbestos provision(a)	13.4		(1.0)		14.4		28.9		5.3		23.6


Insurance settlement agreements(b)	—		—		—		—		48.3		(48.3)
Net cash activity(a)	(46.8)		(42.3)		(4.5)		(42.7)		(35.1)		(7.6)
Divestiture of asbestos-related assets and liabilities	(888.2)		(401.4)		(486.8)		—		—		—
Ending balance	$	10.4	$	—	$	10.4	$	803.8	$	405.3	$	398.5
Current portion(c)	$	10.4	$	—			$	85.9	$	85.9
Noncurrent portion	$	—	$	—			$	717.9	$	319.4

(c)As of July 3, 2021, the current liability represents transaction costs related to the divestiture of the entity holding asbestos-related assets and liabilities.

Rollforward of Environmental Liability and Related Assets Table

The following table provides a rollforward of the estimated environmental liability for the six months ended July 3, 2021 and June 27, 2020.


For the Six Months Ended	July 3, 2021		June 27, 2020
Environmental liability - beginning balance	$	58.3	$	61.9
Change in estimates for pre-existing accruals:
Continuing operations	0.1		1.4
Discontinued operations	(0.1)		(1.6)
Accruals added during the period for new matters	1.0		—
Payments	(6.7)		(2.3)
Foreign currency	(0.1)		(0.1)
Environmental liability - ending balance	$	52.5	$	59.3

Transfer of Financial Assets Accounted for as Sales

The following is a summary of the impacts of the divestiture:


Cash and cash equivalents	$	(398.0)
Current asbestos-related assets	(91.0)
Long-term asbestos-related assets	(310.4)
Accrued liabilities	91.2
Long-term asbestos-related liabilities	797.0
Gain on divestiture of asbestos-related assets and liabilities before income tax	$	88.8
Less: income tax expense	116.9
Loss on divestiture of asbestos-related assets and liabilities, net of tax	$	(28.1)

Summary of Net Asbestos Charges Table

The table below summarizes the total net asbestos charges (benefits) for the three and six months ended July 3, 2021 and June 27, 2020.


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Asbestos provision(a)	$	12.0	$	11.8	$	14.4	$	23.6
Gain on divestiture before income tax	(88.8)		—		(88.8)		—
Insurance settlement agreements(b)	—		4.2		—		(48.3)
Asbestos-related (benefit) costs, net	$	(76.8)	$	16.0	$	(74.4)	$	(24.7)

- Definition

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

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+ Details

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

3 Months Ended

6 Months Ended

Jul. 03, 2021

USD ($)

Jun. 27, 2020

USD ($)

Jul. 03, 2021

USD ($)

Segment

Jun. 27, 2020

USD ($)

Segment Reporting Information [Line Items]

Number of Reportable Segments | Segment

Revenue

$ 691.6

$ 514.7

$ 1,390.0

$ 1,178.0

Operating income

$ 179.6

$ 20.5

$ 289.5

$ 129.8

Operating Margin

26.00%

4.00%

20.80%

11.00%

Total Segment Results [Member]

Segment Reporting Information [Line Items]

Revenue

$ 691.6

$ 514.7

$ 1,390.0

$ 1,178.0

Operating income

$ 114.1

$ 37.3

$ 232.9

$ 115.2

Operating Margin

16.50%

7.20%

16.80%

9.80%

Motion Technologies

Segment Reporting Information [Line Items]

Revenue

$ 343.6

$ 199.3

$ 712.7

$ 497.2

Operating income

$ 64.7

$ 10.4

$ 140.7

$ 63.5

Operating Margin

18.80%

5.20%

19.70%

12.80%

Industrial Process

Segment Reporting Information [Line Items]

Revenue

$ 213.9

$ 193.3

$ 416.2

$ 420.6

Operating income

$ 31.5

$ 18.5

$ 62.5

$ 27.4

Operating Margin

14.70%

9.60%

15.00%

6.50%

Connect & Control Technologies

Segment Reporting Information [Line Items]

Revenue

$ 134.5

$ 122.9

$ 261.8

$ 261.6

Operating income

$ 17.9

$ 8.4

$ 29.7

$ 24.3

Operating Margin

13.30%

6.80%

11.30%

9.30%

Total Eliminations / Corporate and Other costs

Segment Reporting Information [Line Items]

