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Segment Reporting - Assets, Capital Expenditures, and Depreciation and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Assets	$ 3,932.6	$ 3,780.3
Capital Expenditures	107.6	103.9	$ 88.4
Depreciation and amortization	109.2	107.4	113.1
Motion Technologies
Segment Reporting Information [Line Items]
Assets	1,366.6	1,311.9
Capital Expenditures	72.0	73.2	71.1
Depreciation and amortization	64.4	59.9	64.1
Industrial Process
Segment Reporting Information [Line Items]
Assets	1,323.2	1,218.6
Capital Expenditures	17.7	10.9	6.7
Depreciation and amortization	21.9	25.3	22.3
Connect & Control Technologies
Segment Reporting Information [Line Items]
Assets	834.6	751.6
Capital Expenditures	16.1	14.8	8.5
Depreciation and amortization	20.3	18.8	21.8
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Assets	408.2	498.2
Capital Expenditures	1.8	5.0	2.1
Depreciation and amortization	$ 2.6	$ 3.4	$ 4.9

- 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.

+ References

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+ Details

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets:
Loss carryforwards	$ 97.0	$ 119.1
Inventory	24.1	20.5
Accruals	27.1	26.0
Employee benefits	39.0	34.1
Research and expenditures capitalization	17.8	10.2
Credit carryforwards	11.1	2.8
Other	30.2	25.2
Gross deferred tax assets	246.3	237.9
Less: Valuation allowance	73.3	102.4	$ 108.8	$ 123.0
Net deferred tax assets	173.0	135.5
Deferred Tax Liabilities:
Intangibles	(45.3)	(42.2)
Undistributed earnings	(46.2)	(34.8)
Accelerated depreciation	(24.1)	(24.3)
Total deferred tax liabilities	(115.6)	(101.3)
Net deferred tax assets	$ 57.4	$ 34.2

Postretirement Benefit Plans - Net Periodic Postretirement Cost Recognized in Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Other changes in plan assets and benefit obligations recognized in other comprehensive loss

Service cost

$ 1.1

$ 1.8

Interest cost

6.1

3.5

Pension Plan [Member]

Other changes in plan assets and benefit obligations recognized in other comprehensive loss

Net actuarial (gain) loss

3.7

(21.3)

$ (6.4)

Amortization of net actuarial loss

0.0

(1.3)

(1.8)

Foreign currency translation and other

0.1

(1.7)

(2.7)

Total change recognized in other comprehensive income

3.8

(24.3)

(10.9)

Total impact from net periodic postretirement cost and changes in other comprehensive income

7.7

(20.5)

(10.1)

Service cost

0.8

1.2

1.4

Interest cost

3.0

1.3

1.0

Defined Benefit Plan, Amortization of Gain (Loss)

0.0

1.3

1.8

Net periodic postretirement cost

3.8

4.2

Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment

0.1

0.0

(3.4)

^[1]

Defined Benefit Plan, Net Periodic Benefit Cost (Credit)

3.9

3.8

0.8

Other Postretirement Benefits Plan [Member]

Other changes in plan assets and benefit obligations recognized in other comprehensive loss

Net actuarial (gain) loss

(2.9)

(23.3)

(8.2)

Prior service cost

0.0

(8.1)

0.0

Amortization of net actuarial loss

0.0

(1.8)

(2.6)

Amortization of prior service cost

6.0

5.5

5.1

Total change recognized in other comprehensive income

3.1

(27.7)

(5.7)

Total impact from net periodic postretirement cost and changes in other comprehensive income

0.5

(28.6)

(5.7)

Service cost

0.3

0.6

0.7

Interest cost

3.1

2.2

1.8

Defined Benefit Plan, Amortization of Gain (Loss)

0.0

1.8

2.6

Amortization of prior service cost

(6.0)

(5.5)

(5.1)

Defined Benefit Plan, Net Periodic Benefit Cost (Credit)

(2.6)

(0.9)

0.0

International Plan [Member] | Pension Plan [Member]

Other changes in plan assets and benefit obligations recognized in other comprehensive loss

Net actuarial (gain) loss

3.4

(18.3)

(6.3)

Amortization of net actuarial loss

0.0

(1.1)

(1.6)

Foreign currency translation and other

0.1

(1.7)

(2.7)

Total change recognized in other comprehensive income

3.5

(21.1)

(10.6)

Total impact from net periodic postretirement cost and changes in other comprehensive income

6.8

(17.8)

(6.9)

Service cost

0.8

1.2

1.4

Interest cost

2.4

1.0

0.7

Defined Benefit Plan, Amortization of Gain (Loss)

0.0

1.1

1.6

Net periodic postretirement cost

3.2

3.3

3.7

Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment

0.1

0.0

Defined Benefit Plan, Net Periodic Benefit Cost (Credit)

3.3

3.7

United States | Pension Plan [Member]

Other changes in plan assets and benefit obligations recognized in other comprehensive loss

Net actuarial (gain) loss

0.3

(3.0)

(0.1)

Amortization of net actuarial loss

0.0

(0.2)

Foreign currency translation and other

0.0

Total change recognized in other comprehensive income

0.3

(3.2)

(0.3)

Total impact from net periodic postretirement cost and changes in other comprehensive income

0.9

(2.7)

(3.2)

Service cost

0.0

Interest cost

0.6

0.3

Defined Benefit Plan, Amortization of Gain (Loss)

0.0

0.2

Net periodic postretirement cost

0.6

0.5

Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment

0.0

(3.4)

^[1]

Defined Benefit Plan, Net Periodic Benefit Cost (Credit)

$ 0.6

$ 0.5

$ (2.9)

[1]	2021 includes income of $3.4 from a pricing adjustment associated with the 2020 termination and sale of the U.S. qualified pension plan.

Restructuring - Costs by Type and Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Severance and other employee-related costs	$ 8.0	$ 3.5	$ 8.0
Asset write-offs	1.8	0.1	0.6
Other	0.1	0.2	1.0
Total restructuring costs	9.9	3.8	9.6
Motion Technologies
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	4.0	2.7	3.9
Industrial Process
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	4.6	1.3	3.1
Connect & Control Technologies
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	1.3	0.0	2.4
Corporate and Other [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 0.0	$ (0.2)	$ 0.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Acquisitions - Habonim (Details) - USD ($) $ in Millions	12 Months Ended
Acquisitions - Habonim (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 79.3	$ 146.9	$ 0.0
Habonim
Business Acquisition [Line Items]
Business Acquisition, Description of Acquired Entity	completed the acquisition of 100% of the privately held stock of Habonim
Payments to Acquire Businesses, Net of Cash Acquired	$ 139.9
Micro Mode
Business Acquisition [Line Items]
Business Acquisition, Description of Acquired Entity	we completed the acquisition of 100% of the privately held stock of Micro-Mode
Payments to Acquire Businesses, Net of Cash Acquired	$ 79.3
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period	$ 26.0

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Revenue by Reporting Segments

The following table presents our revenue for each segment and reconciles our total segment revenue to total consolidated revenue.


	Revenue
For the Year Ended December 31	2023		2022		2021
Motion Technologies	$	1,457.8	$	1,374.0	$	1,368.6
Industrial Process	1,129.6		971.0		843.2
Connect & Control Technologies	699.4		645.6		554.7
Total segment revenue	3,286.8		2,990.6		2,766.5
Eliminations	(3.8)		(2.9)		(1.5)
Total consolidated revenue	$	3,283.0	$	2,987.7	$	2,765.0

The following table presents our operating income for each segment and reconciles our total segment operating income to income from continuing operations before income tax.


	Operating Income
For the Year Ended December 31		2023		2022		2021
Motion Technologies		$	230.8	$	208.5	$	258.2
Industrial Process		243.6		187.6		126.8
Connect & Control Technologies		107.5		115.8		81.7

Total segment operating income		581.9		511.9		466.7
Other corporate costs		(53.7)		(43.9)		(36.8)
Asbestos-related benefit, net(a)		—		—		74.4


Interest (expense) income, net		(10.4)		(6.4)		1.1

Other non-operating income, net		1.7		0.2		3.7
Income from continuing operations before income tax		$	519.5	$	461.8	$	509.1

(a)The 2021 period includes a pre-tax gain of $88.8 resulting from the InTelCo divestiture transaction. See Note 19, Commitments and Contingencies, for further information.

The following table presents our operating margin for each segment. Segment operating margin is calculated as segment operating income divided by segment revenue.



For the Year Ended December 31	2023		2022		2021
Motion Technologies	15.8	%	15.2	%	18.9	%
Industrial Process	21.6	%	19.3	%	15.0	%
Connect & Control Technologies	15.4	%	17.9	%	14.7	%

Schedule of Segment Reporting Information

The following table presents our assets as of December 31, 2023 and 2022, as well as our capital expenditures and depreciation and amortization expense for the years ended December 31, 2023, 2022, and 2021, by segment.


	Assets				Capital Expenditures						Depreciation and Amortization
	2023		2022		2023		2022		2021		2023		2022		2021
Motion Technologies	$	1,366.6	$	1,311.9	$	72.0	$	73.2	$	71.1	$	64.4	$	59.9	$	64.1
Industrial Process	1,323.2		1,218.6		17.7		10.9		6.7		21.9		25.3		22.3
Connect & Control Technologies	834.6		751.6		16.1		14.8		8.5		20.3		18.8		21.8
Corporate and Other	408.2		498.2		1.8		5.0		2.1		2.6		3.4		4.9
Total	$	3,932.6	$	3,780.3	$	107.6	$	103.9	$	88.4	$	109.2	$	107.4	$	113.1

Business Segment Information by Geographical Information

The following table displays consolidated revenue by geographic region. Revenue is attributed to individual regions based on the destination of the product or service delivery.


For the Year Ended December 31, 2023	Motion Technologies		Industrial Process		Connect & Control Technologies		Eliminations		Total
North America(a)	$	265.2	$	660.9	$	441.1	$	(3.7)	$	1,363.5
Europe(b)	802.7		109.1		134.8		—		1,046.6
Asia(c)	370.1		118.5		84.1		(0.1)		572.6
Middle East and Africa	1.5		139.6		28.4		—		169.5
South America	18.3		101.5		11.0		—		130.8
Total	$	1,457.8	$	1,129.6	$	699.4	$	(3.8)	$	3,283.0

For the Year Ended December 31, 2022
North America(a)	$	266.9	$	566.2	$	390.2	$	(2.8)	$	1,220.5
Europe(b)	756.7		94.6		136.4		—		987.7
Asia(c)	333.6		102.8		88.1		(0.1)		524.4
Middle East and Africa	1.3		120.8		22.4		—		144.5
South America	15.5		86.6		8.5		—		110.6
Total	$	1,374.0	$	971.0	$	645.6	$	(2.9)	$	2,987.7

For the Year Ended December 31, 2021
North America(a)	$	249.9	$	470.1	$	331.4	$	(1.5)	$	1,049.9
Europe(b)	798.8		96.0		115.5		—		1,010.3
Asia(c)	307.8		99.8		84.0		—		491.6
Middle East and Africa	1.0		97.7		18.1		—		116.8
South America	11.1		79.6		5.7		—		96.4
Total	$	1,368.6	$	843.2	$	554.7	$	(1.5)	$	2,765.0

(a)Includes revenue of $1,075.8, $978.6, and $842.9 from the United States for 2023, 2022, and 2021, respectively.

(b)Includes revenue of $387.8, $404.7, and $418.3 from Germany for 2023, 2022, and 2021, respectively.

(c)Includes revenue of $351.8, $307.8, and $306.5 from China for 2023, 2022, and 2021, respectively.

Schedule of PP&E by Geographic Region

The following table displays Plant, Property and Equipment (PPE), net by geographic region.


As of December 31	2023		2022
North America(a)	$	165.0	$	156.5
Europe(b)	287.5		272.5
Asia(c)	87.8		79.2
Middle East and Africa	17.8		15.8
South America	2.9		2.8
Total	$	561.0	$	526.8

(a)Includes PPE, net of $127.1 and $125.2 in the United States as of December 31, 2023 and 2022, respectively.

(b)Includes PPE, net of $134.4 and $113.6 in Italy as of December 31, 2023 and 2022, respectively.

(c)Includes PPE, net of $63.2 and $52.8 in China as of December 31, 2023 and 2022, respectively.

Debt - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Aug. 05, 2021
Short-term Debt [Line Items]
Long-term Debt, Weighted Average Interest Rate, at Point in Time	0.86%
Long-Term Debt, Maturity, Year One	$ 2.0
2014 Revolving Credit Facility
Short-term Debt [Line Items]
Line of Credit Facility, Aggregate Borrowing Capacity		$ 500.0
2021 Revolving Credit Facility
Short-term Debt [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%

Receivables - Additional Information (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Financing Receivable, Allowance for Credit Loss [Line Items]

Charges (recoveries) to income(a)

$ 2.2

^[1]

$ 2.0

$ (2.0)

RUSSIAN FEDERATION

Financing Receivable, Allowance for Credit Loss [Line Items]

Charges (recoveries) to income(a)

$ 1.2

$ 1.6

[1]	(a) During the years ended December 31, 2023 and 2022, we recognized bad debt expense of $1.2 and $1.6, respectively, relating to impacts stemming from the Russia-Ukraine war. See Note 1, Description of Business and Basis of Presentation, for further information.

Income Taxes (Notes)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The following table displays information regarding income tax expense (benefit) from continuing operations.


For the Year Ended December 31	2023			2022			2021
Income (loss) components:
United States	$	164.6		$	155.7		$	199.4
International	354.9			306.1			309.7
Income from continuing operations before income tax	519.5			461.8			509.1
Income tax expense (benefit) components:
Current income tax expense (benefit):
United States – federal	41.3			32.6			21.1
United States – state and local	5.5			1.2			2.6
International	85.6			54.4			50.2
Total current income tax expense	132.4			88.2			73.9
Deferred income tax expense (benefit) components:
United States – federal	(14.1)			(0.2)			96.9
United States – state and local	(2.7)			3.1			15.5
International	(10.8)			—			3.3
Total deferred income tax expense (benefit)	(27.6)			2.9			115.7
Income tax expense	$	104.8		$	91.1		$	189.6
Effective income tax rate	20.2		%	19.7		%	37.2		%

The following table includes a reconciliation of the U.S. statutory tax rate to our effective income tax rate related to income from continuing operations.


For the Year Ended December 31	2023		2022		2021
Tax provision at U.S. statutory rate	21.0	%	21.0	%	21.0	%
State and local income tax	0.9	%	1.1	%	0.6	%
U.S. tax on foreign earnings	1.3	%	0.6	%	0.1	%
Italy patent box	(1.1)	%	(1.2)	%	(1.3)	%
Foreign-Derived Intangible Income ("FDII")	(1.2)	%	(1.1)	%	(0.5)	%
Excess tax benefits on stock-based compensation	(0.2)	%	(0.5)	%	(0.6)	%
Audit settlements and unrecognized tax benefits	2.7	%	(0.2)	%	(1.0)	%
Valuation allowance on deferred tax assets	(3.1)	%	(0.2)	%	(0.4)	%
Tax on undistributed foreign earnings	0.3	%	(0.1)	%	0.8	%
Asbestos divestiture	—	%	—	%	18.9	%
Foreign tax rate differential	1.6	%	—	%	(0.2)	%
Amended tax return	(1.0)	%	—	%	—	%
Other adjustments	(1.0)	%	0.3	%	(0.2)	%
Effective income tax rate	20.2	%	19.7	%	37.2	%

The higher effective tax rate in 2023 compared to 2022 resulted from the Company recording tax expense in 2023 of $14.2 relating to a tax audit in Italy covering tax years 2016-2022. The 2023 expense includes $6.8 of U.S. tax on foreign earnings. These tax expenses were offset by $16.1 from valuation allowance reversals on deferred tax assets in Germany. ITT also recognized tax benefits of $4.9 from the filing of an amended 2017 consolidated federal tax return.

The Company provides for deferred taxes on the undistributed earnings and profits of all foreign subsidiaries, determined under U.S. tax law. At December 31, 2023, the amount of undistributed earnings and profits of all foreign subsidiaries was $1,246.2. The Company anticipates that these foreign earnings and future earnings of its foreign subsidiaries that are not indefinitely reinvested will be sufficient to meet its U.S. cash needs. The Company is indefinitely reinvested in any excess of financial reporting over tax basis in its foreign subsidiaries that exceeds undistributed earnings and profits. At December 31, 2023, the indefinitely reinvested excess of financial reporting over tax basis was $325.5.

The following table includes the items comprising our deferred tax assets and liabilities.


As of December 31	2023		2022
Deferred Tax Assets:
Loss carryforwards	$	97.0	$	119.1
Inventory	24.1		20.5
Accruals	27.1		26.0
Employee benefits	39.0		34.1
Research and expenditures capitalization	17.8		10.2
Credit carryforwards	11.1		2.8

Other	30.2		25.2
Gross deferred tax assets	246.3		237.9
Less: Valuation allowance	73.3		102.4
Net deferred tax assets	$	173.0	$	135.5
Deferred Tax Liabilities:
Intangibles	$	(45.3)	$	(42.2)
Undistributed earnings	(46.2)		(34.8)
Accelerated depreciation	(24.1)		(24.3)
Total deferred tax liabilities	$	(115.6)	$	(101.3)
Net deferred tax assets	$	57.4	$	34.2

Deferred taxes included in our Consolidated Balance Sheets were as follows:


As of December 31	2023		2022
Other non-current assets	$	76.0	$	54.7
Other non-current liabilities	(18.6)		(20.5)
Net deferred tax assets	$	57.4	$	34.2

The table below provides a rollforward of our valuation allowance on net deferred tax assets (DTA).