Revenue

$ 0.0

Operating income

$ 65.5

$ (16.8)

$ 56.6

$ 14.6

Operating Margin

0.00%

Asbestos-related (costs) benefit, net

Segment Reporting Information [Line Items]

Revenue

$ 0.0

Operating income

$ 76.8

^[1]

$ (16.0)

$ 74.4

^[1]

$ 24.7

Operating Margin

0.00%

Eliminations / Other Corporate costs

Segment Reporting Information [Line Items]

Revenue

$ (0.4)

$ (0.8)

$ (0.7)

$ (1.4)

Operating income

$ (11.3)

$ (0.8)

$ (17.8)

$ (10.1)

Operating Margin

0.00%

[1]	The 2021 period includes a pre-tax gain of $88.8 resulting from the divestiture of the entity holding asbestos-related assets and liabilities. See Note 19, Commitments and Contingencies, for further information.

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

6 Months Ended

Jul. 03, 2021

Jun. 27, 2020

Dec. 31, 2020

Segment Reporting Information [Line Items]

Total Assets

$ 3,462.3

$ 4,277.6

Capital Expenditures

35.1

$ 34.3

Depreciation & Amortization

57.2

54.5

Motion Technologies

Segment Reporting Information [Line Items]

Total Assets

1,284.7

1,202.3

Capital Expenditures

27.8

22.9

Depreciation & Amortization

31.8

29.2

Industrial Process

Segment Reporting Information [Line Items]

Total Assets

1,013.5

1,069.6

Capital Expenditures

2.7

4.4

Depreciation & Amortization

11.1

12.3

Connect & Control Technologies

Segment Reporting Information [Line Items]

Total Assets

717.1

720.5

Capital Expenditures

3.9

6.2

Depreciation & Amortization

11.3

11.7

Corporate and Other

Segment Reporting Information [Line Items]

Total Assets

447.0

^[1]

$ 1,285.2

Capital Expenditures

0.7

0.8

Depreciation & Amortization

$ 3.0

$ 1.3

[1]	The decrease in Corporate total assets as of July 3, 2021 is due to the divestiture of the entity holding asbestos-related assets and liabilities and the cash contribution to fund the divestiture. See Note 19, Commitments and Contingencies, for further information

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

SEGMENT INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Millions	Jul. 03, 2021	Jul. 03, 2021
Pre-tax Gain on Divestiture of Asbestos Liability	$ 88.8	$ 88.8

REVENUE Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
REVENUE Revenue (Details) - USD ($) $ in Millions	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 691.6	$ 514.7	$ 1,390.0	$ 1,178.0
Eliminations
Disaggregation of Revenue [Line Items]
Revenue	(0.4)	(0.8)	(0.7)	(1.4)
Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	334.2	195.6	698.2	487.9
Auto and rail \| Eliminations
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	(0.1)
Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	167.7	158.6	327.4	320.1
Chemical and industrial pumps \| Eliminations
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	66.5	66.2	128.3	155.2
Aerospace and defense \| Eliminations
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Oil and gas
Disaggregation of Revenue [Line Items]
Revenue	55.1	42.4	106.2	116.0
Oil and gas \| Eliminations
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
General industrial
Disaggregation of Revenue [Line Items]
Revenue	68.1	51.9	129.9	98.8
General industrial \| Eliminations
Disaggregation of Revenue [Line Items]
Revenue	(0.4)	(0.8)	(0.7)	(1.3)
Motion Technologies
Disaggregation of Revenue [Line Items]
Revenue	343.6	199.3	712.7	497.2
Motion Technologies \| Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	334.2	195.6	698.2	488.0
Motion Technologies \| Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Motion Technologies \| Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	2.6	1.6	4.2	4.5
Motion Technologies \| Oil and gas
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Motion Technologies \| General industrial
Disaggregation of Revenue [Line Items]
Revenue	6.8	2.1	10.3	4.7
Industrial Process
Disaggregation of Revenue [Line Items]
Revenue	213.9	193.3	416.2	420.6
Industrial Process \| Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Industrial Process \| Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	167.7	158.6	327.4	320.1
Industrial Process \| Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Industrial Process \| Oil and gas
Disaggregation of Revenue [Line Items]
Revenue	46.2	34.7	88.8	100.5
Industrial Process \| General industrial
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Connect & Control Technologies
Disaggregation of Revenue [Line Items]
Revenue	134.5	122.9	261.8	261.6
Connect & Control Technologies \| Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	0.0	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	0.0
Connect & Control Technologies \| Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	63.9	64.6	124.1	150.7
Connect & Control Technologies \| Oil and gas
Disaggregation of Revenue [Line Items]
Revenue	8.9	7.7	17.4	15.5
Connect & Control Technologies \| General industrial
Disaggregation of Revenue [Line Items]
Revenue	$ 61.7	$ 50.6	$ 120.3	$ 95.4