	State		Foreign		Total
DTA valuation allowance as of December 31, 2020	$	40.4	$	82.6	$	123.0
Change in assessment	—		(1.9)		(1.9)
Current year operations	(4.7)		(7.6)		(12.3)
DTA valuation allowance as of December 31, 2021	$	35.7	$	73.1	$	108.8
Change in assessment	—		(1.1)		(1.1)
Current year operations	3.8		(9.1)		(5.3)
DTA valuation allowance as of December 31, 2022	$	39.5	$	62.9	$	102.4
Change in assessment	(23.1)		(16.4)		(39.5)
Current year operations	(0.8)		11.2		10.4
DTA valuation allowance as of December 31, 2023	$	15.6	$	57.7	$	73.3

The Company continues to maintain a valuation allowance against certain deferred tax assets attributable to state net operating losses and tax credits, and certain foreign net deferred tax assets primarily in Luxembourg, Germany, and the U.K. which are not expected to be realized. Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of deferred tax assets. The cumulative loss incurred over the three-year period ending December 31, 2023 constitutes significant objective negative evidence, resulting in the recognition of a valuation allowance against the net deferred tax assets for these jurisdictions. Such objective negative evidence limits our ability to consider subjective positive evidence, such as our projections of future taxable income. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income change or if objective negative evidence in the form of cumulative losses is no longer present and additional weight can be given to subjective evidence.

We have the following tax attributes available for utilization at December 31, 2023:


Attribute	Amount		First Year of Expiration

U.S. state net operating losses	$	312.6	12/31/2024
U.S. federal tax credits	8.4		12/31/2029
U.S. state tax credits	2.3		12/31/2027
Foreign net operating losses(a)	305.7		12/31/2024

(a)Includes approximately $223.0 of net operating loss carryforwards in Luxembourg as of December 31, 2023.

Excess tax benefits related to stock-based compensation of $0.9, $2.4 and $3.2 for 2023, 2022 and 2021, respectively, were recorded as an income tax benefit in the statement of operations and have been reflected in the caption “Excess tax benefits on stock-based compensation” within the effective tax rate reconciliation table.

Uncertain Tax Positions

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

The following table displays a rollforward of our unrecognized tax benefits.


For the Year Ended December 31	2023		2022		2021
Unrecognized tax benefits – January 1	$	6.7	$	7.6	$	41.5
Additions for:
Current year tax positions	1.4		1.7		0.6
Prior year tax positions	0.5		0.3		0.1

Reductions for:
Prior year tax positions	(0.6)		(0.1)		(5.5)
Expiration of statute of limitations	(2.3)		(2.8)		(19.7)
Settlements	—		—		(9.4)
Unrecognized tax benefits – December 31	$	5.7	$	6.7	$	7.6

As of December 31, 2023, $4.4 of the unrecognized tax benefits would impact the effective tax rate for continuing operations, if realized. The Company operates in various tax jurisdictions and is subject to examination by tax authorities in these jurisdictions. The Company is currently under examination in several jurisdictions including Czechia, Germany, India, Italy, and the U.S.

The calculation of our tax liability for unrecognized tax benefits includes dealing with uncertainties in the application of complex tax laws and regulations in various tax jurisdictions. Due to the complexity of some uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the unrecognized tax benefit. Over the next 12 months, the net amount of the tax liability for unrecognized tax benefits in foreign and domestic jurisdictions is not expected to change by a significant amount.

The following table summarizes the earliest open tax years by major jurisdiction as of December 31, 2023:


Jurisdiction			Earliest Open Year
China			2018
Czechia			2014
Germany			2017
Hong Kong			2020
India			2013
Italy			2016
Japan			2022
Korea			2023
Luxembourg			2017
Mexico			2016
United States			2020

We classify interest relating to tax matters as a component of interest expense and tax penalties as a component of income tax expense in our Consolidated Statements of Operations. During 2023, 2022, and 2021 we recognized a net interest benefit of $0.1, $0.0, and $0.7, respectively, related to tax matters.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Rate	Dec. 31, 2022 USD ($) Rate	Dec. 31, 2021 USD ($)
Organization And Summary Of Significant Accounting Policies [Line Items]
LIFO inventory reserve amount recorded	$ (19.1)	$ (16.8)
LIFO inventory, percentage of total	13.80%	13.00%
Research and Development Expense, Percentage of Sales	0.031	0.032	0.034
Short-term investments	$ 0.0	$ 0.0
Proceeds from Life Insurance Policy	0.0	0.4	$ 0.0
Investments in Corporate Owned Life Insurance	128.4	119.6
Gain from Corporate Owned Life Insurance	$ 4.2	0.7	3.9
Acquisition measurement period	12 months
Foreign Currency Transaction Gain (Loss), before Tax	$ (7.0)	$ 6.1	1.9
Related Party Transaction, Amounts of Transaction			$ 0.2
Minimum [Member] \| Software [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Minimum [Member] \| Intangible assets with a finite life amortized on a straight-line basis [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life	7 years
Maximum [Member] \| Software [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Maximum [Member] \| Intangible assets with a finite life amortized on a straight-line basis [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Credit Concentration Risk
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage \| Rate	10.00%	10.00%

Revenue - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Maximum Percentage Of Revenue For Which Individual Customer Accounts For	7.30%	8.40%	9.80%
Service and Repair Revenue, Percentage of Total	4.00%	4.00%	3.00%
Net Contract Liability, Change from Prior Year	$ (25.9)
Contract with Customer, Liability, Revenue Recognized	49.2
Revenue, Remaining Performance Obligation, Amount	1,246.5
Capitalized Contract Cost, Net	3.8	$ 4.5
Capitalized Contract Cost, Amortization	0.7	$ 1.0
Minimum [Member]
Revenue, Remaining Performance Obligation, Amount	1,030.0
Maximum [Member]
Revenue, Remaining Performance Obligation, Amount	$ 1,050.0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Tax Data from Continuing Operations

The following table displays information regarding income tax expense (benefit) from continuing operations.


For the Year Ended December 31	2023			2022			2021
Income (loss) components:
United States	$	164.6		$	155.7		$	199.4
International	354.9			306.1			309.7
Income from continuing operations before income tax	519.5			461.8			509.1
Income tax expense (benefit) components:
Current income tax expense (benefit):
United States – federal	41.3			32.6			21.1
United States – state and local	5.5			1.2			2.6
International	85.6			54.4			50.2
Total current income tax expense	132.4			88.2			73.9
Deferred income tax expense (benefit) components:
United States – federal	(14.1)			(0.2)			96.9
United States – state and local	(2.7)			3.1			15.5
International	(10.8)			—			3.3
Total deferred income tax expense (benefit)	(27.6)			2.9			115.7
Income tax expense	$	104.8		$	91.1		$	189.6
Effective income tax rate	20.2		%	19.7		%	37.2		%

Reconciliation of Tax Provision for Continuing Operations

The following table includes a reconciliation of the U.S. statutory tax rate to our effective income tax rate related to income from continuing operations.


For the Year Ended December 31	2023		2022		2021
Tax provision at U.S. statutory rate	21.0	%	21.0	%	21.0	%
State and local income tax	0.9	%	1.1	%	0.6	%
U.S. tax on foreign earnings	1.3	%	0.6	%	0.1	%
Italy patent box	(1.1)	%	(1.2)	%	(1.3)	%
Foreign-Derived Intangible Income ("FDII")	(1.2)	%	(1.1)	%	(0.5)	%
Excess tax benefits on stock-based compensation	(0.2)	%	(0.5)	%	(0.6)	%
Audit settlements and unrecognized tax benefits	2.7	%	(0.2)	%	(1.0)	%
Valuation allowance on deferred tax assets	(3.1)	%	(0.2)	%	(0.4)	%
Tax on undistributed foreign earnings	0.3	%	(0.1)	%	0.8	%
Asbestos divestiture	—	%	—	%	18.9	%
Foreign tax rate differential	1.6	%	—	%	(0.2)	%
Amended tax return	(1.0)	%	—	%	—	%
Other adjustments	(1.0)	%	0.3	%	(0.2)	%
Effective income tax rate	20.2	%	19.7	%	37.2	%

Deferred Tax Assets and Liabilities

eferred tax assets and liabilities.


As of December 31	2023		2022
Deferred Tax Assets:
Loss carryforwards	$	97.0	$	119.1
Inventory	24.1		20.5
Accruals	27.1		26.0
Employee benefits	39.0		34.1
Research and expenditures capitalization	17.8		10.2
Credit carryforwards	11.1		2.8

Other	30.2		25.2
Gross deferred tax assets	246.3		237.9
Less: Valuation allowance	73.3		102.4
Net deferred tax assets	$	173.0	$	135.5
Deferred Tax Liabilities:
Intangibles	$	(45.3)	$	(42.2)
Undistributed earnings	(46.2)		(34.8)
Accelerated depreciation	(24.1)		(24.3)
Total deferred tax liabilities	$	(115.6)	$	(101.3)
Net deferred tax assets	$	57.4	$	34.2

Deferred Taxes in Consolidated Balance Sheets

Deferred taxes included in our Consolidated Balance Sheets were as follows:


As of December 31	2023		2022
Other non-current assets	$	76.0	$	54.7
Other non-current liabilities	(18.6)		(20.5)
Net deferred tax assets	$	57.4	$	34.2

Deferred Tax Asset Valuation Allowance Rollforward [Table Text Block]

The table below provides a rollforward of our valuation allowance on net deferred tax assets (DTA).


	State		Foreign		Total
DTA valuation allowance as of December 31, 2020	$	40.4	$	82.6	$	123.0
Change in assessment	—		(1.9)		(1.9)
Current year operations	(4.7)		(7.6)		(12.3)
DTA valuation allowance as of December 31, 2021	$	35.7	$	73.1	$	108.8
Change in assessment	—		(1.1)		(1.1)
Current year operations	3.8		(9.1)		(5.3)
DTA valuation allowance as of December 31, 2022	$	39.5	$	62.9	$	102.4
Change in assessment	(23.1)		(16.4)		(39.5)
Current year operations	(0.8)		11.2		10.4
DTA valuation allowance as of December 31, 2023	$	15.6	$	57.7	$	73.3

Attributes Available for Utilization

We have the following tax attributes available for utilization at December 31, 2023:


Attribute	Amount		First Year of Expiration

U.S. state net operating losses	$	312.6	12/31/2024
U.S. federal tax credits	8.4		12/31/2029
U.S. state tax credits	2.3		12/31/2027
Foreign net operating losses(a)	305.7		12/31/2024

(a)Includes approximately $223.0 of net operating loss carryforwards in Luxembourg as of December 31, 2023.

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

The following table displays a rollforward of our unrecognized tax benefits.


For the Year Ended December 31	2023		2022		2021
Unrecognized tax benefits – January 1	$	6.7	$	7.6	$	41.5
Additions for:
Current year tax positions	1.4		1.7		0.6
Prior year tax positions	0.5		0.3		0.1

Reductions for:
Prior year tax positions	(0.6)		(0.1)		(5.5)
Expiration of statute of limitations	(2.3)		(2.8)		(19.7)
Settlements	—		—		(9.4)
Unrecognized tax benefits – December 31	$	5.7	$	6.7	$	7.6

Open Tax Years by Major Jurisdiction

The following table summarizes the earliest open tax years by major jurisdiction as of December 31, 2023:


Jurisdiction			Earliest Open Year
China			2018
Czechia			2014
Germany			2017
Hong Kong			2020
India			2013
Italy			2016
Japan			2022
Korea			2023
Luxembourg			2017
Mexico			2016
United States			2020

Earnings Per Share (Notes)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE DATA

The following table provides a reconciliation of basic to diluted common shares outstanding, used in the computation of basic and diluted earnings per share presented in our Consolidated Statements of Operations.


For the Year Ended December 31	2023	2022	2021
Basic weighted average common shares outstanding	82.3	83.4	86.0
Add: Dilutive impact of outstanding equity awards	0.4	0.3	0.5
Diluted weighted average common shares outstanding	82.7	83.7	86.5

There were 0.1 anti-dilutive shares as of December 31, 2023, and no anti-dilutive shares as of December 31, 2022 and 2021, to exclude from the computation of diluted earnings per share.

Leases (Notes)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lessee, Operating Leases

LEASES

The Company’s lease portfolio primarily relates to real estate, which may be used for manufacturing or non-manufacturing purposes (e.g., office space), and contains lease terms generally ranging between one and 18 years. Our lease portfolio also includes vehicles and equipment. Substantially all of our leases are classified as operating leases.

Lease costs associated with fixed payments related to the Company's operating leases were $30.2, $26.6, and $25.7 for the years ended December 31, 2023, 2022 and 2021, respectively. Short-term lease costs, variable lease costs, and sublease income related to our operating leases, as well as total lease costs related to our finance leases, were not material for the years ended December 31, 2023, 2022 and 2021.

The following table displays our future lease obligations related to non-cancellable operating leases with an initial term in excess of 12 months as of December 31, 2023.


2024	$	23.1
2025	20.0
2026	17.1
2027	12.4
2028	9.3
Thereafter	23.0
Total undiscounted future operating lease obligations	104.9
Less: imputed interest	13.1
Present value of future operating lease obligations(a)	$	91.8

(a)Includes $19.5 of current operating lease liabilities recorded within Accrued and other current liabilities and $72.3 of non-current operating lease liabilities recorded within Other non-current liabilities in our Consolidated Balance Sheets.

The following table includes other supplemental information regarding our operating leases.


As of or for the Year Ended December 31	2023			2022
Operating cash outflows from operating leases(a)	$	24.5		$	25.9
Right-of-use assets obtained in exchange for new operating lease liabilities	$	32.5		$	18.3
Weighted average remaining lease term (in years)	6.1			5.8
Weighted average discount rate(b)	3.4		%	2.7		%

(a)Included within Other, net in our Consolidated Statements of Cash Flows.

(b)We use a discount rate for each lease based on an estimated incremental borrowing rate over a similar term as the lease, as the discount rate implicit in each lease cannot be readily determined.

In May 2022, we relocated our corporate headquarters from White Plains, New York to Stamford, Connecticut. During 2022, we terminated our former corporate headquarters lease, which resulted in an asset impairment charge of $1.7, reflected within our Consolidated Statements of Operations.

Accrued Liabilities and Other Non-Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Liabilities and Other Non-Current Liabilities, Net

The following table summarizes our accrued liabilities and other non-current liabilities.


As of December 31	2023		2022
Compensation and other employee-related benefits	$	165.5	$	134.4
Contract liabilities and other customer-related liabilities	133.6		92.2
Accrued income taxes and other tax-related liabilities	30.7		27.1
Operating lease liabilities	19.5		19.0
Accrued warranty costs	14.0		14.3
Environmental and other legal matters	5.8		5.7
Accrued restructuring costs	4.8		3.9

Other	39.2		36.8
Accrued and other current liabilities	$	413.1	$	333.4
Operating lease liabilities	$	72.3	$	58.9
Environmental liabilities	52.0		53.1
Deferred income taxes and other tax-related liabilities	25.0		31.1
Compensation and other employee-related benefits	38.0		25.0
Non-current maturities of long-term debt	5.7		7.7
Other	24.0		24.4
Other non-current liabilities	$	217.0	$	200.2

Supply Chain Financing

The Company has supply chain financing ("SCF") programs in place under which participating suppliers may elect to obtain payment from an intermediary. The Company confirms the validity of invoices from participating suppliers and agrees to pay the intermediary an amount based on invoice totals. The majority of amounts payable under these programs are due within 90 to 180 days and are considered commercially reasonable. There are no assets pledged as security or other forms of guarantees provided for the committed payments. As of December 31, 2023 and 2022, there were $19.7 and $12.9, respectively, of outstanding amounts payable to suppliers who have elected to participate in these SCF programs. These amounts were recorded within Accounts payable in our Consolidated Balance Sheets.

Goodwill and Other Intangible Assets, Net - Changes in Carrying Amount of Goodwill (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Goodwill [Roll Forward]

Goodwill, beginning balance

$ 964.8

$ 924.3

Goodwill acquired

44.6

63.2

Foreign currency

9.6

(22.7)

Allocated to divestiture of business(a)

(2.7)

Goodwill, ending Balance

1,016.3

964.8

Industrial Process

Goodwill [Roll Forward]

Goodwill, beginning balance

398.7

352.4

Goodwill acquired

0.0

62.9

Foreign currency

4.3

(16.6)

Allocated to divestiture of business(a)

0.0

Goodwill, ending Balance

403.0

398.7

Motion Technologies

Goodwill [Roll Forward]

Goodwill, beginning balance

287.7

292.3

Goodwill acquired

0.0

Foreign currency

4.6

(4.6)

Allocated to divestiture of business(a)

0.0

Goodwill, ending Balance

292.3

287.7

Connect & Control Technologies

Goodwill [Roll Forward]

Goodwill, beginning balance

278.4

279.6

Goodwill acquired

44.6

0.3

Foreign currency

0.7

(1.5)

Allocated to divestiture of business(a)

^[1]

(2.7)

Goodwill, ending Balance

321.0

$ 278.4

Matrix

Goodwill [Roll Forward]

Allocated to divestiture of business(a)

0.3

Enivate product line

Goodwill [Roll Forward]

Allocated to divestiture of business(a)

$ 2.4

[1]

During the fourth quarter of 2023, we completed the sale of our Matrix business, which was previously included within our CCT segment. Goodwill of $0.3 was allocated to the divestiture. Additionally, during the second quarter of 2023, we completed the sale of a product line within our CCT segment. Goodwill of $2.4 was allocated to the divestiture. See Note 22, Acquisitions, Investments, and Divestitures, for further information.

Receivables - Rollforward of Allowance for Credit Losses (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Accounts Receivable, Allowance for Credit Loss [Roll Forward]

Total allowance for credit losses as of January 1

$ 12.2

$ 12.5

$ 15.6

Charges (recoveries) to income(a)

2.2

^[1]

2.0

(2.0)

Write-offs

(0.9)

(2.0)

(1.0)

Foreign currency and other

0.7

(0.3)

(0.1)

Total allowance for credit losses as of December 31

$ 14.2

$ 12.2

$ 12.5

[1]	(a) During the years ended December 31, 2023 and 2022, we recognized bad debt expense of $1.2 and $1.6, respectively, relating to impacts stemming from the Russia-Ukraine war. See Note 1, Description of Business and Basis of Presentation, for further information.

Postretirement Benefit Plans - Amount Recognized in Accumulated Other Comprehensive Income Loss (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	$ 9.9	$ 9.1
Prior service cost (benefit)	(18.2)	(24.3)
Total	(8.3)	(15.2)
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	9.5	5.7
Prior service cost (benefit)	0.3	0.3
Total	9.8	6.0
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	0.4	3.4
Prior service cost (benefit)	(18.5)	(24.6)
Total	$ (18.1)	$ (21.2)

Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Tax provision at U.S. statutory rate	21.00%	21.00%	21.00%
State and local income tax	0.90%	1.10%	0.60%
U.S. tax on foreign earnings	1.30%	0.60%	0.10%
Italy patent box	(1.10%)	(1.20%)	(1.30%)
Foreign-Derived Intangible Income ("FDII")	(1.20%)	(1.10%)	(0.50%)
Excess tax benefits on stock-based compensation	(0.20%)	(0.50%)	(0.60%)
Audit settlements and unrecognized tax benefits	2.70%	(0.20%)	(1.00%)
Valuation allowance on deferred tax assets	(3.10%)	(0.20%)	(0.40%)
Tax on undistributed foreign earnings	0.30%	(0.10%)	0.80%
Asbestos divestiture	0.00%	0.00%	18.90%
Foreign tax rate differential	1.60%	0.00%	(0.20%)
Amended tax return	(1.00%)	0.00%	0.00%
Other adjustments	(1.00%)	0.30%	(0.20%)
Effective income tax rate	20.20%	19.70%	37.20%
U.S. tax on foreign earnings	$ 6.8

Debt - Commercial Paper (Details) - USD ($)
$ in Millions

Dec. 31, 2023

Dec. 31, 2022

Short-term Debt [Line Items]

Commercial paper(a)

$ 184.9

^[1]

$ 448.3

United States

Short-term Debt [Line Items]

Commercial paper(a)

$ 184.9

$ 299.2

Short-term Debt, Weighted Average Interest Rate, at Point in Time

5.61%

4.92%

Europe [Member]

Short-term Debt [Line Items]

Commercial paper(a)

$ 0.0

$ 149.1

Short-term Debt, Weighted Average Interest Rate, at Point in Time

2.31%

[1]

The decrease in commercial paper outstanding from December 31, 2022 to December 31, 2023 was primarily related to higher share repurchase and acquisition activity in the prior year that was financed using commercial paper, and timing of repayments. See Note 18, Capital Stock, and Note 22, Acquisitions, Investments, and Divestitures, for additional information.

Capital Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Aggregate common stock and preferred stock authorized	300,000,000
Common stock, authorized	250,000,000.0
Common stock, par value	$ 1
Preferred Stock, authorized	50,000,000
Preferred Stock, outstanding	0
Dividends declared per common share	$ 1.160	$ 1.056	$ 0.880
Cost of shares repurchased	$ 60.5	$ 245.3	$ 104.8
Settlement of Tax Withholding on Employee Equity Compensation [Member]
Class of Stock [Line Items]
Shares repurchased	100,000	100,000	100,000
Cost of shares repurchased	$ 7.2	$ 8.8	$ 11.7
2019 Share Repurchase Program
Class of Stock [Line Items]
Share repurchase program	$ 500.0
Shares repurchased	700,000	3,000,000.0	1,200,000
Cost of shares repurchased	$ 60.5	$ 245.3	$ 104.8
Stock Repurchase Program, Remaining Authorized Repurchase Amount	78.8
Stock Issued During Period, Value, Other	0.5
2006 Share Repurchase Program [Member]
Class of Stock [Line Items]
Share repurchase program	$ 1,000.0

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Components of Inventories, Net

The following table summarizes our inventories.


As of December 31	2023		2022
Raw materials	$	366.6	$	342.7
Work in process	111.8		104.6
Finished goods	97.0		86.6
Inventories(a)	$	575.4	$	533.9

(a) During the years ended December 31, 2023 and 2022, we recorded inventory write-downs of $1.1 and $5.2, respectively, related to inventories held by entities impacted by the Russia-Ukraine war. See Note 1, Description of Business and Basis of Presentation, for further information.

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tax Note Textuals [Line Items]
Unrecognized Tax Benefits, Interest on Income Taxes Expense	$ 0.1	$ 0.0	$ 0.7
Undistributed Earnings of Foreign Subsidiaries Not Indefinitely Reinvested	1,246.2
Indefinitely Reinvested Excess of Financial Reporting Over Tax Basis	325.5
Share-based Payment Arrangement, Exercise of Option, Tax Benefit	0.9	$ 2.4	$ 3.2
Continuing Operations [Member]
Tax Note Textuals [Line Items]
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 4.4

Investments - CRP (Details) $ in Millions	12 Months Ended
Investments - CRP (Details) $ in Millions	Dec. 31, 2023 USD ($)
CRP Technology Srl
Asset Acquisition [Line Items]
Equity Method Investment, Ownership Percentage	46.00%
CRP USA LLC
Asset Acquisition [Line Items]
Equity Method Investment, Ownership Percentage	33.00%
Minority Investment in CRP Technology
Asset Acquisition [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 23.0
Minority Investment in CRP USA LLC
Asset Acquisition [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 1.4

Restructuring - Restructuring Liability Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring liability as of January 1	$ 3.9	$ 11.0
Restructuring costs	10.9	5.1
Reversal of prior accruals	(1.0)	(1.3)
Cash payments	(7.3)	(10.5)
Asset write-offs	(1.8)	(0.1)
Foreign exchange translation and other	0.1	(0.3)
Restructuring liability as of December 31	4.8	3.9
Severance and other employee-related
Restructuring Cost and Reserve [Line Items]
Restructuring liability as of January 1	3.9
Restructuring liability as of December 31	4.5	3.9
Other
Restructuring Cost and Reserve [Line Items]
Restructuring liability as of January 1	0.0
Restructuring liability as of December 31	$ 0.3	$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Outstanding Debt

The following table summarizes our outstanding debt obligations.


As of December 31	2023		2022
Commercial paper(a)	$	184.9	$	448.3
Short-term loans	0.5		0.5
Current maturities of long-term debt	2.3		2.2
Total short-term borrowings	187.7		451.0
Non-current maturities of long-term debt	5.7		7.7
Total debt	$	193.4	$	458.7

(a)The decrease in commercial paper outstanding from December 31, 2022 to December 31, 2023 was primarily related to higher share repurchase and acquisition activity in the prior year that was financed using commercial paper, and timing of repayments. See Note 18, Capital Stock, and Note 22, Acquisitions, Investments, and Divestitures, for additional information.

Schedule of Commercial Paper

The following table presents our outstanding commercial paper borrowings and associated weighted average interest rates.


As of or for the Year Ended December 31	2023			2022
Commercial Paper Outstanding - U.S. Program	$	184.9		$	299.2
Commercial Paper Outstanding - Euro Program	—			149.1
Total Commercial Paper Outstanding	$	184.9		$	448.3
Weighted Average Interest Rate - U.S. Program	5.61		%	4.92		%
Weighted Average Interest Rate - Euro Program	N/A			2.31		%

Outstanding commercial paper for both periods had maturity terms less than three months from the date of issuance.

Inventories - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
RUSSIAN FEDERATION
Inventory Write-down	$ 1.1	$ 5.2

Other Intangible Assets - Intangibles by Type (Details) - USD ($)
$ in Millions

Dec. 31, 2023

Dec. 31, 2022

Finite-Lived Intangible Assets [Line Items]

Total finite-lived intangibles

$ 285.9

$ 268.3

Accumulated amortization

(188.4)

(174.5)

Finite-live intangible asset, net

97.5

93.8

Indefinite-lived intangibles

19.1

19.0

Other intangible assets

305.0

287.3

Other intangible assets, net

116.6

112.8

Customer relationships(a)

Finite-Lived Intangible Assets [Line Items]

Total finite-lived intangibles

202.4

191.5

Accumulated amortization

(138.4)

(127.1)

Finite-live intangible asset, net

64.0

^[1]

64.4

Proprietary technology

Finite-Lived Intangible Assets [Line Items]

Total finite-lived intangibles

61.5

59.2

Accumulated amortization

(32.5)

(30.8)

Finite-live intangible asset, net

29.0

28.4

Trademarks and other

Finite-Lived Intangible Assets [Line Items]

Total finite-lived intangibles

22.0

17.6

Accumulated amortization

(17.5)

(16.6)

Finite-live intangible asset, net

4.5

$ 1.0

Trade Names

Finite-Lived Intangible Assets [Line Items]

Finite-Lived Customer Relationships, Gross

$ 5.5

[1]

During the fourth quarter of 2023, we completed the sale of our Matrix business, which was previously included within our CCT segment. Customer relationships with a net book value of $5.5 were written off as part of the divestiture. See Note 22, Acquisitions, Investments, and Divestitures, for further information

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, shares authorized	250.0
Common stock, par value	$ 1
Common stock, shares issued	82.1	82.7

Goodwill and Other Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The following table provides a rollforward of the carrying amount of our goodwill by segment.


	Motion Technologies		Industrial Process		Connect & Control Technologies		Total
Goodwill as of December 31, 2021	$	292.3	$	352.4	$	279.6	$	924.3
Goodwill acquired	—		62.9		0.3		63.2


Foreign currency translation	(4.6)		(16.6)		(1.5)		(22.7)
Goodwill as of December 31, 2022	$	287.7	$	398.7	$	278.4	$	964.8
Goodwill acquired	—		—		44.6		44.6

Allocated to divestiture of business(a)	—		—		(2.7)		(2.7)
Foreign currency translation	4.6		4.3		0.7		9.6
Goodwill as of December 31, 2023	$	292.3	$	403.0	$	321.0	$	1,016.3

(a)During the fourth quarter of 2023, we completed the sale of our Matrix business, which was previously included within our CCT segment. Goodwill of $0.3 was allocated to the divestiture. Additionally, during the second quarter of 2023, we completed the sale of a product line within our CCT segment. Goodwill of $2.4 was allocated to the divestiture. See Note 22, Acquisitions, Investments, and Divestitures, for further information.

Other Intangible Assets

The following table summarizes our other intangible assets, net of accumulated amortization.


	2023						2022
As of December 31	Gross Carrying Amount		Accumulated Amortization		Net Intangibles		Gross Carrying Amount		Accumulated Amortization		Net Intangibles
Customer relationships(a)	$	202.4	$	(138.4)	$	64.0	$	191.5	$	(127.1)	$	64.4
Proprietary technology	61.5		(32.5)		29.0		59.2		(30.8)		28.4
Trademarks and other	22.0		(17.5)		4.5		17.6		(16.6)		1.0
Total finite-lived intangibles	285.9		(188.4)		97.5		268.3		(174.5)		93.8
Indefinite-lived intangibles	19.1		—		19.1		19.0		—		19.0
Other intangible assets	$	305.0	$	(188.4)	$	116.6	$	287.3	$	(174.5)	$	112.8

(a)During the fourth quarter of 2023, we completed the sale of our Matrix business, which was previously included within our CCT segment. Customer relationships with a net book value of $5.5 were written off as part of the divestiture. See Note 22, Acquisitions, Investments, and Divestitures, for further information.

Estimated Amortization Expense Related to Intangible Assets

Amortization expense related to intangible assets for 2023, 2022 and 2021 was $19.1, $20.8, and $18.9, respectively. Estimated amortization expense for each of the five succeeding years and thereafter is as follows:


2024	$	15.9
2025	14.0
2026	10.7
2027	8.7
2028	8.7
Thereafter	39.5

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

In connection with the acquisition of Micro-Mode in May 2023, we acquired intangible assets with a preliminary fair value of $28.7. These intangible assets consist of the following:


	Useful life (in years)	Fair value
Customer relationships	20	$	18.5
Developed technology	20	5.5
Trade name	20	2.3
Backlog	<2	1.9
Other	10	0.5
Total intangible assets acquired		$	28.7

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Revenue (Notes)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

REVENUE

The following table represents our revenue disaggregated by end market.


For the Year Ended December 31, 2023	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	1,423.7		$	—		$	—		$	(0.1)		$	1,423.6
Chemical and industrial pumps		—			893.0			—			(0.1)			892.9
Aerospace and defense		8.4			—			377.3			—			385.7
General industrial		25.7			—			270.7			(3.6)			292.8
Energy		—			236.6			51.4			—			288.0
Total		$	1,457.8		$	1,129.6		$	699.4		$	(3.8)		$	3,283.0

For the Year Ended December 31, 2022
Auto and rail		$	1,336.1		$	—		$	—		$	(0.1)		$	1,336.0
Chemical and industrial pumps		—			780.9			—			(0.1)			780.8
Aerospace and defense		7.8			—			316.9			—			324.7
General industrial		30.1			—			285.1			(2.7)			312.5
Energy		—			190.1			43.6			—			233.7
Total		$	1,374.0		$	971.0		$	645.6		$	(2.9)		$	2,987.7

For the Year Ended December 31, 2021
Auto and rail		$	1,335.1		$	—		$	—		$	—		$	1,335.1
Chemical and industrial pumps		—			659.0			—			—			659.0
Aerospace and defense		8.3			—			261.4			—			269.7
General industrial		25.2			—			255.2			(1.5)			278.9
Energy		—			184.2			38.1			—			222.3
Total		$	1,368.6		$	843.2		$	554.7		$	(1.5)		$	2,765.0

During 2023, 2022, and 2021, a single external customer, Continental AG, accounted for 7.3%, 8.4%, and 9.8% of consolidated ITT revenue, respectively. Revenue from this customer is reported within our Motion Technologies segment.

Revenue recognized related to our Industrial Process segment primarily consists of pumps, valves and plant optimization systems and related services which serve the general industrial, energy, chemical and petrochemical, pharmaceutical, mining, pulp and paper, food and beverage, and power generation markets. Many of Industrial Process’s products are highly engineered and customized to our customer needs and therefore do not have an alternative use. For these longer term design and build projects, if the contract states that we also have an enforceable right to payment, we recognize revenue over time using the cost-to-cost method as we satisfy the performance obligations identified in the contract. If no right to payment exists, revenue is recognized at a point in time, generally based on shipping terms. A majority of our design and build project contracts currently do not have a right to payment. For pumps that do have an alternative use to us, revenue is recognized at a point in time. Revenue on service and repair contracts, representing 4%, 4%, and 3% of consolidated ITT revenue in 2023, 2022, and 2021, respectively, is recognized after the services have been rendered or over the service contract period.

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

Contract Assets and Liabilities

Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings. Contract liabilities consist of advance payments and billings in excess of revenue recognized. The following table represents our net contract assets and liabilities.


As of December 31	2023			2022
Current contract assets		$	25.8		$	26.3
Noncurrent contract assets		1.6			1.2
Current contract liabilities		(95.9)			(70.2)
Noncurrent contract liabilities		(4.5)			(4.4)
Net contract liabilities		$	(73.0)		$	(47.1)

Our net contract liability increased $25.9 during 2023, primarily due to timing of cash receipts relative to project performance within our IP segment. During 2023, we recognized revenue of $49.2 related to contract liabilities at December 31, 2022.

The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations was $1,246.5 as of December 31, 2023. Of this amount, we expect to recognize approximately $1,030 to $1,050 of revenue during 2024 and the remainder thereafter.

As of December 31, 2023 and 2022, deferred contract costs, net were $3.8 and $4.5, respectively, primarily related to pre-contract costs. During 2023 and 2022, we amortized $0.7 and $1.0, respectively.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Earnings Per Share - Antidilutive Shares (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options	0.1	0.0	0.0

Other Current and Non-Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

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

Components of Other Current and Non-Current Assets

The following table summarizes our other current and non-current assets.


As of December 31	2023		2022
Advance payments and other prepaid expenses	$	55.3	$	45.0
Current contract assets, net	25.8		26.3
Prepaid income taxes	16.9		25.1

Other	19.9		16.5
Other current assets	$	117.9	$	112.9
Other employee benefit-related assets	$	128.6	$	119.8
Operating lease right-of-use assets	87.4		73.8
Deferred income taxes	76.0		54.7
Equity method and other investments	46.6		42.9
Capitalized software costs	7.9		12.4
Environmental-related assets	6.0		9.6
Other	28.5		25.9
Other non-current assets	$	381.0	$	339.1

Income Taxes - Rollforward of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits – January 1	$ 6.7	$ 7.6	$ 41.5
Additions for:
Current year tax positions	1.4	1.7	0.6
Prior year tax positions	0.5	0.3	0.1
Reductions for:
Prior year tax positions	(0.6)	(0.1)	(5.5)
Expiration of statute of limitations	(2.3)	(2.8)	(19.7)
Settlements	0.0	0.0	(9.4)
Unrecognized tax benefits – December 31	$ 5.7	$ 6.7	$ 7.6

Inventories - Government Assistance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Italian Government Energy Subsidy Grant	$ 6.3	$ 7.3

Accrued Liabilities and Other Non-Current Liabilities (Notes)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Liabilities and Other Non-Current Liabilities

ACCRUED LIABILITIES AND OTHER NON-CURRENT LIABILITIES

The following table summarizes our accrued liabilities and other non-current liabilities.


As of December 31	2023		2022
Compensation and other employee-related benefits	$	165.5	$	134.4
Contract liabilities and other customer-related liabilities	133.6		92.2
Accrued income taxes and other tax-related liabilities	30.7		27.1
Operating lease liabilities	19.5		19.0
Accrued warranty costs	14.0		14.3
Environmental and other legal matters	5.8		5.7
Accrued restructuring costs	4.8		3.9

Other	39.2		36.8
Accrued and other current liabilities	$	413.1	$	333.4
Operating lease liabilities	$	72.3	$	58.9
Environmental liabilities	52.0		53.1
Deferred income taxes and other tax-related liabilities	25.0		31.1
Compensation and other employee-related benefits	38.0		25.0
Non-current maturities of long-term debt	5.7		7.7
Other	24.0		24.4
Other non-current liabilities	$	217.0	$	200.2

Supply Chain Financing

Other Current and Non-Current Assets - Component Details (Details) - USD ($)
$ in Millions

Dec. 31, 2023

Dec. 31, 2022

Advance payments and other prepaid expenses

$ 55.3

$ 45.0

Current contract assets, net

25.8

26.3

Prepaid income taxes

16.9

25.1

Other

19.9

16.5

Other current assets

117.9

112.9

Other employee benefit-related assets

$ 128.6

$ 119.8

Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]

Other non-current assets

Operating lease right-of-use assets

$ 87.4

$ 73.8

Deferred income taxes

76.0

54.7

^[1]

Equity method and other investments

46.6

42.9

Capitalized software costs

7.9

12.4

Environmental-related assets

6.0

9.6

Other

28.5

25.9

Other non-current assets

$ 381.0

$ 339.1

[1]

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

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

The following table displays our future lease obligations related to non-cancellable operating leases with an initial term in excess of 12 months as of December 31, 2023.