REVENUE Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Jul. 03, 2021	Dec. 31, 2020
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Current contract assets, net	$ 14.4	$ 19.1
Non-current contract assets, net	0.3	0.0
Current contract liabilities	(39.5)	(56.2)
Non-current contract liabilities	(4.4)	(0.1)
Net Contract Liabilities	$ 29.2	$ 37.2

REVENUE Revenue Textuals (Details) $ in Millions	3 Months Ended	6 Months Ended
REVENUE Revenue Textuals (Details) $ in Millions	Jul. 03, 2021 USD ($)	Jul. 03, 2021 USD ($)
Contract with Customer, Liability, Revenue Recognized	$ 15.8	$ 37.7
Revenue, Remaining Performance Obligation, Amount	832.4	832.4
Remaining Current Fiscal Year [Member] \| Minimum [Member]
Revenue, Remaining Performance Obligation, Amount	560.0	560.0
Remaining Current Fiscal Year [Member] \| Maximum [Member]
Revenue, Remaining Performance Obligation, Amount	$ 580.0	$ 580.0

RESTRUCTURING ACTIONS Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Restructuring Cost and Reserve [Line Items]
Severance and other employee-related	$ 0.0	$ 27.8	$ 2.4	$ 30.9
Asset write-offs	0.0	0.0	0.6	0.0
Other	0.1	0.1	0.7	0.1
Restructuring costs	0.1	27.9	3.7	31.0
Motion Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0.0	14.0	0.0	14.0
Industrial Process
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0.0	7.8	0.9	7.9
Connect & Control Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0.1	5.2	2.5	6.7
Corporate and Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0.0	$ 0.9	$ 0.3	$ 2.4

RESTRUCTURING ACTIONS Restructuring Accrual Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Restructuring Cost and Reserve [Line Items]
Beginning balance - January 1			$ 19.1	$ 7.5
Restructuring costs			4.4	31.7
Reversal of prior accruals			(0.7)	(0.7)
Cash payments			(7.2)	(9.6)
Asset write-offs	$ 0.0	$ 0.0	0.6	0.0
Foreign exchange translation and other			(0.5)	(0.2)
Ending balance	14.5	$ 28.7	14.5	$ 28.7
Severance and other employee-related
Restructuring Cost and Reserve [Line Items]
Beginning balance - January 1			28.3
Ending balance	14.3		14.3
Other
Restructuring Cost and Reserve [Line Items]
Beginning balance - January 1			0.4
Ending balance	$ 0.2		$ 0.2

RESTRUCTURING ACTIONS 2020 Global Restructuring Plan (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended	15 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Dec. 31, 2020	Jun. 30, 2021	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 14.5	$ 28.7	$ 19.1		$ 7.5
Cash payments	(7.2)	$ (9.6)
2020 Global Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred			$ 43.8	$ 45.1
Restructuring and Related Cost, Expected Cost	3.0
Restructuring Reserve	10.6
Cash payments	$ (6.5)

INCOME TAXES Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 143.9	$ (28.1)	$ 168.6	$ (3.4)
Effective income tax rate	78.60%	(153.60%)	57.30%	(2.70%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 03, 2021	Jul. 03, 2021	Jun. 27, 2020
American Rescue Plan Act Amount		$ 1,900,000.0
Payroll Tax Benefit from CARES Act	$ 1.7	4.1	$ 7.2
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 16.0	16.0
Tax Impact on Divestiture of Asbestos Liability		$ 116.9
Luxembourg Deferred Tax Assets [Member]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount			$ 26.7