2024	$	23.1
2025	20.0
2026	17.1
2027	12.4
2028	9.3
Thereafter	23.0
Total undiscounted future operating lease obligations	104.9
Less: imputed interest	13.1
Present value of future operating lease obligations(a)	$	91.8

Lease, Cost

The following table includes other supplemental information regarding our operating leases.


As of or for the Year Ended December 31	2023			2022
Operating cash outflows from operating leases(a)	$	24.5		$	25.9
Right-of-use assets obtained in exchange for new operating lease liabilities	$	32.5		$	18.3
Weighted average remaining lease term (in years)	6.1			5.8
Weighted average discount rate(b)	3.4		%	2.7		%

(a)Included within Other, net in our Consolidated Statements of Cash Flows.

(b)We use a discount rate for each lease based on an estimated incremental borrowing rate over a similar term as the lease, as the discount rate implicit in each lease cannot be readily determined.

Recent Accounting Pronouncements (Notes)	12 Months Ended
Recent Accounting Pronouncements (Notes)	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS From time to time, the Financial Accounting Standards Board (“FASB”) or other standards setting bodies issue new accounting pronouncements. Updates to the FASB's accounting standards are communicated through issuance of an Accounting Standards Update (“ASU”). The Company considers the applicability and impact of all ASUs on our business and financial results. Recently issued accounting pronouncements not yet adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. This ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We are currently evaluating the impact that this guidance will have on the disclosures within our financial statements, and expect to adopt this ASU for the year ending December 31, 2024. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires disclosure of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The amendment also includes other changes to improve the effectiveness of income tax disclosures, including further disaggregation of income taxes paid for individually significant jurisdictions. This ASU is effective for annual periods beginning after December 15, 2024. Adoption of this ASU should be applied on a prospective basis. Early adoption is permitted. We are currently evaluating the impact that this guidance will have on the disclosures within our financial statements, and expect to adopt this ASU for the year ending December 31, 2025. During 2023, there were no other new accounting standards issued, or that are pending issuance, that are expected to have a material impact on our consolidated financial statements upon adoption.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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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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-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accrued Liabilities and Other Non-Current Liabilities - Component Details (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Compensation and other employee-related benefits	$ 165.5	$ 134.4
Contract liabilities and other customer-related liabilities	133.6	92.2
Accrued income taxes and other tax-related liabilities	30.7	27.1
Operating lease liabilities	19.5	19.0
Accrued warranty costs	14.0	14.3
Environmental and other legal matters	5.8	5.7
Accrued restructuring costs	4.8	3.9
Other	39.2	36.8
Accrued and other current liabilities	413.1	333.4
Operating lease liabilities	72.3	58.9
Environmental liabilities	52.0	53.1
Deferred income taxes and other tax-related liabilities	25.0	31.1
Compensation and other employee-related benefits	38.0	25.0
Non-current maturities of long-term debt	5.7	7.7
Other	24.0	24.4
Other non-current liabilities	217.0	200.2
Accounts Payable, Other, Current	$ 19.7	$ 12.9

Restructuring Actions (Notes)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Actions

RESTRUCTURING ACTIONS

From time to time, we initiate restructuring actions to optimize our cost structure, improve operational efficiencies, align our workforce with strategic business initiatives, or integrate acquired businesses. For the years ended December 31, 2023, 2022, and 2021, none of our restructuring activities were considered individually significant. Restructuring costs are recorded within General and administrative expenses in our Consolidated Statements of Operations.

The following table summarizes our restructuring costs by component and by segment.


For the Year Ended December 31	2023		2022		2021
By component:
Severance and other employee-related costs	$	8.0	$	3.5	$	8.0
Asset write-offs	1.8		0.1		0.6
Other	0.1		0.2		1.0
Total restructuring costs	$	9.9	$	3.8	$	9.6
By segment:
Motion Technologies	$	4.0	$	2.7	$	3.9
Industrial Process	4.6		1.3		3.1
Connect & Control Technologies	1.3		—		2.4
Corporate and Other	—		(0.2)		0.2
Total restructuring costs	$	9.9	$	3.8	$	9.6

The following table displays a rollforward of our total restructuring liability, which is included within Accrued and other current liabilities in our Consolidated Balance Sheets.


	2023		2022
Restructuring liability as of January 1	$	3.9	$	11.0
Restructuring costs	10.9		5.1
Reversal of prior accruals	(1.0)		(1.3)
Cash payments	(7.3)		(10.5)
Asset write-offs	(1.8)		(0.1)
Foreign exchange translation and other	0.1		(0.3)
Restructuring liability as of December 31	$	4.8	$	3.9
By accrual type:
Severance and other employee-related	$	4.5	$	3.9
Other	0.3		—

Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization expense related to finite-lived intangible assets	$ 19.1	$ 20.8	$ 18.9
Customer relationships(a)
Finite-Lived Intangible Assets [Line Items]
Weighted average period (in years)	13 years 7 months 6 days
Proprietary technology
Finite-Lived Intangible Assets [Line Items]
Weighted average period (in years)	14 years 4 months 24 days
Trademarks and other
Finite-Lived Intangible Assets [Line Items]
Weighted average period (in years)	7 years 1 month 6 days

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Basic and Diluted Loss Per Share


For the Year Ended December 31	2023	2022	2021
Basic weighted average common shares outstanding	82.3	83.4	86.0
Add: Dilutive impact of outstanding equity awards	0.4	0.3	0.5
Diluted weighted average common shares outstanding	82.7	83.7	86.5

Debt - Debt by Type (Details) - USD ($)
$ in Millions

Dec. 31, 2023

Dec. 31, 2022

Debt Disclosure [Abstract]

Commercial paper(a)

$ 184.9

^[1]

$ 448.3

Short-term loans

0.5

Current maturities of long-term debt

2.3

2.2

Total short-term borrowings

187.7

451.0

Non-current maturities of long-term debt

5.7

7.7

Total debt

$ 193.4

$ 458.7

[1]

Plant, Property and Equipment - PPE by Type (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Machinery and equipment	$ 1,317.9	$ 1,208.3
Buildings and improvements	298.4	277.6
Furniture, fixtures and office equipment	83.7	80.5
Construction in progress	78.1	86.9
Land and improvements	29.5	29.3
Other	1.7	3.3
Plant, property and equipment, gross	1,809.3	1,685.9
Less: accumulated depreciation	(1,248.3)	(1,159.1)
Plant, property and equipment, net	$ 561.0	$ 526.8

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business ITT Inc. is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. Unless the context otherwise indicates, references herein to "ITT," "the Company," and such words as "we," "us," and "our" include ITT Inc. and its subsidiaries. ITT operates in three segments: Motion Technologies, consisting of friction materials, and shock and vibration equipment; Industrial Process, consisting of industrial flow equipment and services; and Connect & Control Technologies, consisting of electronic connectors, fluid handling, motion control, composite materials, and noise and energy absorption products. Financial information for our segments is presented in Note 3, Segment Information. Business Combination On May 2, 2023, we completed the acquisition of Micro-Mode Products, Inc. (Micro-Mode) for a purchase price of $79.3, net of cash acquired. Subsequent to the acquisition, Micro-Mode’s results are reported within our CCT segment. Refer to Note 22, Acquisitions, Investments, and Divestitures, for further information. Russia-Ukraine War In February 2022, the United States and other leading nations announced targeted economic sanctions on Russia and certain Russian citizens in response to Russia’s war with Ukraine, which has increased regional instability and global economic and political uncertainty. As described in Part I, Item 1A, Risk Factors, our business may be sensitive to global economic conditions, which can be negatively impacted by instability in the geopolitical environment. During the years ended December 31, 2023 and 2022, we recorded total pre-tax charges of $2.5 and $7.9, primarily related to suspending our business in Russia. Basis of Presentation The Consolidated Financial Statements and Notes thereto were prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, accounting for business combinations, goodwill and other intangible asset impairment testing, environmental liabilities, allowance for credit losses and inventory valuation. Actual results could differ from these estimates. Certain prior year amounts have been reclassified to conform to the current year presentation.
Principles of Consolidation	Principles of Consolidation Our consolidated financial statements include the accounts of all majority-owned subsidiaries. ITT consolidates companies in which it has a controlling financial interest or when ITT is considered the primary beneficiary of a variable interest entity. The results of companies acquired or disposed of during the fiscal year are included in the Consolidated Financial Statements from the effective date of acquisition or up to the date of disposal. All intercompany transactions have been eliminated.
Revenue Recognition	Revenue Recognition Revenue is derived from the sale of products and services to customers. We recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. For product sales, we consider practical and contractual limitations in determining whether there is an alternative use for the product. For example, long-term design and build contracts are typically highly customized to a customer’s specifications. For contracts with no alternative use and an enforceable right to payment for work performed to date, including a reasonable profit if the contract were to be terminated at the customer’s convenience for reason other than nonperformance, we recognize revenue over time. All other product sales are recognized at a point in time. For contracts recognized over time, we use the cost-to-cost method or the units-of-delivery method, depending on the nature of the contract, including length of production time. For contracts recognized at a point in time, we recognize revenue when control passes to the customer, which is generally based on shipping terms that address when title and risk and rewards pass to the customer. However, we also consider certain customer acceptance provisions as certain contracts with customers include installation, testing, certification or other acceptance provisions. In instances where contractual terms include a provision for customer acceptance, we consider whether we have previously demonstrated that the product meets objective criteria specified by either the seller or customer in assessing whether control has passed to the customer. For service contracts, we recognize revenue as the services are rendered if the customer is benefiting from the service as it is performed, or otherwise upon completion of the service. Separately priced extended warranties are recognized as a separate performance obligation over the warranty period. The transaction price in our contracts consists of fixed consideration and the impact of variable consideration including returns, rebates and allowances, and penalties. Variable consideration is generally estimated using a probability-weighted approach based on historical experience, known trends, and current factors including market conditions and status of negotiations. When there is more than one performance obligation, the transaction price is allocated to the performance obligations based on the relative estimated standalone selling prices. If not sold separately, estimated standalone selling prices are determined considering various factors including market and pricing trends, geography, product customization, and profit objectives. Revenue is recognized when the appropriate revenue recognition criteria for the individual performance obligations have been satisfied. Revenue is reported net of any required taxes collected from customers and remitted to government authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Shipping and handling activities are accounted for as activities to fulfill a promise to transfer a product to a customer. As such, shipping and handling activities are not evaluated as a separate performance obligation. For most contracts, payment is due from the customer within 30 to 90 days after the product is delivered or the service has been performed. For design and build contracts, we generally collect progress payments from the customer throughout the term of the contract, resulting in contract assets or liabilities depending on the timing of the payments. Contract assets consist of unbilled amounts when revenue recognized exceeds customer billings. Contract liabilities consist of advance payments and billings in excess of revenue recognized. Design and engineering costs for highly complex products to be sold under a long-term production-type contract are capitalized and amortized in a manner consistent with revenue recognition of the related contract or anticipated contract. Other design and development costs are capitalized only if there is a contractual guarantee for reimbursement. Costs to obtain a contract (e.g., commissions) for contracts greater than one year are capitalized and amortized in a manner consistent with revenue recognition of the related contract.
Product Warranties	Product Warranties Our standard product warranty terms generally include post-sales support and repairs or replacement of a product at no additional charge for a specified period of time. Accruals for estimated expenses related to product warranties are made at the time revenue is recognized and are recorded as a component of costs of revenue. We estimate the liability for warranty claims based on our standard warranties, the historical frequency of claims and the cost to replace or repair our products under warranty. Factors that influence our warranty liability include the number of units sold, the length of warranty term, historical and anticipated rates of warranty claims and the cost per claim.
Postretirement Benefit Plans	Postretirement Benefit Plans ITT sponsors numerous pension and other employee-related defined benefit plans (collectively, postretirement benefit plans). Substantially all of our U.S. postretirement benefit plans are closed to new participants. Postretirement benefit obligations are generally determined, where applicable, based on participant years of service, future compensation, age at retirement or termination, and the assumed rate of future healthcare cost increases. The determination of projected benefit obligations and the recognition of expenses related to postretirement benefit plans are dependent on various assumptions that are judgmental. The assumptions involved in the measurement of our postretirement benefit plan obligations and net periodic postretirement costs primarily relate to discount rates, mortality and termination rates, and other factors. Management develops each assumption using relevant Company experience in conjunction with market-related data for each individual country in which such plans exist. Actual results that differ from our assumptions are accumulated and are amortized over the estimated future working life, or remaining lifetime, of the plan participants depending on the nature of the retirement plan. The funded status of all plans is recorded on our balance sheet. Actuarial gains and losses and prior service costs or credits that have not yet been recognized through net income are recorded in accumulated other comprehensive income within shareholders’ equity, net of taxes, until they are amortized as a component of net periodic postretirement cost.
Research and Development	Research & Development Research and development activities are charged to expense as incurred. R&D as a percentage of sales was 3.1%, 3.2%, and 3.4% during 2023, 2022 and 2021, respectively.
Income Taxes	Income Taxes We determine the provision for income taxes using the asset and liability approach. Under this approach, deferred income tax assets and liabilities are determined based on the estimated future tax effects of differences between the financial reporting and tax bases of assets and liabilities, applying currently enacted tax rates in effect for the year in which we expect the differences will reverse. The ultimate realization of deferred tax assets is dependent on the generation of future taxable income (including the reversals of deferred tax liabilities) during the periods in which those deferred tax assets will become deductible. We record a valuation allowance against our deferred tax assets when it is more likely than not that all or a portion of the deferred tax assets will not be realized. In assessing the need for a valuation allowance, the Company considers all available positive and negative evidence regarding the realizability of its deferred tax assets, including the future reversal of existing taxable temporary differences, taxable income in carryback periods, prudent and feasible tax planning strategies, estimated future taxable income, and whether we have a recent history of losses. The valuation allowance can be affected by changes to tax regulations, interpretations and rulings, changes to enacted statutory tax rates, and changes to future taxable income estimates. We have not provided deferred tax liabilities for the impact of U.S. income taxes on book over tax basis which we consider indefinitely reinvested outside the U.S. We plan foreign earnings remittance amounts based on projected cash flow needs, as well as the working capital and long-term investment requirements of foreign subsidiaries and our domestic operations. Furthermore, we recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position in consideration of applicable tax statutes and related interpretations and precedents and the expected outcome of the proceedings (or negotiations) with the taxing authorities. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized on ultimate settlement. The Company has elected to account for Global Intangible Low Taxed Income as a current period expense when incurred. See Note 6, Income Taxes, for additional information.
Earnings Per Share	Earnings Per Share Basic earnings per common share considers the weighted average number of common shares outstanding. Diluted earnings per share considers the outstanding shares utilized in the basic earnings per share calculation as well as the dilutive effect of outstanding stock options and restricted stock that do not contain rights to nonforfeitable dividends. Diluted shares outstanding include the dilutive effect of in-the-money options, unvested restricted stock units and unvested performance stock units. The dilutive effect of such equity awards is calculated based on the average share price for each reporting period using the treasury stock method. Common stock equivalents are excluded from the computation of earnings per share if they have an anti-dilutive effect. See Note 7, Earnings Per Share Data, for additional information.
Cash and Cash Equivalents	Cash and Cash Equivalents ITT considers all highly liquid investments purchased with an original maturity or remaining maturity at the time of purchase of three months or less to be cash equivalents. Cash equivalents primarily include fixed-maturity time deposits and money market investments. Restricted cash was $0.7 as of December 31, 2023 and December 31, 2022. Restricted cash is presented within Other current assets and Other non-current assets in our Consolidated Balance Sheets.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject ITT to significant concentrations of credit risk consist principally of cash and cash equivalents, accounts and notes receivables from trade customers, investments, and derivative financial instruments. We maintain cash and cash equivalents with various financial institutions located in different geographical regions, and our policy is designed to limit exposure to any individual counterparty. Derivative financial instruments are transacted with multiple highly reputable financial institutions. As part of our risk management processes, we perform periodic evaluations of the relative credit standing of the financial institutions with which we transact. We have not sustained any material credit losses during the previous three years with respect to financial instruments held at financial institutions. Credit risk with respect to accounts receivable is generally diversified due to the large number of entities comprising ITT’s customer base and their dispersion across many different industries and geographic regions. However, our largest customer represented approximately 10% of the total outstanding trade accounts receivable balances as of December 31, 2023 and December 31, 2022. Occasionally, we enter into notes receivables with certain of our customers. These notes receivables have maturities of six to 12 months and are guaranteed by reputable banks. ITT performs ongoing credit evaluations of the financial condition of its third-party distributors, resellers and other customers and requires collateral, such as letters of credit and bank guarantees, in certain circumstances.
Allowance for Doubtful Accounts	Allowance for Credit Losses We determine our allowance for credit losses using a combination of factors to reduce our trade receivables and contract asset balances to the net amount expected to be collected. The allowance is based on a variety of factors including the length of time receivables are past due, macroeconomic trends and conditions, significant one-time events, historical experience, and expectations of future economic conditions. We also record an allowance for individual accounts when we become aware of specific customer circumstances, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position. The past due or delinquency status of a receivable is based on the contractual payment terms of the receivable. If circumstances related to the specific customer change, we adjust estimates of the recoverability of receivables as appropriate.
Inventories	Inventories Inventories, which include the costs of material, labor and overhead, are stated at the lower of cost or net realizable value. Cost is generally computed using the standard cost method, which approximates actual cost on a first-in, first-out (FIFO) basis. Variances between standard and actual costs are charged to cost of sales or capitalized to inventory. Estimated losses from obsolete and slow-moving inventories are recorded to reduce inventory values to their estimated net realizable value and are charged to cost of sales. At the point of loss recognition, a new cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in a recovery in carrying value. Inventories valued under the last-in, first-out (LIFO) method represent 13.8% and 13.0% of total 2023 and 2022 inventories, respectively. We have a LIFO reserve of $19.1 and $16.8 recorded as of December 31, 2023 and 2022, respectively.
Plant, Property and Equipment	Plant, Property and Equipment Plant, property and equipment, including capitalized interest applicable to major project expenditures, are recorded at cost. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are depreciated over the life of the lease or the asset, whichever is shorter. Fully depreciated assets are retained in property and accumulated depreciation accounts until disposal. Repairs and maintenance costs are expensed as incurred. See Note 11, Plant, Property and Equipment, Net, for additional information.
Leases	Leases The Company enters into leases for the use of premises and equipment, primarily classified as operating leases. Operating lease costs are recognized as an operating expense over the lease term on a straight-line basis. For leases with terms greater than 12 months, we record a right-of-use asset and lease liability equal to the present value of the lease payments. In determining the discount rate used to measure the right-of-use asset and lease liability, we utilize the Company’s incremental borrowing rate and consider the term of the lease, as well as the geographic location of the leased asset. Where options to renew a lease are available, they are included in the lease term and capitalized on the balance sheet to the extent there would be a significant economic penalty not to elect the option. Certain real estate leases are subject to periodic changes in an index or market rate. Although lease liabilities are not remeasured as a result of changes to an index or rate, these changes are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred. Variable lease expense also includes property tax and property insurance costs. See Note 14, Leases, for additional information.
Capitalized Internal Use Software	Capitalized Internal Use Software Costs incurred in the preliminary project stage of developing or acquiring internal use software are expensed as incurred. After the preliminary project stage is completed, management has approved the project and it is probable that the project will be completed and the software will be used for its intended purpose, ITT capitalizes certain internal and external costs incurred to acquire or create internal use software, principally related to software coding, designing system interfaces and installation and testing of the software. ITT amortizes capitalized internal use software costs using the straight-line method over the estimated useful life of the software, generally from 3 to 7 years.
Investments	Investments Investments in fixed-maturity time deposits having an original maturity exceeding three months at the time of purchase, referred to as short-term time deposits, are classified as held-to-maturity and are recorded at amortized cost, which approximates fair value. There were no short-term time deposits held as of December 31, 2023 and December 31, 2022. Investments in entities where we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in Other noncurrent assets in our Consolidated Balance Sheets. Significant influence typically exists if we have a 20% to 50% ownership interest in the investee. Under this method of accounting, our share of the net earnings or losses of the investee is included in non-operating profit in Other non-operating income, net in our Consolidated Statements of Operations. We evaluate our equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. Investments in entities for which we do not have significant operating influence (we generally hold a less than 20% ownership stake in these entities) are initially recorded at the purchase price. For investments in entities with readily determinable fair values (e.g., publicly traded), the investment is measured at fair value each subsequent reporting period. For investments in entities without a readily determinable fair value, we have made an accounting policy election to measure the investment at cost, adjusted for any impairments and/or observable price changes. In both cases, these investments are included in Other noncurrent assets in our Consolidated Balance Sheets, with any gains or losses and dividends received recognized in non-operating profit in Other non-operating income, net in our Consolidated Statements of Operations. Investments in corporate-owned life insurance (COLI) policies are recorded at their cash surrender values as of the balance sheet date. The Company’s investments in COLI policies are included in other non-current assets in our Consolidated Balance Sheets and were $128.4 and $119.6 at December 31, 2023 and 2022, respectively. Changes in the cash surrender value during the period generally reflect gains or losses in the fair value of assets, premium payments, and policy redemptions. Gains from COLI investments of $4.2, $0.7, and $3.9 were recorded within General and administrative expenses in our Consolidated Statements of Operations during years ended December 31, 2023, 2022 and 2021, respectively. Cash receipts from COLI policies were $0.0, $0.4, and $0.0 during 2023, 2022, and 2021, respectively, and are recognized in investing activities in our Consolidated Statements of Cash Flows.
Long-Lived Asset Impairment	Long-Lived Asset Impairment Long-lived assets, including intangible assets with finite lives and capitalized internal use software, are tested for impairment whenever events or changes in circumstances indicate their carrying value may not be recoverable. We assess the recoverability of long-lived assets based on the undiscounted future cash flow the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When an impairment is identified, we reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents purchase consideration paid in a business combination that exceeds the values assigned to the net assets of the acquired business. Intangible assets include customer relationships, proprietary technology, trademarks, patents and other intangible assets. Intangible assets with a finite life are generally amortized on a straight-line basis over an estimated economic useful life, which generally ranges from 7-20 years, and are tested for impairment if indicators of impairment are identified. Certain of our intangible assets have an indefinite life, namely certain brands and trademarks. Goodwill and indefinite-lived intangible assets are not amortized, but rather are tested for impairment annually (or more frequently if impairment indicators arise, such as changes to the reporting unit structure, significant adverse changes in the business climate or an adverse action or assessment by a regulator). We conduct our annual impairment testing on the first day of the fourth fiscal quarter. We may perform an initial qualitative evaluation which considers present events and circumstances, to determine the likelihood of impairment. If the likelihood of impairment is not considered to be more likely than not, then no further testing is performed. If it is considered to be more likely than not that the asset is impaired based on the qualitative evaluation or we elect not to perform a qualitative evaluation, then a quantitative impairment test is performed. In the quantitative impairment test, the fair value of each reporting unit is compared to its carrying amount. If the fair value of a reporting unit exceeds its carrying value, there is no impairment. If the carrying value of the reporting unit exceeds its estimated fair value, then we record an impairment loss equal to the difference. For indefinite-lived intangibles, if it is considered to be more likely than not that the asset is impaired, we compare the fair value of those assets to their carrying value. We recognize an impairment loss when the estimated fair value of the indefinite-lived intangible asset is less than its carrying value. We estimate the fair value of our reporting units using an income approach. Under the income approach, we estimate fair value based on the present value of estimated future cash flows. We estimate the fair value of our indefinite-lived intangible assets using the relief from royalty method. The relief from royalty method estimates the portion of a company’s earnings attributable to an intellectual property asset based on an assumed royalty rate that the company would have paid had the asset not been owned. See Note 12, Goodwill and Other Intangible Assets, Net, for additional information.
Business Combinations	Business Combinations We allocate the purchase price of acquisitions to the tangible and intangible assets acquired, liabilities assumed, and non-controlling interests in the acquiree based on their estimated fair value at the acquisition date. Changes to acquisition date fair values prior to the expiration of the measurement period, a period not to exceed 12 months from date of acquisition, are recorded as an adjustment to the associated goodwill in the reporting period in which the adjustment amounts are determined. Changes to acquisition date fair values after expiration of the measurement period are recorded in earnings. The excess of the acquisition price over those estimated fair values is recorded as goodwill. Acquisition-related expenses are expensed as incurred and the costs associated with restructuring actions initiated after the acquisition are recognized separately from the business combination. See Note 22, Acquisitions, Investments, and Divestitures, for additional information.
Commitments and Contingencies	Commitments and Contingencies We record accruals for commitments and loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount of loss, and these assessments can involve a series of complex judgments about future events and may rely on estimates and assumptions that have been deemed reasonable by management. We review these accruals quarterly and adjust the accruals to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other current information. See Note 19, Commitments and Contingencies, for additional information.
Environmental-Related Liabilities and Assets	Environmental-Related Liabilities and Assets Accruals for environmental matters are recorded on a site-by-site basis when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. Our estimated liability is reduced to reflect the participation of other potentially responsible parties in those instances where it is probable that such parties are legally responsible and financially capable of paying their respective shares of the relevant costs, and that share can be reasonably estimated. Environmental liabilities are primarily included in other non-current liabilities at undiscounted amounts. The Company records an asset related to its environmental insurance and other expected third party recoveries. The environmental-related asset represents our best estimate of probable recoveries from third parties for costs incurred in past periods, as well as costs estimated to be incurred in future periods. Environmental costs and related recoveries are recorded within General and administrative expenses in our Consolidated Statements of Operations, other than those related to discontinued operations. See Note 19, Commitments and Contingencies, for additional information.
Foreign Currency Translation	Foreign Currency The national currencies of our foreign subsidiaries are generally the functional currencies. Balance Sheet accounts are translated at the exchange rate in effect at the end of each period, except for equity which is translated at historical rates; Statement of Operations accounts are translated at the average rates of exchange prevailing during the period. Gains and losses resulting from foreign currency translation are reflected in the cumulative translation adjustments component of shareholders’ equity. For foreign subsidiaries that do not use the local currency as their functional currency, foreign currency assets and liabilities are remeasured to the foreign subsidiary’s functional currency using end of period exchange rates, except for nonmonetary balance sheet accounts, which are remeasured at historical exchange rates. For transactions denominated in other than the functional currency, revenue and expenses are remeasured at average exchange rates in effect during the reporting period in which the transactions occurred, except for expenses related to nonmonetary assets and liabilities. Transaction gains or losses from foreign currency remeasurement are reported in General and administrative expenses in our Consolidated Statements of Operations. During the years ended December 31, 2023, 2022, and 2021, we recognized transaction (loss)/gain of $(7.0), $6.1 and $1.9, respectively.
Derivative Financial Instruments	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 December 31, 2023 and 2022, no derivatives were designated as hedges. The differentials paid or received on interest rate swap agreements are recognized as adjustments to interest expense. Derivative contracts involve the risk of non-performance by the counterparty. The fair value of our foreign currency contracts are determined using the net position of the contracts and the applicable spot rates and forward rates as of the reporting date. See Note 21, Derivative Financial Instruments, for additional information.

Receivables, Net (Notes)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Receivables, Net

RECEIVABLES, NET

The following table summarizes our receivables and associated allowance for credit losses.


As of December 31	2023		2022
Trade accounts receivable	$	641.3	$	614.0
Notes receivable	25.5		8.2
Other	22.6		18.3
Receivables, gross	689.4		640.5
Less: allowance for credit losses - receivables	(14.2)		(11.7)
Receivables, net	$	675.2	$	628.8

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


As of December 31	2023		2022
Allowance for credit losses - receivables	$	14.2	$	11.7
Allowance for credit losses - contract assets	—		0.5
Total allowance for credit losses	$	14.2	$	12.2

The following table displays a rollforward of our total allowance for credit losses.


	2023		2022		2021
Total allowance for credit losses as of January 1	$	12.2	$	12.5	$	15.6

Charges (recoveries) to income(a)	2.2		2.0		(2.0)
Write-offs	(0.9)		(2.0)		(1.0)
Foreign currency and other	0.7		(0.3)		(0.1)
Total allowance for credit losses as of December 31	$	14.2	$	12.2	$	12.5

(a) During the years ended December 31, 2023 and 2022, we recognized bad debt expense of $1.2 and $1.6, respectively, relating to impacts stemming from the Russia-Ukraine war. See Note 1, Description of Business and Basis of Presentation, for further information.

CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Restricted Cash and Cash Equivalents	$ 0.7	$ 0.7	$ 0.8	$ 0.8

Income Taxes - Income Tax Data from Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (loss) components:
United States	$ 164.6	$ 155.7	$ 199.4
International	354.9	306.1	309.7
Income from continuing operations before income tax	519.5	461.8	509.1
Current income tax expense (benefit):
United States – federal	41.3	32.6	21.1
United States – state and local	5.5	1.2	2.6
International	85.6	54.4	50.2
Total current income tax expense	132.4	88.2	73.9
Deferred income tax expense (benefit) components:
United States – federal	(14.1)	(0.2)	96.9
United States – state and local	(2.7)	3.1	15.5
International	(10.8)	0.0	3.3
Total deferred income tax expense (benefit)	(27.6)	2.9	115.7
Income tax expense	$ 104.8	$ 91.1	$ 189.6
Effective income tax rate	20.20%	19.70%	37.20%

Postretirement Benefit Plans - Rollforward of Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Change in plan assets
Plan assets as of January 1	$ 0.4	$ 0.5
Employer contributions	9.5	11.0
Benefits and expenses paid	(9.1)	(11.1)
Settlement	(0.4)	0.0
Plan assets as of December 31	0.4	0.4
Funded status at end of year	(150.2)	(149.4)
Pension Plan [Member]
Change in plan assets
Plan assets as of January 1	0.4
Plan assets as of December 31	0.4	0.4
Funded status at end of year	(84.0)	(78.7)
Pension Plan [Member] \| International Plan [Member]
Change in plan assets
Plan assets as of January 1	0.4	0.5
Employer contributions	3.6	3.0
Benefits and expenses paid	(3.2)	(3.1)
Settlement	(0.4)	0.0
Plan assets as of December 31	0.4	0.4
Funded status at end of year	(72.8)	(67.5)
Pension Plan [Member] \| United States
Change in plan assets
Plan assets as of January 1	0.0	0.0
Employer contributions	0.9	0.9
Benefits and expenses paid	(0.9)	(0.9)
Settlement	0.0	0.0
Plan assets as of December 31	0.0	0.0
Funded status at end of year	(11.2)	(11.2)
Other Postretirement Benefits Plan [Member]
Change in plan assets
Plan assets as of January 1	0.0	0.0
Employer contributions	5.0	7.1
Benefits and expenses paid	(5.0)	(7.1)
Settlement	0.0	0.0
Plan assets as of December 31	0.0	0.0
Funded status at end of year	$ (66.2)	$ (70.7)

Revenue Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Current contract assets, net	$ 25.8	$ 26.3
Noncurrent contract assets	1.6	1.2
Current contract liabilities	(95.9)	(70.2)
Noncurrent contract liabilities	4.5	4.4
Net contract liabilities	$ (73.0)	$ (47.1)

Goodwill and Other Intangible Assets, Net (Notes)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill

The following table provides a rollforward of the carrying amount of our goodwill by segment.


	Motion Technologies		Industrial Process		Connect & Control Technologies		Total
Goodwill as of December 31, 2021	$	292.3	$	352.4	$	279.6	$	924.3
Goodwill acquired	—		62.9		0.3		63.2


Foreign currency translation	(4.6)		(16.6)		(1.5)		(22.7)
Goodwill as of December 31, 2022	$	287.7	$	398.7	$	278.4	$	964.8
Goodwill acquired	—		—		44.6		44.6

Allocated to divestiture of business(a)	—		—		(2.7)		(2.7)
Foreign currency translation	4.6		4.3		0.7		9.6
Goodwill as of December 31, 2023	$	292.3	$	403.0	$	321.0	$	1,016.3

Goodwill acquired represents the preliminary calculation of the excess purchase price over the net assets acquired. During the year ended December 31, 2023, goodwill acquired is related to our acquisition of Micro-Mode. The valuation of Micro-Mode is pending completion. Upon completion, goodwill acquired will be adjusted based on the final fair values of the net assets acquired. For the year ended December 31, 2022, goodwill acquired is related to our acquisitions of Habonim and a product line from Clippard Instrument Laboratory, Inc. (Clippard). Refer to Note 22, Acquisitions, Investments, and Divestitures, for further information.

Other Intangible Assets, Net

The following table summarizes our other intangible assets, net of accumulated amortization.


	2023						2022
As of December 31	Gross Carrying Amount		Accumulated Amortization		Net Intangibles		Gross Carrying Amount		Accumulated Amortization		Net Intangibles
Customer relationships(a)	$	202.4	$	(138.4)	$	64.0	$	191.5	$	(127.1)	$	64.4
Proprietary technology	61.5		(32.5)		29.0		59.2		(30.8)		28.4
Trademarks and other	22.0		(17.5)		4.5		17.6		(16.6)		1.0
Total finite-lived intangibles	285.9		(188.4)		97.5		268.3		(174.5)		93.8
Indefinite-lived intangibles	19.1		—		19.1		19.0		—		19.0
Other intangible assets	$	305.0	$	(188.4)	$	116.6	$	287.3	$	(174.5)	$	112.8

In connection with the acquisition of Micro-Mode in May 2023, we acquired intangible assets with a preliminary fair value of $28.7. These intangible assets consist of the following:


	Useful life (in years)	Fair value
Customer relationships	20	$	18.5
Developed technology	20	5.5
Trade name	20	2.3
Backlog	<2	1.9
Other	10	0.5
Total intangible assets acquired		$	28.7

Refer to Note 22, Acquisitions, Investments, and Divestitures, for further information.

Customer relationships, proprietary technology and trademarks and other intangible assets are amortized over weighted average lives of approximately 13.6 years, 14.4 years and 7.1 years, respectively. Indefinite-lived intangibles primarily consist of brands and trademarks.


2024	$	15.9
2025	14.0
2026	10.7
2027	8.7
2028	8.7
Thereafter	39.5

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]
Common stock, shares issued		86.5
Common Stock, Value, Issued		$ 86.5
Retained earnings	$ 2,319.3
Total accumulated other comprehensive loss				$ (279.4)
Noncontrolling interests					$ 1.5
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	2,127.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity from Stock Incentive Plans		0.3
Share Repurchases		(1.2)
Shares withheld related to net share settlement of stock incentive plans		(0.1)
Net income	321.0	$ 0.0	$ 316.3	0.0	4.7
Activity from stock incentive plans	17.7	0.3	17.4	0.0	0.0
Share repurchases	(104.8)	(1.2)	(103.6)	0.0	0.0
Shares withheld related to net share settlement of stock incentive plans	11.7	0.1	11.6	0.0	0.0
Dividends Declared	(76.2)	0.0	(76.2)	0.0	0.0
Dividend to Noncontrolling Interest	(1.4)	0.0	0.0	0.0	(1.4)
Net change in postretirement benefit plans, net of tax	15.1			15.1
Net foreign currency translation adjustment	(57.0)	0.0	0.0	(57.0)	0.0
Other	(0.1)	$ 0.0	0.0	0.0	(0.1)
Common stock, shares issued		85.5
Common Stock, Value, Issued		$ 85.5
Retained earnings			2,461.6
Total accumulated other comprehensive loss				(321.3)
Noncontrolling interests					4.9
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	2,230.7
Activity from Stock Incentive Plans		0.3
Share Repurchases		(3.0)
Shares withheld related to net share settlement of stock incentive plans		(0.1)
Net income	369.4	$ 0.0	367.0	0.0	2.4
Activity from stock incentive plans	20.0	0.3	19.7	0.0	0.0
Share repurchases	(245.3)	(3.0)	(242.3)	0.0	0.0
Shares withheld related to net share settlement of stock incentive plans	8.8	0.1	8.7	0.0	0.0
Dividends Declared	(87.7)	0.0	(87.7)	0.0	0.0
Dividend to Noncontrolling Interest	(0.5)	0.0	0.0	0.0	(0.5)
Acquisition of noncontrolling interest	2.7				2.7
Net change in postretirement benefit plans, net of tax	44.4			44.4
Net foreign currency translation adjustment	(67.4)	0.0	0.0	(67.4)	0.0
Other	$ (0.1)	$ 0.0	0.1	0.0	(0.2)
Common stock, shares issued	82.7	82.7
Common Stock, Value, Issued	$ 82.7	$ 82.7
Retained earnings	2,509.7		2,509.7
Total accumulated other comprehensive loss	(344.3)			(344.3)
Noncontrolling interests	9.3				9.3
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	2,257.4
Activity from Stock Incentive Plans		0.2
Share Repurchases		(0.7)
Shares withheld related to net share settlement of stock incentive plans		(0.1)
Net income	413.8	$ 0.0	410.5	0.0	3.3
Activity from stock incentive plans	20.8	0.2	20.6	0.0	0.0
Share repurchases	(60.5)	(0.7)	(59.8)	0.0	0.0
Shares withheld related to net share settlement of stock incentive plans	7.2	0.1	7.1	0.0	0.0
Dividends Declared	(95.9)	0.0	(95.9)	0.0	0.0
Dividend to Noncontrolling Interest	(1.7)	0.0	0.0	0.0	(1.7)
Net change in postretirement benefit plans, net of tax	(5.2)			(5.2)
Net foreign currency translation adjustment	$ 17.6	$ 0.0	0.0	17.6	0.0
Common stock, shares issued	82.1	82.1
Common Stock, Value, Issued	$ 82.1	$ 82.1
Retained earnings	2,778.0		$ 2,778.0
Total accumulated other comprehensive loss	(331.9)			$ (331.9)
Noncontrolling interests	10.9				$ 10.9
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 2,539.1

Plant, Property and Equipment, Net (Notes)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Plant, Property and Equipment, Net

PLANT, PROPERTY AND EQUIPMENT, NET

The following table summarizes our property, plant, and equipment, net of accumulated depreciation.