EARNINGS PER SHARE DATA - Basic and Diluted Loss Per Share (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Earnings Per Share [Abstract]
Weighted average common shares – basic	86.1	86.3	86.2	87.0
Add: Dilutive impact of outstanding equity awards	0.4	0.5	0.5	0.6
Diluted weighted average common shares outstanding	86.5	86.8	86.7	87.6

EARNINGS PER SHARE DATA - Anti-Dilutive Equity Award Units Excluded from the Computation of Diluted Earnings (Loss) (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.0	0.2	0.1	0.2

RECEIVABLES, NET - (Detail) - USD ($) $ in Millions	Jul. 03, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade accounts receivable	$ 533.8	$ 492.5
Notes receivable	15.5	11.0
Other	16.9	19.1
Receivables, gross	566.2	522.6
Less: Allowance for credit losses - receivables	(12.8)	(15.1)
Receivables, net	$ 553.4	$ 507.5

RECEIVABLES, NET Allowance for Credit Losses (Details) - USD ($) $ in Millions	Jul. 03, 2021	Dec. 31, 2020	Jun. 27, 2020	Dec. 31, 2019
Credit Loss [Abstract]
Allowance for credit losses - receivables	$ 12.8	$ 15.1
Allowance for credit losses - contract assets	0.5	0.5
Total allowance for credit losses	$ 13.3	$ 15.6	$ 20.0	$ 12.8

RECEIVABLES, NET Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Credit Loss [Abstract]
Total allowance for credit losses - January 1	$ 15.6	$ 12.8
Impact of adoption of ASU 2016-13	0.0	1.7
(Recoveries) charges to income	(1.7)	8.6
Write-offs	(0.7)	(3.0)
Foreign currency and other	0.1	(0.1)
Total allowance for credit losses - ending balance	$ 13.3	$ 20.0

INVENTORIES, NET - Components of Inventories, Net (Detail) - USD ($) $ in Millions	Jul. 03, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 75.2	$ 63.1
Work in process	82.5	77.5
Raw materials	248.5	219.9
Inventories, net	$ 406.2	$ 360.5

PLANT, PROPERTY AND EQUIPMENT, NET - Components of Plant, Property and Equipment, Net (Detail) - USD ($) $ in Millions	Jul. 03, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Machinery and equipment	$ 1,207.3	$ 1,205.7
Buildings and improvements	270.5	273.9
Furniture, fixtures and office equipment	81.1	82.0
Construction work in progress	40.2	44.7
Land and improvements	33.7	34.6
Other	4.9	5.0
Plant, property and equipment, gross	1,637.7	1,645.9
Less: Accumulated depreciation	(1,135.0)	(1,120.8)
Plant, property and equipment, net	$ 502.7	$ 525.1

PLANT, PROPERTY AND EQUIPMENT, NET (Details) - Estimated Useful Lives	6 Months Ended
	Jul. 03, 2021
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	2
Minimum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	5
Minimum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	3
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	10
Maximum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	40
Maximum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	7

PLANT, PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 21.5	$ 20.7	$ 42.9	$ 41.2
Tangible Asset Impairment Charges				4.0
Carrying Value of Tangible Assets Written Down to Estimated Fair Value					$ 14.0
Fair Value of Impaired Tangible Assets		$ 10.0		$ 10.0

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Changes in the Carrying Amount of Goodwill (Detail) $ in Millions	6 Months Ended
	Jul. 03, 2021 USD ($)
Goodwill [Roll Forward]
Goodwill - December 31, 2020	$ 944.8
Foreign exchange translation	(8.5)
Goodwill - July 3, 2021	936.3
Motion Technologies
Goodwill [Roll Forward]
Goodwill - December 31, 2020	298.1
Foreign exchange translation	(2.4)
Goodwill - July 3, 2021	295.7
Industrial Process
Goodwill [Roll Forward]
Goodwill - December 31, 2020	365.4
Foreign exchange translation	(5.4)
Goodwill - July 3, 2021	360.0
Connect & Control Technologies
Goodwill [Roll Forward]
Goodwill - December 31, 2020	281.3
Foreign exchange translation	(0.7)
Goodwill - July 3, 2021	$ 280.6