As of December 31	Useful life (in years)	2023		2022
Machinery and equipment	2 - 10	$	1,317.9	$	1,208.3
Buildings and improvements	5 - 40	298.4		277.6
Furniture, fixtures and office equipment	3 - 7	83.7		80.5
Construction in progress		78.1		86.9
Land and improvements		29.5		29.3
Other		1.7		3.3
Plant, property and equipment, gross		1,809.3		1,685.9
Less: accumulated depreciation		(1,248.3)		(1,159.1)
Plant, property and equipment, net		$	561.0	$	526.8

Depreciation expense of $84.2, $80.7, and $85.8 was recognized in 2023, 2022 and 2021, respectively.

During 2022, we recorded a gain of $14.7 related to the sale of a former operating facility that was previously held by a business within our IP segment. During 2021, we recorded a gain of $7.0 related to the sale of land that was previously held by a business within our MT segment. These gains were recorded within Gain on sale of long-lived assets in our Consolidated Statements of Operations for the years ended December 31, 2022 and 2021.

Receivables - Component Details (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Trade accounts receivable	$ 641.3	$ 614.0
Notes receivable	25.5	8.2
Other	22.6	18.3
Receivables, gross	689.4	640.5
Less: allowance for credit losses - receivables	(14.2)	(11.7)
Receivables, net	$ 675.2	$ 628.8

Acquisitions - Other Acquisitions and Investments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Clippard Asset Purchase
Asset Acquisition [Line Items]
Asset Acquisition, Consideration Transferred	$ 7.0

Long-Term Incentive - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 04, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share available for future grant under stock option	36,500,000
Share Price				$ 93.83
Options Outstanding Number		100,000	100,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	100,000	100,000	100,000
Cash received from the exercise of stock options	$ 0.6	$ 1.8	$ 1.2
Share-based Payment Arrangement, Exercise of Option, Tax Benefit	$ 0.9	$ 2.4	$ 3.2
ITT 2023 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Stock Ownership Plan (ESOP), Plan Description	We sponsor the ITT Inc. 2023 Employee Stock Purchase Plan (2023 ESPP), pursuant to which eligible employees may elect to contribute from 1% to 10% of their eligible compensation, which includes after-tax base salary and annual bonus, subject to certain income limits, to purchase shares of ITT's common stock.
Equity Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested options and restricted stock	$ 25.0
Unrecognized compensation cost weighted average amortization period (years)	1 year 9 months 18 days
Liability Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested options and restricted stock	$ 2.4
Unrecognized compensation cost weighted average amortization period (years)	1 year 10 months 24 days
Equity-settled PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares expected to vest	400,000
ROIC Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	1.24%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend	$ 1.16
Share Price				$ 93.83
Out of the Money Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding Number	0

Receivables - Allowance for Credit Losses (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses - receivables	$ 14.2	$ 11.7
Allowance for credit losses - contract assets	0.0	0.5
Total allowance for credit losses	$ 14.2	$ 12.2	$ 12.5	$ 15.6

Guarantees, Indemnities and Warranties (Notes)

12 Months Ended

Dec. 31, 2023

Guarantees [Abstract]

Guarantees, Indemnities and Warranties

GUARANTEES, INDEMNITIES AND WARRANTIES

Indemnities

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

Guarantees

We have $159.4 of guarantees, letters of credit and similar arrangements outstanding at December 31, 2023, primarily pertaining to commercial or performance guarantees and insurance matters. We have not recorded any material loss contingencies under these guarantees, letters of credit and similar arrangements as of December 31, 2023 as the likelihood of nonperformance by ITT is considered remote. From time to time, we may provide certain third-party guarantees that may be affected by various conditions and external factors, some of which could require that payments be made under such guarantees. We do not consider the maximum exposure or current recorded liabilities under our third-party guarantees to be material either individually or in the aggregate. We do not believe such payments would have a material adverse impact on our Consolidated Financial Statements.

Warranties

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

The table below presents a rollforward of our total warranty liability, which is recorded within Accrued liabilities and Other non-current liabilities in our Consolidated Balance Sheets.


	2023		2022
Warranty liability as of January 1	$	16.2	$	20.1
Warranty expense	5.4		1.8
Payments	(5.1)		(5.2)
Foreign currency and other	—		(0.5)
Warranty liability as of December 31	$	16.5	$	16.2

Postretirement Benefit Plans (Notes)

12 Months Ended

Dec. 31, 2022

Postemployment Benefits [Abstract]

Postretirement Benefit Plans

POSTRETIREMENT BENEFIT PLANS

Defined Contribution Plans

Substantially all of ITT’s U.S. and certain international employees are eligible to participate in a defined contribution plan. ITT sponsors numerous defined contribution savings plans, which allow employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. Certain plans require us to match a portion of the employee contributions. Company contributions charged to expense amounted to $17.3, $16.5 and $14.5 for 2023, 2022 and 2021, respectively.

The ITT Stock Fund, an investment option in our U.S. based defined contribution plan, is considered an employee stock ownership plan and, as a result, participants in the ITT Stock Fund may receive dividends in cash or may reinvest such dividends into the ITT Stock Fund. The ITT Stock Fund held approximately 0.1 shares of ITT common stock at December 31, 2023.

Defined Benefit Plans

ITT currently sponsors a number of defined benefit pension plans, primarily outside of the U.S., which have approximately 970 active participants. As of December 31, 2023, international pension plans represented 87% of our total projected pension benefit obligation. There is one remaining U.S. pension plan, which is frozen to new participants. International plan benefits are primarily determined based on participant years of service, future compensation, and age at retirement or termination.

ITT also provides health care and life insurance benefits for certain unionized employees in the U.S. upon retirement. Nearly all of these plans are closed to new participants. The majority of the liability pertains to retirees with postretirement medical insurance.

Other Postretirement Employee Benefit (OPEB) Plan Amendment and Remeasurement

On July 31, 2022, management approved changes to a postretirement medical plan, covering certain unionized employees and retirees within our IP business. These changes closed the plan to new hires and, beginning in 2023, plan participants will receive a fixed contribution into a Health Reimbursement account. The plan amendment resulted in a decrease in our other postretirement benefit obligation and a prior service credit of $8.1 in 2022. The prior service credit was reflected in other comprehensive income and will be recognized into net income over approximately 10 years.

Balance Sheet Information

The following table provides a summary of the funded status of our postretirement benefit plans and the presentation of the funded status within our Consolidated Balance Sheets.


	2023						2022
As of December 31	Pension		Other Benefits		Total		Pension		Other Benefits		Total
Fair value of plan assets	$	0.4	$	—	$	0.4	$	0.4	$	—	$	0.4
Projected benefit obligation	84.4		66.2		150.6		79.1		70.7		149.8
Funded status	$	(84.0)	$	(66.2)	$	(150.2)	$	(78.7)	$	(70.7)	$	(149.4)
Amounts reported within:
Non-current assets	$	0.2	$	—	$	0.2	$	0.2	$	—	$	0.2
Accrued liabilities	(5.5)		(6.2)		(11.7)		(5.6)		(6.8)		(12.4)
Non-current liabilities	(78.7)		(60.0)		(138.7)		(73.3)		(63.9)		(137.2)

A portion of our projected benefit obligation includes amounts that have not yet been recognized as expense in our results of operations. Such amounts are recorded within accumulated other comprehensive loss until they are amortized as a component of net periodic postretirement cost.

The following table provides a summary of amounts recorded within accumulated other comprehensive loss.


	2023						2022
As of December 31	Pension		Other Benefits		Total		Pension		Other Benefits		Total
Net actuarial loss	$	9.5	$	0.4	$	9.9	$	5.7	$	3.4	$	9.1
Prior service cost (benefit)	0.3		(18.5)		(18.2)		0.3		(24.6)		(24.3)
Total	$	9.8	$	(18.1)	$	(8.3)	$	6.0	$	(21.2)	$	(15.2)

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


	2023								2022
For the Year Ended December 31	U.S. Pension		Int’l Pension		Other Benefits		Total		U.S. Pension		Int’l Pension		Other Benefits		Total
Change in benefit obligation
Benefit obligation as of January 1	$	11.2	$	67.9	$	70.7	$	149.8	$	14.8	$	93.1	$	106.4	$	214.3
Service cost	—		0.8		0.3		1.1		—		1.2		0.6		1.8
Interest cost	0.6		2.4		3.1		6.1		0.3		1.0		2.2		3.5
Amendments	—		—		—		—		—		—		(8.1)		(8.1)
Actuarial loss (gain)(a)	0.3		3.4		(2.9)		0.8		(3.0)		(18.3)		(23.3)		(44.6)
Benefits paid	(0.9)		(3.2)		(5.0)		(9.1)		(0.9)		(3.1)		(7.1)		(11.1)

Settlement	—		(0.4)		—		(0.4)		—		—		—		—

Foreign currency translation	—		2.3		—		2.3		—		(6.0)		—		(6.0)
Benefit obligation as of December 31	$	11.2	$	73.2	$	66.2	$	150.6	$	11.2	$	67.9	$	70.7	$	149.8

(a)The actuarial gain in 2022 is primarily due to an increase in discount rates during the year.


	2023								2022
	U.S. Pension		Int’l Pension		Other Benefits		Total		U.S. Pension		Int’l Pension		Other Benefits		Total
Change in plan assets
Plan assets as of January 1	$	—	$	0.4	$	—	$	0.4	$	—	$	0.5	$	—	$	0.5

Employer contributions	0.9		3.6		5.0		9.5		0.9		3.0		7.1		11.0
Benefits and expenses paid	(0.9)		(3.2)		(5.0)		(9.1)		(0.9)		(3.1)		(7.1)		(11.1)

Settlement	—		(0.4)		—		(0.4)		—		—		—		—
Foreign currency translation	—		—		—		—		—		—		—		—
Plan assets as of December 31	$	—	$	0.4	$	—	$	0.4	$	—	$	0.4	$	—	$	0.4
Funded status at end of year	$	(11.2)	$	(72.8)	$	(66.2)	$	(150.2)	$	(11.2)	$	(67.5)	$	(70.7)	$	(149.4)

The accumulated benefit obligation for all defined benefit pension plans was $82.5 and $77.5 as of December 31, 2023 and 2022, respectively. Information for pension plans with an accumulated benefit obligation in excess of plan assets is included in the following table.


As of December 31	2023		2022
Projected benefit obligation	$	84.2	$	78.9
Accumulated benefit obligation	82.3		77.3
Fair value of plan assets	—		—

Statements of Operations Information

The following table provides the components of net periodic postretirement cost and other amounts recognized in other comprehensive loss as they pertain to our defined benefit pension plans.


	2023						2022						2021
For the Year Ended December 31	U.S. Pension		Int’l Pension		Total		U.S. Pension		Int’l Pension		Total		U.S. Pension		Int’l Pension		Total
Net periodic postretirement cost - pension
Service cost	$	—	$	0.8	$	0.8	$	—	$	1.2	$	1.2	$	—	$	1.4	$	1.4
Interest cost	0.6		2.4		3.0		0.3		1.0		1.3		0.3		0.7		1.0

Amortization of net actuarial loss	—		—		—		0.2		1.1		1.3		0.2		1.6		1.8

Net periodic postretirement cost	0.6		3.2		3.8		0.5		3.3		3.8		0.5		3.7		4.2
Settlement charge and other(a)	—		0.1		0.1		—		—		—		(3.4)		—		(3.4)
Total net periodic postretirement cost	0.6		3.3		3.9		0.5		3.3		3.8		(2.9)		3.7		0.8
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Net actuarial (gain) loss	0.3		3.4		3.7		(3.0)		(18.3)		(21.3)		(0.1)		(6.3)		(6.4)

Amortization of net actuarial loss	—		—		—		(0.2)		(1.1)		(1.3)		(0.2)		(1.6)		(1.8)

Foreign currency translation and other	—		0.1		0.1		—		(1.7)		(1.7)		—		(2.7)		(2.7)
Total change recognized in other comprehensive income	0.3		3.5		3.8		(3.2)		(21.1)		(24.3)		(0.3)		(10.6)		(10.9)
Total impact from net periodic postretirement cost and changes in other comprehensive income	$	0.9	$	6.8	$	7.7	$	(2.7)	$	(17.8)	$	(20.5)	$	(3.2)	$	(6.9)	$	(10.1)

(a)2021 includes income of $3.4 from a pricing adjustment associated with the 2020 termination and sale of the U.S. qualified pension plan.

The following table provides the components of net periodic postretirement cost and other amounts recognized in other comprehensive loss as they pertain to other employee-related defined benefit plans.


For the Year Ended December 31	2023		2022		2021
Net periodic postretirement cost - other postretirement
Service cost	$	0.3	$	0.6	$	0.7
Interest cost	3.1		2.2		1.8

Amortization of net actuarial loss	—		1.8		2.6
Amortization of prior service benefit	(6.0)		(5.5)		(5.1)


Total net periodic postretirement cost	(2.6)		(0.9)		—
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Net actuarial (gain) loss	(2.9)		(23.3)		(8.2)
Prior service benefit	—		(8.1)		—
Amortization of net actuarial loss	—		(1.8)		(2.6)
Amortization of prior service credit	6.0		5.5		5.1

Total changes recognized in other comprehensive income	3.1		(27.7)		(5.7)
Total impact from net periodic postretirement cost and changes in other comprehensive income	$	0.5	$	(28.6)	$	(5.7)

Postretirement Plan Assumptions

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

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


	2023						2022
	U.S. Pension		Int’l Pension		Other Benefits		U.S. Pension		Int’l Pension		Other Benefits
Obligation Assumptions:
Discount rate	5.0	%	3.1	%	5.0	%	5.3	%	3.6	%	5.3	%
Rate of future compensation increase	N/A		3.4	%	N/A		N/A		2.8	%	N/A
Cost Assumptions:
Discount rate	5.3	%	3.6	%	5.3	%	2.7	%	1.1	%	3.0	%
Expected return on plan assets	N/A		1.0	%	N/A		N/A		1.0	%	N/A

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

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

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

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

The assumed rate of future increases in the per capita cost of health care (the health care trend rate) is 7.3% for pre-age 65 retirees and 6.3% for post-age 65 retirees for 2024, decreasing ratably to 4.5% in 2031. To the extent that actual experience differs from these assumptions, the effect will be amortized over the average future working life or life expectancy of the plan participants.

Fair Value of Plan Assets

As of December 31, 2023 and 2022, our plan assets were not material.

Contributions

Our postretirement plans are largely unfunded, and therefore plan contributions generally reflect required benefit payments. We fund certain of our international pension plans in countries where funding is allowable and tax-efficient. During 2023 and 2022, we contributed $4.5 and $3.9, respectively, to our global pension plans and we anticipate making contributions of approximately $6 during 2024.

We contributed $5.0 and $7.1 to our other employee-related defined benefit plans during 2023 and 2022, respectively. We estimate that the 2024 contributions to our other employee-related defined benefit plans will be approximately $6.

Estimated Future Benefit Payments

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


	U.S. Pension		Int’l Pension		Other Benefits
2024	$	0.9	$	4.6	$	6.2
2025	0.9		3.8		5.9
2026	0.9		3.8		5.6
2027	0.9		3.7		5.4
2028	0.9		3.9		5.2
2029 - 2033	4.4		19.8		23.4

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Postretirement Benefit Plans - Rollforward of the Projected Benefit Obligations (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Change in benefit obligation

Benefit obligation as of January 1

$ 149.8

$ 214.3

Service cost

1.1

1.8

Interest cost

6.1

3.5

Amendments

0.0

(8.1)

Actuarial loss (gain)(a)

0.8

(44.6)

^[1]

Benefits paid

(9.1)

(11.1)

Settlement

(0.4)

0.0

Foreign currency translation

2.3

(6.0)

Benefit obligation as of December 31

150.6

149.8

$ 214.3

Pension Plan [Member]

Change in benefit obligation

Benefit obligation as of January 1

79.1

Service cost

0.8

1.2

1.4

Interest cost

3.0

1.3

1.0

Benefit obligation as of December 31

84.4

79.1

Other Postretirement Benefits Plan [Member]

Change in benefit obligation

Benefit obligation as of January 1

70.7

106.4

Service cost

0.3

0.6

0.7

Interest cost

3.1

2.2

1.8

Amendments

0.0

(8.1)

Actuarial loss (gain)(a)

(2.9)

(23.3)

^[1]

Benefits paid

(5.0)

(7.1)

Settlement

0.0

Foreign currency translation

0.0

Benefit obligation as of December 31

66.2

70.7

106.4

United States | Pension Plan [Member]

Change in benefit obligation

Benefit obligation as of January 1

11.2

14.8

Service cost

0.0

Interest cost

0.6

0.3

Amendments

0.0

Actuarial loss (gain)(a)

0.3

(3.0)

^[1]

Benefits paid

(0.9)

Settlement

0.0

Foreign currency translation

0.0

Benefit obligation as of December 31

11.2

14.8

International Plan [Member] | Pension Plan [Member]

Change in benefit obligation

Benefit obligation as of January 1

67.9

93.1

Service cost

0.8

1.2

1.4

Interest cost

2.4

1.0

0.7

Amendments

0.0

Actuarial loss (gain)(a)

3.4

(18.3)

^[1]

Benefits paid

(3.2)

(3.1)

Settlement

(0.4)

0.0

Foreign currency translation

2.3

(6.0)

Benefit obligation as of December 31

$ 73.2

$ 67.9

$ 93.1

[1]	The actuarial gain in 2022 is primarily due to an increase in discount rates during the year.