GOODWILL AND OTHER INTANGIBLE ASSETS, NET Other Intangible Assets (Detail) - USD ($) $ in Millions	Jul. 03, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 225.5	$ 226.2
Indefinite-lived intangible assets, Gross/Net Carrying Amount	16.6	16.8
Other Intangible Assets, Gross Carrying Amount	242.1	243.0
Accumulated Amortization	(146.3)	(136.6)
Finite-live intangible asset, net of accumulated amortization	79.2	89.6
Other intangible assets, net	95.8	106.4
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Customer Relationships, Gross Carrying Amount	162.9	163.3
Accumulated Amortization	(107.9)	(101.7)
Finite-live intangible asset, net of accumulated amortization	55.0	61.6
Proprietary technology
Finite-Lived Intangible Assets [Line Items]
Proprietary Technology, Gross Carrying Amount	46.4	46.7
Accumulated Amortization	(25.2)	(23.4)
Finite-live intangible asset, net of accumulated amortization	21.2	23.3
Patents and other
Finite-Lived Intangible Assets [Line Items]
Patents and Other, Gross Carrying Amount	16.2	16.2
Accumulated Amortization	(13.2)	(11.5)
Finite-live intangible asset, net of accumulated amortization	$ 3.0	$ 4.7

GOODWILL AND OTHER INTANGIBLE ASSETS, NET Intangibles Textuals (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Impairment of Intangible Assets (Excluding Goodwill)				$ 12.3
Amortization of Intangible Assets	$ 4.9	$ 4.2	$ 10.0	$ 9.0

ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES - (Detail) - USD ($)
$ in Millions

Jul. 03, 2021

Dec. 31, 2020

Jun. 27, 2020

Payables and Accruals [Abstract]

Compensation and other employee-related benefits

$ 142.4

$ 137.3

Asbestos-related liabilities(a)

10.4

^[1],[2]

91.4

$ 85.9

Contract liabilities and other customer-related liabilities

60.2

73.7

Accrued income taxes and other tax-related liabilities

36.8

36.9

Accrued warranty costs

23.6

23.1

Operating lease liabilities

19.3

19.8

Environmental liabilities and other legal matters

14.8

19.1

Accrued restructuring costs

14.5

19.1

Other

40.5

37.0

Accrued liabilities

362.5

457.4

Operating lease liabilities

65.8

72.4

Environmental liabilities

48.3

50.1

Compensation and other employee-related benefits

27.4

29.4

Deferred income taxes and other tax-related liabilities

12.0

11.9

Non-current maturities of long-term debt

11.4

13.0

Other

35.1

33.8

Other non-current liabilities

$ 200.0

$ 210.6

[1]	As of July 3, 2021, the current liability represents transaction costs related to the divestiture of the entity holding asbestos-related assets and liabilities. See Note 19, Commitments and Contingencies, for further information.
[2]	As of July 3, 2021, the current liability represents transaction costs related to the divestiture of the entity holding asbestos-related assets and liabilities.

DEBT Debt (Details) - USD ($) $ in Millions	Jul. 03, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Commercial paper	$ 197.4	$ 104.3
Current maturities of long-term debt and finance leases	2.3	2.5
Commercial paper and current maturities of long-term debt	199.7	106.8
Non-current maturities of long-term debt	11.4	13.0
Total debt and finance leases	$ 211.1	$ 119.8

DEBT Commercial Paper - Textuals (Details) - USD ($) $ in Millions	Jul. 03, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Commercial paper	$ 197.4	$ 104.3
Europe [Member]
Short-term Debt [Line Items]
Commercial paper	47.4	$ 104.3
UNITED STATES
Short-term Debt [Line Items]
Commercial paper	$ 150.0
Commercial Paper [Member] \| Europe [Member]
Short-term Debt [Line Items]
Weighted Average Interest Rate	(0.44%)	(0.06%)
Commercial Paper [Member] \| UNITED STATES
Short-term Debt [Line Items]
Weighted Average Interest Rate	0.21%