Commitments and Contingencies - Asbestos Divestiture Impacts (Details) - Asbestos Related Matters [Member] - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Divestiture of Asbestos [Line Items]

Asbestos provision, net(a)

$ 0.0

$ 14.4

^[1]

Gain on divestiture before income tax

0.0

(88.8)

Asbestos Related Costs Before Tax

$ 0.0

$ (74.4)

[1]	2021 includes costs related to the divestiture of InTelCo as well as certain administrative costs such as legal-related costs for insurance asset recoveries.

Debt (Notes)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

DEBT

The following table summarizes our outstanding debt obligations.


As of December 31	2023		2022
Commercial paper(a)	$	184.9	$	448.3
Short-term loans	0.5		0.5
Current maturities of long-term debt	2.3		2.2
Total short-term borrowings	187.7		451.0
Non-current maturities of long-term debt	5.7		7.7
Total debt	$	193.4	$	458.7

Commercial Paper

The following table presents our outstanding commercial paper borrowings and associated weighted average interest rates.


As of or for the Year Ended December 31	2023			2022
Commercial Paper Outstanding - U.S. Program	$	184.9		$	299.2
Commercial Paper Outstanding - Euro Program	—			149.1
Total Commercial Paper Outstanding	$	184.9		$	448.3
Weighted Average Interest Rate - U.S. Program	5.61		%	4.92		%
Weighted Average Interest Rate - Euro Program	N/A			2.31		%

Outstanding commercial paper for both periods had maturity terms less than three months from the date of issuance.

Revolving Credit Agreement

On August 5, 2021, we entered into a revolving credit facility agreement with a syndicate of third party lenders including Bank of America, N.A., as administrative agent (the 2021 Revolving Credit Agreement). Upon its effectiveness, this agreement replaced our existing $500 revolving credit facility due November 2022 (the 2014 Revolving Credit Agreement). 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.

On May 10, 2023, we entered into the First Amendment (the Amendment) to the Company’s 2021 Revolving Credit Agreement. In connection with the phase out of LIBOR as a reference interest rate, the Amendment replaced LIBOR as a benchmark for United States Dollar revolving borrowings with the term secured overnight financing rate (Term SOFR), and replaced LIBOR as a benchmark for Euro swing line borrowings with the euro overnight short-term rate (ESTR). The Amendment did not have a significant impact on the Company’s consolidated financial statements.

Since the Amendment, the interest rate per annum on the 2021 Revolving Credit Agreement is based on the Term SOFR rate of the currency we borrow in, plus a margin of 1.1%. 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.

As of December 31, 2023 and December 31, 2022, we had no outstanding obligations under the current or former revolving credit facility.

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.

As of December 31, 2023, all financial covenants (e.g., leverage ratio) associated with the 2021 Revolving Credit Agreement were within the prescribed thresholds.

Long-term Debt

Our long-term debt is primarily related to outstanding Italian government loans maturing in June 2027. Our long-term debt carries a weighted average fixed interest rate of 0.86% and requires annual principal and interest payments of approximately $2.0, on average, through maturity. The non-current portion of long-term debt is presented within other non-current liabilities in our Consolidated Balance Sheets.

Subsequent Event

On January 12, 2024, ITT Italia S.r.l. (“ITT Italia”), an indirect wholly owned subsidiary of ITT, entered into a facility agreement (the “ITT Italia Credit Agreement”), among the Company, as a guarantor, ITT Italia, as borrower, and BNP Paribas, Italian Branch, as bookrunner, sole underwriter and global coordinator, mandated lead arranger and agent.

The ITT Italia Credit Agreement has an initial maturity of three years and provides for term loan borrowings in an aggregate principal amount of €300 million, €275 million of which have been used to finance the Company’s acquisition of Svanehøj Group A/S, which closed on January 19, 2024.

The interest rate per annum on the ITT Italia Credit Agreement is based on the EURIBOR rate for Euros, plus a margin of 1.00%. The margin and fees are subject to adjustment should the Company’s credit ratings change.

The ITT Italia Credit Agreement contains customary affirmative and negative covenants, as well as financial covenants (e.g., leverage ratio), that are similar to those contained in our 2021 Revolving Credit Agreement, as described above.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Guarantees, Indemnities and Warranties - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($)
Guarantees [Abstract]
Guarantees, letters of credit and similar arrangements outstanding	$ 159.4

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Open Forward Foreign Currency Contract

The notional amounts and fair values of our outstanding foreign currency derivative contracts, which are recorded within other current assets in our Consolidated Balance Sheets, were as follows:


As of December 31	2023		2022
Notional amount (U.S. dollar equivalent)	$	258.4	$	136.5
Fair value of foreign currency derivative contracts(a)	$	3.8	$	1.7

(a) Our foreign currency derivative contracts are classified within Level 2 of the fair value hierarchy because these contracts are not actively traded and the valuation inputs are based on market observable data of similar instruments.

Gains or losses arising from changes in fair value of our foreign currency derivative contracts are recorded within General and administrative expenses in our Consolidated Statements of Operations, and were as follows:


For the Year Ended December 31	2023		2022
(Loss) gain on foreign currency derivative contracts(b)	$	(2.5)	$	10.1

(b) None of our derivative contracts were designated as hedging instruments under ASC 815, Derivatives & Hedging.

Long-Term Incentive Employee Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Long-Term Incentive Employee Compensation Costs

LTIP costs are primarily recorded within General and administrative expenses in our Consolidated Statements of Operations, at their grant date fair value over the requisite service period (typically three years) on a straight-line basis and are reduced by forfeitures as they occur.

The following table summarizes our share-based compensation expense associated with our LTIP awards.


For the Year Ended December 31	2023		2022		2021
Equity-based awards	$	20.2	$	18.1	$	16.5
Liability-based awards	1.7		1.0		1.3
Total share-based compensation expense	$	21.9	$	19.1	$	17.8

The income tax benefit realized during 2023, 2022 and 2021 associated with exercised stock options and vested restricted stock was $0.9, $2.4 and $3.2, respectively.

Rollforward of Outstanding Restricted Stock

The table below provides a rollforward of our outstanding RSUs and PSUs.


	2023			2022			2021
Restricted Stock and Performance Units	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Outstanding as of January 1	0.7	$	76.36	0.7	$	71.21	0.8	$	59.25
Granted	0.3	99.33		0.3	77.72		0.3	90.14

Vested and issued	(0.2)	69.91		(0.3)	66.20		(0.3)	57.36
Forfeited	(0.1)	77.20		—	—		(0.1)	68.18
Outstanding as of December 31	0.7	$	88.40	0.7	$	76.36	0.7	$	71.21
Vested pending issuance	0.1	$	98.67	0.1	$	63.88	0.1	$	65.25

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

The table below provides the number of our outstanding shares by award type. Cash-settled RSUs and PSUs outstanding were not material.


As of December 31	2023	2022	2021
Equity-settled RSUs	0.4	0.4	0.4

Equity-settled PSUs	0.3	0.2	0.3

Commitments and Contingencies - Enviromental Liability Rollforward (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Environmental Liability And Related Assets [Line items]

Environmental Loss Contingency Statement Of Financial Position Extensible Enumeration Not Disclosed Flag

estimated current and long-term environmental liability

Environmental Related Matters [Member]

Environmental Liability and Related Assets [Roll Forward]

Balance as of January 1

$ 57.1

$ 54.1

Changes in estimates for pre-existing accruals:

Accrual for Environmental Loss Contingencies, Charges to Expense for New Losses

0.0

0.1

Discontinued operations(a)

0.0

(0.1)

Cash payments

(3.9)

(4.0)

Foreign currency

0.2

(0.2)

Balance as of December 31

56.0

57.1

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

Changes in estimates for pre-existing accruals:

Accrual for Environmental Loss Contingencies, Revision in Estimates

2.6

1.7

Environmental Related Matters [Member] | Discontinued Operations [Member]

Changes in estimates for pre-existing accruals:

Accrual for Environmental Loss Contingencies, Revision in Estimates

$ 0.0

$ 5.4

^[1]

[1]	During 2022, we increased the estimated environmental liability for a former site of ITT by $5.4 and recognized an insurance-related asset of $4.3. The resulting net pre-tax expense of $1.1 has been presented as a loss from discontinued operations within our Consolidated Statements of Operations.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared, per common share	$ 1.160	$ 1.056	$ 0.880

Document and Entity Information - USD ($) shares in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2023	Feb. 09, 2024	Jun. 30, 2023
Document Documentand Entity Information [Abstract]
Entity Registrant Name	ITT INC.
Document Type	10-K
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Entity Tax Identification Number	81-1197930
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 7.6
Common stock, shares outstanding		82.1
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-05672
Trading Symbol	ITT
Title of 12(b) Security	Common Stock, par value $1.00 per share
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Security Exchange Name	NYSE
Entity Address, Address Line One	100 Washington Boulevard
Entity Address, Address Line Two	6th Floor
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06902
City Area Code	(914)
Local Phone Number	641-2000
Entity Central Index Key	0000216228
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Incorporation, State or Country Code	IN
ICFR Auditor Attestation Flag	true
Auditor Name	Deloitte & Touche LLP
Auditor Location	Stamford, Connecticut
Auditor Firm ID	34

Segment Information - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	3
Revenue	$ 3,283.0	$ 2,987.7	$ 2,765.0
Plant, property and equipment, net	561.0	526.8
United States
Segment Reporting Information [Line Items]
Revenue	1,075.8	978.6	842.9
Plant, property and equipment, net	127.1	125.2
Germany
Segment Reporting Information [Line Items]
Revenue	387.8	404.7	418.3
Italy
Segment Reporting Information [Line Items]
Plant, property and equipment, net	134.4	113.6
China
Segment Reporting Information [Line Items]
Revenue	351.8	307.8	$ 306.5
Plant, property and equipment, net	$ 63.2	$ 52.8

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Dec. 31, 2023

Dec. 31, 2022

Current assets:

Cash and cash equivalents

$ 489.2

$ 561.2

Receivables, net

675.2

628.8

Inventories

575.4

^[1]

533.9

Other current assets

117.9

112.9

Total current assets

1,857.7

1,836.8

Plant, property and equipment, net

561.0

526.8

Goodwill

1,016.3

964.8

Other intangible assets, net

116.6

112.8

Other non-current assets

381.0

339.1

Total non-current assets

2,074.9

1,943.5

Total assets

3,932.6

3,780.3

Current liabilities:

Short-term borrowings

187.7

451.0

Accounts payable

437.0

401.1

Accrued and other current liabilities

413.1

333.4

Total current liabilities

1,037.8

1,185.5

Postretirement benefits

138.7

137.2

Other non-current liabilities

217.0

200.2

Total non-current liabilities

355.7

337.4

Total liabilities

1,393.5

1,522.9

Shareholders’ equity:

Common Stock: Authorized 250.0 shares, $1 par value per share, Issued and Outstanding 82.7 and 85.5, respectively

82.1

82.7

Retained earnings

2,778.0

2,509.7

Accumulated other comprehensive loss:

Postretirement benefits

(1.6)

3.6

Cumulative translation adjustments

(330.3)

(347.9)

Total accumulated other comprehensive loss

(331.9)

(344.3)

Total ITT Inc. shareholders' equity

2,528.2

2,248.1

Noncontrolling interests

10.9

9.3

Total shareholders’ equity

2,539.1

2,257.4

Total liabilities and shareholders’ equity

$ 3,932.6

$ 3,780.3

[1]	(a) During the years ended December 31, 2023 and 2022, we recorded inventory write-downs of $1.1 and $5.2, respectively, related to inventories held by entities impacted by the Russia-Ukraine war. See Note 1, Description of Business and Basis of Presentation, for further information.

Leases - Future Operating Lease Obligations by Year (Details) $ in Millions	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 23.1
2025	20.0
2026	17.1
2027	12.4
2028	9.3
Thereafter	23.0
Total undiscounted future operating lease obligations	104.9
Less: imputed interest	13.1
Present value of future operating lease obligations(a)	$ 91.8
Present value of future operating lease obligations(a)	Other Liabilities

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating Lease, Cost	$ 30.2	$ 26.6	$ 25.7
Operating Lease, Impairment Loss	$ 1.7

Commitments and Contingencies - Range of Environmental Liability and Number of Active Sites for Environmental Matters (Detail) - Environmental Related Matters [Member] $ in Millions	Dec. 31, 2023 USD ($) site	Dec. 31, 2022 USD ($) site
Environmental Matters Range Of Estimated Liability And Active Sites Numbers [Line Items]
Number of active environmental investigation and remediation sites \| site	26	28
Maximum [Member]
Environmental Matters Range Of Estimated Liability And Active Sites Numbers [Line Items]
Possible High End Range of Environmental Liability \| $	$ 98.2	$ 93.5

Acquisitions - Micro-Mode (Details) - USD ($) $ in Millions	12 Months Ended
Acquisitions - Micro-Mode (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 79.3	$ 146.9	$ 0.0
Micro Mode
Business Acquisition [Line Items]
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period	26.0
Payments to Acquire Businesses, Net of Cash Acquired	$ 79.3
Business Acquisition, Description of Acquired Entity	we completed the acquisition of 100% of the privately held stock of Micro-Mode

Commitments and Contingencies - Environmental Matters Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Environmental Related Matters [Member]
Accrual for Environmental Loss Contingencies, Charges to Expense for New Losses	$ 0.0	$ 0.1
Qualified Settlement Fund [Member]
Environmental-related assets	$ 10.0	$ 13.6

Income Taxes - Open Tax Years by Jurisdiction (Details)	12 Months Ended
Income Taxes - Open Tax Years by Jurisdiction (Details)	Dec. 31, 2023
China
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2018
Czechia
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2014
Germany
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2017
Hong Kong
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2020
India
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2013
Italy
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2016
Japan
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2022
Korea
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2023
Luxembourg
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2017
Mexico
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2016
United States
Open Tax Years By Major Jurisdiction [Line Items]
Open tax years by major jurisdiction	2020

Earnings Per Share - Basic and Diluted Loss Per Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding	82.3	83.4	86.0
Add: Dilutive impact of outstanding equity awards	0.4	0.3	0.5
Diluted weighted average common shares outstanding	82.7	83.7	86.5