DEBT Short-term Loans (Details) - USD ($) $ in Millions			6 Months Ended
DEBT Short-term Loans (Details) - USD ($) $ in Millions	Aug. 05, 2021	Apr. 29, 2020	Jul. 03, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Short-term Debt			$ 0.0	$ 0.0
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Aggregate Borrowing Capacity			500.0
Line of Credit Facility, Letters of Credit Face Amount Maximum			100.0
Line of Credit Facility, Commitment Reduction Minimum Amount			10.0
Line of Credit Facility, Incremental Borrowing Capacity Maximum			200.0
Line of Credit Facility, Maximum Borrowing Capacity			$ 700.0
Line of Credit Facility, Interest Margin Above LIBOR			1.10%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.15%
Incremental Revolving Credit Agreement [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 200.0
Line of Credit Facility, Interest Margin Above LIBOR		1.55%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.35%
2021 Revolving Credit Facility Member \| Subsequent Event [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Aggregate Borrowing Capacity	$ 700.0
Line of Credit Facility, Incremental Borrowing Capacity Maximum	350.0
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,050.0
Line of Credit Facility, Interest Margin Above LIBOR	1.10%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.15%

DEBT - Subsequent Event (Details) - 2021 Revolving Credit Facility Member - Subsequent Event [Member] $ in Millions	Aug. 05, 2021 USD ($) Rate
Subsequent Event [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage \| Rate	0.15%
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,050
Line of Credit Facility, Interest Margin Above LIBOR \| Rate	1.10%
Line of Credit Facility, Aggregate Borrowing Capacity	$ 700
Line of Credit Facility, Incremental Borrowing Capacity Maximum	$ 350

POSTRETIREMENT BENEFIT PLANS - Net Periodic Benefit Cost of Pension Plans and Other Employee Related Benefit Plans (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.5	$ 0.5	$ 1.1	$ 1.0
Interest cost	0.7	3.0	1.4	6.0
Expected return on plan assets	0.0	(2.1)	0.0	(4.3)
Amortization of prior service (benefit) cost	(1.2)	(1.3)	(2.5)	(2.5)
Amortization of net actuarial loss	1.1	2.5	2.3	4.9
Total net periodic benefit cost	1.1	2.6	2.3	5.1
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.3	0.3	0.7	0.6
Interest cost	0.3	2.3	0.5	4.6
Expected return on plan assets	0.0	(2.1)	0.0	(4.3)
Amortization of prior service (benefit) cost	0.0	0.0	0.0	0.0
Amortization of net actuarial loss	0.5	1.7	1.0	3.5
Total net periodic benefit cost	1.1	2.2	2.2	4.4
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.2	0.2	0.4	0.4
Interest cost	0.4	0.7	0.9	1.4
Expected return on plan assets	0.0	0.0	0.0	0.0
Amortization of prior service (benefit) cost	(1.2)	(1.3)	(2.5)	(2.5)
Amortization of net actuarial loss	0.6	0.8	1.3	1.4
Total net periodic benefit cost	$ 0.0	$ 0.4	$ 0.1	$ 0.7

POSTRETIREMENT BENEFIT PLANS Postretirement Textuals (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jul. 03, 2021	Dec. 31, 2020	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Defined Benefit Plan, Plan Assets, Contributions by Employer				$ (5.5)	$ (4.2)
Reclassification of Postretirement Costs from AOCI, Net of Tax	$ 0.0		$ 0.9	0.0	$ 1.8
US. Qualified Pension Plan Termination [Member]
Defined Benefit Plan, Plan Assets, Payment for Settlement		$ 320.0
Defined Benefit Plan, Benefit Obligation, Payment for Settlement	3.4	$ (8.4)
Minimum [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	7.0			7.0
Maximum [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	$ 11.0			$ 11.0

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Summary of Long-Term Incentive Plan Awards (Detail) shares in Millions	6 Months Ended
	Jul. 03, 2021 $ / shares shares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Awards Granted \| shares	0.1
Grant Date Fair Value \| $ / shares	$ 85.07
Performance Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Awards Granted \| shares	0.1
Grant Date Fair Value \| $ / shares	$ 84.27

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from the exercise of stock options	$ 0.5	$ 0.1
Equity Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 28.3
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 10 months 24 days
Liability Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 2.0
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 2 months 12 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vested during period	0.1	0.2
Performance Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vested during period	0.2	0.2

ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020	Apr. 03, 2021	Dec. 31, 2020	Mar. 28, 2020	Dec. 31, 2019
AOCI - Postretirement Benefits	$ (55.9)	$ (131.5)	$ (55.9)	$ (131.5)	$ (55.9)	$ (55.9)	$ (132.4)	$ (133.3)
AOCI - Cumulative Translation Adjustment	(245.1)	(301.2)	(245.1)	(301.2)	(253.5)	(223.5)	(303.3)	(252.0)
Net change during period - AOCI Postretirement Benefits	0.0	0.9	0.0	1.8
Net change during period - AOCI Cumulative Translation Adjustment	8.4	2.1	(21.6)	(49.2)
Total other comprehensive loss, net of tax	8.4	3.0	(21.6)	(47.4)
Total accumulated other comprehensive loss	$ (301.0)	$ (432.7)	$ (301.0)	$ (432.7)	$ (309.4)	$ (279.4)	$ (435.7)	$ (385.3)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21463-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
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+ Details

COMMITMENTS AND CONTINGENCIES Divestiture of Asbestos (Details) $ in Millions	6 Months Ended
	Jul. 03, 2021 USD ($)
Divestiture of Asbestos [Line Items]
Deconsolidation, Gain (Loss), Amount	$ (28.1)
Deconsolidation Gain Or Loss Amount, Before Tax	88.8
Deconsolidation Gain Or Loss Amount, Tax Amount	116.9
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	(398.0)
Disposal Group, Including Discontinued Operation, Other Assets, Current	(91.0)
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent	(310.4)
Disposal Group, Including Discontinued Operation, Liabilities, Current	91.2
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent	$ 797.0

- Definition

Amount classified as liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

- Definition

Amount classified as liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of beyond one year or the normal operating cycle, if longer.

+ References + Details

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

3 Months Ended

6 Months Ended

Jul. 03, 2021

Jun. 27, 2020

Jul. 03, 2021

Jun. 27, 2020

^[1]

$ 12.0

$ 11.8

$ 14.4

$ 23.6

Gain on Divestiture of Asbestos Before Tax

(88.8)

0.0

(88.8)

0.0

4.2

0.0

(48.3)

^[2]

Asbestos-related (benefit) costs, net

$ (76.8)

$ 16.0

$ (74.4)

$ (24.7)

[1]	Includes certain administrative costs such as legal-related costs for insurance asset recoveries and transaction costs related to the divestiture of the entity holding asbestos-related assets and liabilities. The asbestos provision for the three and six months ended June 27, 2020 includes amounts to maintain a rolling 10-year provision prior to the transition to a full horizon estimate.
[2]	In March 2020, we finalized a settlement agreement with a group of insurers to settle responsibility for claims under certain insurance policies for a lump sum payment of $66.4, resulting in a benefit of $52.5. During June 2020, we entered into a settlement agreement with an insurer accelerating payments previously included in a buyout agreement, resulting in a loss of $4.2.

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

3 Months Ended

6 Months Ended

Jul. 03, 2021

Jun. 27, 2020

Jul. 03, 2021

Jun. 27, 2020

Dec. 31, 2020

Net Asbestos Liability Rollforward [Line Items]

Beginning balance

$ (487.3)

$ (430.8)

Asbestos provision(a)

^[1]

14.4

23.6

Insurance settlement agreements(b)

$ 0.0

$ 4.2

0.0

(48.3)

^[2]

Net cash activity(a)

^[1]

(4.5)

(7.6)

Divestiture of Asbestos-Related Assets and Liabilities, Net

(486.8)

Divestiture of Asbestos-Related Assets

(401.4)

Ending balance

(10.4)

(398.5)

(10.4)

(398.5)

Asbestos-related liabilities Current

10.4

^[3],[4]

85.9

10.4

^[3],[4]

85.9

$ 91.4

0.0

717.9

0.0

717.9

840.6

Asbestos-related assets Current

0.0

85.9

0.0

85.9

91.0

Asbestos-related assets Non-Current

0.0

319.4

0.0

319.4

$ 353.7

Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent

(888.2)

Liability [Member]

Net Asbestos Liability Rollforward [Line Items]

Beginning balance

(932.0)

(817.6)

Asbestos provision(a)

13.4

28.9

Insurance settlement agreements(b)

0.0

Net cash activity(a)

(46.8)

(42.7)

Ending balance

(10.4)

(803.8)

(10.4)

(803.8)

Assets [Member]

Net Asbestos Liability Rollforward [Line Items]

Beginning balance

444.7

386.8

Asbestos provision(a)

1.0

(5.3)

Insurance settlement agreements(b)

0.0

(48.3)

Net cash activity(a)

42.3

35.1

Ending balance

$ 0.0

$ 405.3

$ 0.0

$ 405.3

[1]	Includes certain administrative costs such as legal-related costs for insurance asset recoveries and transaction costs related to the divestiture of the entity holding asbestos-related assets and liabilities. The asbestos provision for the three and six months ended June 27, 2020 includes amounts to maintain a rolling 10-year provision prior to the transition to a full horizon estimate.
[2]	In March 2020, we finalized a settlement agreement with a group of insurers to settle responsibility for claims under certain insurance policies for a lump sum payment of $66.4, resulting in a benefit of $52.5. During June 2020, we entered into a settlement agreement with an insurer accelerating payments previously included in a buyout agreement, resulting in a loss of $4.2.
[3]	As of July 3, 2021, the current liability represents transaction costs related to the divestiture of the entity holding asbestos-related assets and liabilities. See Note 19, Commitments and Contingencies, for further information.
[4]	As of July 3, 2021, the current liability represents transaction costs related to the divestiture of the entity holding asbestos-related assets and liabilities.

COMMITMENTS AND CONTINGENCIES Asbestos Matters Textuals (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jul. 03, 2021

Jun. 27, 2020

Mar. 28, 2020

Jul. 03, 2021

Jun. 27, 2020

Deconsolidation Gain Or Loss Amount, Before Tax

$ 88.8

Deconsolidation Gain Or Loss Amount, Tax Amount

116.9

Deconsolidation, Gain (Loss), Amount

(28.1)

$ 0.0

$ 4.2

0.0

$ (48.3)

^[1]

Payments for Divestiture of Asbestos Liabilities

398.0

0.0

Assets [Member]

0.0

(48.3)

Liability [Member]

0.0

Asbestos Issue [Member]

Asbestos Settlement Agreement Cash Proceeds

$ 66.4

$ 4.2

$ 52.5

Payments for Divestiture of Asbestos Liabilities

$ 398.0

[1]

In March 2020, we finalized a settlement agreement with a group of insurers to settle responsibility for claims under certain insurance policies for a lump sum payment of $66.4, resulting in a benefit of $52.5. During June 2020, we entered into a settlement agreement with an insurer accelerating payments previously included in a buyout agreement, resulting in a loss of $4.2.

COMMITMENTS AND CONTINGENCIES Rollforward of Environmental Liability and Related Assets (Detail) - USD ($) $ in Millions	6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Loss Contingency Accrual [Roll Forward]
Environmental liability - beginning balance	$ 58.3	$ 61.9
Accrual for Environmental Loss Contingencies, Period Increase (Decrease)	1.0	0.0
Payments	(6.7)	(2.3)
Foreign currency	(0.1)	(0.1)
Environmental liability - ending balance	52.5	59.3
Continuing Operations [Member]
Loss Contingency Accrual [Roll Forward]
Changes In Pre-Existing Environmental Accruals	0.1	1.4
Discontinued Operations [Member]
Loss Contingency Accrual [Roll Forward]
Changes In Pre-Existing Environmental Accruals	$ (0.1)	$ (1.6)

COMMITMENTS AND CONTINGENCIES Environmental Matters Textuals (Details) $ in Millions	Jul. 03, 2021 USD ($) site	Jun. 27, 2020 USD ($)
Site Contingency [Line Items]
Environmental-related assets	$ 12.1	$ 20.4
Environmental Related Matters [Member]
Site Contingency [Line Items]
Number Of Active Environmental Investigation And Remediation Sites \| site	27
Maximum [Member] \| Environmental Related Matters [Member]
Site Contingency [Line Items]
Loss Contingency, Range of Possible Loss, Maximum	$ 91.8

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Derivative [Line Items]
Derivative, Notional Amount	$ 100.5		$ 100.5
Derivative, Fair Value, Net	2.2		2.2
Derivative, Gain (Loss) on Derivative, Net	$ 0.8	$ 0.3	$ 2.2	$ 3.8