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Notes)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies	DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business ITT Inc. is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. Unless the context otherwise indicates, references herein to "ITT," "the Company," and such words as "we," "us," and "our" include ITT Inc. and its subsidiaries. ITT operates in three segments: Motion Technologies, consisting of friction materials, and shock and vibration equipment; Industrial Process, consisting of industrial flow equipment and services; and Connect & Control Technologies, consisting of electronic connectors, fluid handling, motion control, composite materials, and noise and energy absorption products. Financial information for our segments is presented in Note 3, Segment Information. Business Combination On May 2, 2023, we completed the acquisition of Micro-Mode Products, Inc. (Micro-Mode) for a purchase price of $79.3, net of cash acquired. Subsequent to the acquisition, Micro-Mode’s results are reported within our CCT segment. Refer to Note 22, Acquisitions, Investments, and Divestitures, for further information. Russia-Ukraine War In February 2022, the United States and other leading nations announced targeted economic sanctions on Russia and certain Russian citizens in response to Russia’s war with Ukraine, which has increased regional instability and global economic and political uncertainty. As described in Part I, Item 1A, Risk Factors, our business may be sensitive to global economic conditions, which can be negatively impacted by instability in the geopolitical environment. During the years ended December 31, 2023 and 2022, we recorded total pre-tax charges of $2.5 and $7.9, primarily related to suspending our business in Russia. Basis of Presentation The Consolidated Financial Statements and Notes thereto were prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, accounting for business combinations, goodwill and other intangible asset impairment testing, environmental liabilities, allowance for credit losses and inventory valuation. Actual results could differ from these estimates. Certain prior year amounts have been reclassified to conform to the current year presentation. Significant Accounting Policies Principles of Consolidation Our consolidated financial statements include the accounts of all majority-owned subsidiaries. ITT consolidates companies in which it has a controlling financial interest or when ITT is considered the primary beneficiary of a variable interest entity. The results of companies acquired or disposed of during the fiscal year are included in the Consolidated Financial Statements from the effective date of acquisition or up to the date of disposal. All intercompany transactions have been eliminated. Revenue Recognition Revenue is derived from the sale of products and services to customers. We recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. For product sales, we consider practical and contractual limitations in determining whether there is an alternative use for the product. For example, long-term design and build contracts are typically highly customized to a customer’s specifications. For contracts with no alternative use and an enforceable right to payment for work performed to date, including a reasonable profit if the contract were to be terminated at the customer’s convenience for reason other than nonperformance, we recognize revenue over time. All other product sales are recognized at a point in time. For contracts recognized over time, we use the cost-to-cost method or the units-of-delivery method, depending on the nature of the contract, including length of production time. For contracts recognized at a point in time, we recognize revenue when control passes to the customer, which is generally based on shipping terms that address when title and risk and rewards pass to the customer. However, we also consider certain customer acceptance provisions as certain contracts with customers include installation, testing, certification or other acceptance provisions. In instances where contractual terms include a provision for customer acceptance, we consider whether we have previously demonstrated that the product meets objective criteria specified by either the seller or customer in assessing whether control has passed to the customer. For service contracts, we recognize revenue as the services are rendered if the customer is benefiting from the service as it is performed, or otherwise upon completion of the service. Separately priced extended warranties are recognized as a separate performance obligation over the warranty period. The transaction price in our contracts consists of fixed consideration and the impact of variable consideration including returns, rebates and allowances, and penalties. Variable consideration is generally estimated using a probability-weighted approach based on historical experience, known trends, and current factors including market conditions and status of negotiations. When there is more than one performance obligation, the transaction price is allocated to the performance obligations based on the relative estimated standalone selling prices. If not sold separately, estimated standalone selling prices are determined considering various factors including market and pricing trends, geography, product customization, and profit objectives. Revenue is recognized when the appropriate revenue recognition criteria for the individual performance obligations have been satisfied. Revenue is reported net of any required taxes collected from customers and remitted to government authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Shipping and handling activities are accounted for as activities to fulfill a promise to transfer a product to a customer. As such, shipping and handling activities are not evaluated as a separate performance obligation. For most contracts, payment is due from the customer within 30 to 90 days after the product is delivered or the service has been performed. For design and build contracts, we generally collect progress payments from the customer throughout the term of the contract, resulting in contract assets or liabilities depending on the timing of the payments. Contract assets consist of unbilled amounts when revenue recognized exceeds customer billings. Contract liabilities consist of advance payments and billings in excess of revenue recognized. Design and engineering costs for highly complex products to be sold under a long-term production-type contract are capitalized and amortized in a manner consistent with revenue recognition of the related contract or anticipated contract. Other design and development costs are capitalized only if there is a contractual guarantee for reimbursement. Costs to obtain a contract (e.g., commissions) for contracts greater than one year are capitalized and amortized in a manner consistent with revenue recognition of the related contract. Product Warranties Our standard product warranty terms generally include post-sales support and repairs or replacement of a product at no additional charge for a specified period of time. Accruals for estimated expenses related to product warranties are made at the time revenue is recognized and are recorded as a component of costs of revenue. We estimate the liability for warranty claims based on our standard warranties, the historical frequency of claims and the cost to replace or repair our products under warranty. Factors that influence our warranty liability include the number of units sold, the length of warranty term, historical and anticipated rates of warranty claims and the cost per claim. Postretirement Benefit Plans ITT sponsors numerous pension and other employee-related defined benefit plans (collectively, postretirement benefit plans). Substantially all of our U.S. postretirement benefit plans are closed to new participants. Postretirement benefit obligations are generally determined, where applicable, based on participant years of service, future compensation, age at retirement or termination, and the assumed rate of future healthcare cost increases. The determination of projected benefit obligations and the recognition of expenses related to postretirement benefit plans are dependent on various assumptions that are judgmental. The assumptions involved in the measurement of our postretirement benefit plan obligations and net periodic postretirement costs primarily relate to discount rates, mortality and termination rates, and other factors. Management develops each assumption using relevant Company experience in conjunction with market-related data for each individual country in which such plans exist. Actual results that differ from our assumptions are accumulated and are amortized over the estimated future working life, or remaining lifetime, of the plan participants depending on the nature of the retirement plan. The funded status of all plans is recorded on our balance sheet. Actuarial gains and losses and prior service costs or credits that have not yet been recognized through net income are recorded in accumulated other comprehensive income within shareholders’ equity, net of taxes, until they are amortized as a component of net periodic postretirement cost. Research & Development Research and development activities are charged to expense as incurred. R&D as a percentage of sales was 3.1%, 3.2%, and 3.4% during 2023, 2022 and 2021, respectively. Income Taxes We determine the provision for income taxes using the asset and liability approach. Under this approach, deferred income tax assets and liabilities are determined based on the estimated future tax effects of differences between the financial reporting and tax bases of assets and liabilities, applying currently enacted tax rates in effect for the year in which we expect the differences will reverse. The ultimate realization of deferred tax assets is dependent on the generation of future taxable income (including the reversals of deferred tax liabilities) during the periods in which those deferred tax assets will become deductible. We record a valuation allowance against our deferred tax assets when it is more likely than not that all or a portion of the deferred tax assets will not be realized. In assessing the need for a valuation allowance, the Company considers all available positive and negative evidence regarding the realizability of its deferred tax assets, including the future reversal of existing taxable temporary differences, taxable income in carryback periods, prudent and feasible tax planning strategies, estimated future taxable income, and whether we have a recent history of losses. The valuation allowance can be affected by changes to tax regulations, interpretations and rulings, changes to enacted statutory tax rates, and changes to future taxable income estimates. We have not provided deferred tax liabilities for the impact of U.S. income taxes on book over tax basis which we consider indefinitely reinvested outside the U.S. We plan foreign earnings remittance amounts based on projected cash flow needs, as well as the working capital and long-term investment requirements of foreign subsidiaries and our domestic operations. Furthermore, we recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position in consideration of applicable tax statutes and related interpretations and precedents and the expected outcome of the proceedings (or negotiations) with the taxing authorities. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized on ultimate settlement. The Company has elected to account for Global Intangible Low Taxed Income as a current period expense when incurred. See Note 6, Income Taxes, for additional information. Earnings Per Share Basic earnings per common share considers the weighted average number of common shares outstanding. Diluted earnings per share considers the outstanding shares utilized in the basic earnings per share calculation as well as the dilutive effect of outstanding stock options and restricted stock that do not contain rights to nonforfeitable dividends. Diluted shares outstanding include the dilutive effect of in-the-money options, unvested restricted stock units and unvested performance stock units. The dilutive effect of such equity awards is calculated based on the average share price for each reporting period using the treasury stock method. Common stock equivalents are excluded from the computation of earnings per share if they have an anti-dilutive effect. See Note 7, Earnings Per Share Data, for additional information. Cash and Cash Equivalents ITT considers all highly liquid investments purchased with an original maturity or remaining maturity at the time of purchase of three months or less to be cash equivalents. Cash equivalents primarily include fixed-maturity time deposits and money market investments. Restricted cash was $0.7 as of December 31, 2023 and December 31, 2022. Restricted cash is presented within Other current assets and Other non-current assets in our Consolidated Balance Sheets. Concentrations of Credit Risk Financial instruments that potentially subject ITT to significant concentrations of credit risk consist principally of cash and cash equivalents, accounts and notes receivables from trade customers, investments, and derivative financial instruments. We maintain cash and cash equivalents with various financial institutions located in different geographical regions, and our policy is designed to limit exposure to any individual counterparty. Derivative financial instruments are transacted with multiple highly reputable financial institutions. As part of our risk management processes, we perform periodic evaluations of the relative credit standing of the financial institutions with which we transact. We have not sustained any material credit losses during the previous three years with respect to financial instruments held at financial institutions. Credit risk with respect to accounts receivable is generally diversified due to the large number of entities comprising ITT’s customer base and their dispersion across many different industries and geographic regions. However, our largest customer represented approximately 10% of the total outstanding trade accounts receivable balances as of December 31, 2023 and December 31, 2022. Occasionally, we enter into notes receivables with certain of our customers. These notes receivables have maturities of six to 12 months and are guaranteed by reputable banks. ITT performs ongoing credit evaluations of the financial condition of its third-party distributors, resellers and other customers and requires collateral, such as letters of credit and bank guarantees, in certain circumstances. Allowance for Credit Losses We determine our allowance for credit losses using a combination of factors to reduce our trade receivables and contract asset balances to the net amount expected to be collected. The allowance is based on a variety of factors including the length of time receivables are past due, macroeconomic trends and conditions, significant one-time events, historical experience, and expectations of future economic conditions. We also record an allowance for individual accounts when we become aware of specific customer circumstances, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position. The past due or delinquency status of a receivable is based on the contractual payment terms of the receivable. If circumstances related to the specific customer change, we adjust estimates of the recoverability of receivables as appropriate. Inventories Inventories, which include the costs of material, labor and overhead, are stated at the lower of cost or net realizable value. Cost is generally computed using the standard cost method, which approximates actual cost on a first-in, first-out (FIFO) basis. Variances between standard and actual costs are charged to cost of sales or capitalized to inventory. Estimated losses from obsolete and slow-moving inventories are recorded to reduce inventory values to their estimated net realizable value and are charged to cost of sales. At the point of loss recognition, a new cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in a recovery in carrying value. Inventories valued under the last-in, first-out (LIFO) method represent 13.8% and 13.0% of total 2023 and 2022 inventories, respectively. We have a LIFO reserve of $19.1 and $16.8 recorded as of December 31, 2023 and 2022, respectively. Plant, Property and Equipment Plant, property and equipment, including capitalized interest applicable to major project expenditures, are recorded at cost. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are depreciated over the life of the lease or the asset, whichever is shorter. Fully depreciated assets are retained in property and accumulated depreciation accounts until disposal. Repairs and maintenance costs are expensed as incurred. See Note 11, Plant, Property and Equipment, Net, for additional information. Leases The Company enters into leases for the use of premises and equipment, primarily classified as operating leases. Operating lease costs are recognized as an operating expense over the lease term on a straight-line basis. For leases with terms greater than 12 months, we record a right-of-use asset and lease liability equal to the present value of the lease payments. In determining the discount rate used to measure the right-of-use asset and lease liability, we utilize the Company’s incremental borrowing rate and consider the term of the lease, as well as the geographic location of the leased asset. Where options to renew a lease are available, they are included in the lease term and capitalized on the balance sheet to the extent there would be a significant economic penalty not to elect the option. Certain real estate leases are subject to periodic changes in an index or market rate. Although lease liabilities are not remeasured as a result of changes to an index or rate, these changes are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred. Variable lease expense also includes property tax and property insurance costs. See Note 14, Leases, for additional information. Capitalized Internal Use Software Costs incurred in the preliminary project stage of developing or acquiring internal use software are expensed as incurred. After the preliminary project stage is completed, management has approved the project and it is probable that the project will be completed and the software will be used for its intended purpose, ITT capitalizes certain internal and external costs incurred to acquire or create internal use software, principally related to software coding, designing system interfaces and installation and testing of the software. ITT amortizes capitalized internal use software costs using the straight-line method over the estimated useful life of the software, generally from 3 to 7 years. Investments Investments in fixed-maturity time deposits having an original maturity exceeding three months at the time of purchase, referred to as short-term time deposits, are classified as held-to-maturity and are recorded at amortized cost, which approximates fair value. There were no short-term time deposits held as of December 31, 2023 and December 31, 2022. Investments in entities where we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in Other noncurrent assets in our Consolidated Balance Sheets. Significant influence typically exists if we have a 20% to 50% ownership interest in the investee. Under this method of accounting, our share of the net earnings or losses of the investee is included in non-operating profit in Other non-operating income, net in our Consolidated Statements of Operations. We evaluate our equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. Investments in entities for which we do not have significant operating influence (we generally hold a less than 20% ownership stake in these entities) are initially recorded at the purchase price. For investments in entities with readily determinable fair values (e.g., publicly traded), the investment is measured at fair value each subsequent reporting period. For investments in entities without a readily determinable fair value, we have made an accounting policy election to measure the investment at cost, adjusted for any impairments and/or observable price changes. In both cases, these investments are included in Other noncurrent assets in our Consolidated Balance Sheets, with any gains or losses and dividends received recognized in non-operating profit in Other non-operating income, net in our Consolidated Statements of Operations. Investments in corporate-owned life insurance (COLI) policies are recorded at their cash surrender values as of the balance sheet date. The Company’s investments in COLI policies are included in other non-current assets in our Consolidated Balance Sheets and were $128.4 and $119.6 at December 31, 2023 and 2022, respectively. Changes in the cash surrender value during the period generally reflect gains or losses in the fair value of assets, premium payments, and policy redemptions. Gains from COLI investments of $4.2, $0.7, and $3.9 were recorded within General and administrative expenses in our Consolidated Statements of Operations during years ended December 31, 2023, 2022 and 2021, respectively. Cash receipts from COLI policies were $0.0, $0.4, and $0.0 during 2023, 2022, and 2021, respectively, and are recognized in investing activities in our Consolidated Statements of Cash Flows. Long-Lived Asset Impairment Long-lived assets, including intangible assets with finite lives and capitalized internal use software, are tested for impairment whenever events or changes in circumstances indicate their carrying value may not be recoverable. We assess the recoverability of long-lived assets based on the undiscounted future cash flow the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When an impairment is identified, we reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. Goodwill and Intangible Assets Goodwill represents purchase consideration paid in a business combination that exceeds the values assigned to the net assets of the acquired business. Intangible assets include customer relationships, proprietary technology, trademarks, patents and other intangible assets. Intangible assets with a finite life are generally amortized on a straight-line basis over an estimated economic useful life, which generally ranges from 7-20 years, and are tested for impairment if indicators of impairment are identified. Certain of our intangible assets have an indefinite life, namely certain brands and trademarks. Goodwill and indefinite-lived intangible assets are not amortized, but rather are tested for impairment annually (or more frequently if impairment indicators arise, such as changes to the reporting unit structure, significant adverse changes in the business climate or an adverse action or assessment by a regulator). We conduct our annual impairment testing on the first day of the fourth fiscal quarter. We may perform an initial qualitative evaluation which considers present events and circumstances, to determine the likelihood of impairment. If the likelihood of impairment is not considered to be more likely than not, then no further testing is performed. If it is considered to be more likely than not that the asset is impaired based on the qualitative evaluation or we elect not to perform a qualitative evaluation, then a quantitative impairment test is performed. In the quantitative impairment test, the fair value of each reporting unit is compared to its carrying amount. If the fair value of a reporting unit exceeds its carrying value, there is no impairment. If the carrying value of the reporting unit exceeds its estimated fair value, then we record an impairment loss equal to the difference. For indefinite-lived intangibles, if it is considered to be more likely than not that the asset is impaired, we compare the fair value of those assets to their carrying value. We recognize an impairment loss when the estimated fair value of the indefinite-lived intangible asset is less than its carrying value. We estimate the fair value of our reporting units using an income approach. Under the income approach, we estimate fair value based on the present value of estimated future cash flows. We estimate the fair value of our indefinite-lived intangible assets using the relief from royalty method. The relief from royalty method estimates the portion of a company’s earnings attributable to an intellectual property asset based on an assumed royalty rate that the company would have paid had the asset not been owned. See Note 12, Goodwill and Other Intangible Assets, Net, for additional information. Business Combinations We allocate the purchase price of acquisitions to the tangible and intangible assets acquired, liabilities assumed, and non-controlling interests in the acquiree based on their estimated fair value at the acquisition date. Changes to acquisition date fair values prior to the expiration of the measurement period, a period not to exceed 12 months from date of acquisition, are recorded as an adjustment to the associated goodwill in the reporting period in which the adjustment amounts are determined. Changes to acquisition date fair values after expiration of the measurement period are recorded in earnings. The excess of the acquisition price over those estimated fair values is recorded as goodwill. Acquisition-related expenses are expensed as incurred and the costs associated with restructuring actions initiated after the acquisition are recognized separately from the business combination. See Note 22, Acquisitions, Investments, and Divestitures, for additional information. Commitments and Contingencies We record accruals for commitments and loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount of loss, and these assessments can involve a series of complex judgments about future events and may rely on estimates and assumptions that have been deemed reasonable by management. We review these accruals quarterly and adjust the accruals to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other current information. See Note 19, Commitments and Contingencies, for additional information. Environmental-Related Liabilities and Assets Accruals for environmental matters are recorded on a site-by-site basis when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. Our estimated liability is reduced to reflect the participation of other potentially responsible parties in those instances where it is probable that such parties are legally responsible and financially capable of paying their respective shares of the relevant costs, and that share can be reasonably estimated. Environmental liabilities are primarily included in other non-current liabilities at undiscounted amounts. The Company records an asset related to its environmental insurance and other expected third party recoveries. The environmental-related asset represents our best estimate of probable recoveries from third parties for costs incurred in past periods, as well as costs estimated to be incurred in future periods. Environmental costs and related recoveries are recorded within General and administrative expenses in our Consolidated Statements of Operations, other than those related to discontinued operations. See Note 19, Commitments and Contingencies, for additional information. Foreign Currency The national currencies of our foreign subsidiaries are generally the functional currencies. Balance Sheet accounts are translated at the exchange rate in effect at the end of each period, except for equity which is translated at historical rates; Statement of Operations accounts are translated at the average rates of exchange prevailing during the period. Gains and losses resulting from foreign currency translation are reflected in the cumulative translation adjustments component of shareholders’ equity. For foreign subsidiaries that do not use the local currency as their functional currency, foreign currency assets and liabilities are remeasured to the foreign subsidiary’s functional currency using end of period exchange rates, except for nonmonetary balance sheet accounts, which are remeasured at historical exchange rates. For transactions denominated in other than the functional currency, revenue and expenses are remeasured at average exchange rates in effect during the reporting period in which the transactions occurred, except for expenses related to nonmonetary assets and liabilities. Transaction gains or losses from foreign currency remeasurement are reported in General and administrative expenses in our Consolidated Statements of Operations. During the years ended December 31, 2023, 2022, and 2021, we recognized transaction (loss)/gain of $(7.0), $6.1 and $1.9, respectively. 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 December 31, 2023 and 2022, no derivatives were designated as hedges. The differentials paid or received on interest rate swap agreements are recognized as adjustments to interest expense. Derivative contracts involve the risk of non-performance by the counterparty. The fair value of our foreign currency contracts are determined using the net position of the contracts and the applicable spot rates and forward rates as of the reporting date. See Note 21, Derivative Financial Instruments, for additional information. Related Parties Under Accounting Standards Codification (ASC) Topic 850, Related Party Disclosures, related party transactions include those between: (a) a parent entity and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity’s management; (d) an entity and its principal owners, management, or members of their immediate families; and (e) affiliates. In January 2021, the Company entered into a three-month consulting agreement for $0.2 with Thomas Scalera, ITT's former Executive Vice President and Chief Financial Officer. The consulting agreement included, but was not limited to, financial, accounting, and investor relations advisory services. There were no other material related party transactions during 2023, 2022 or 2021.
Related Party Transactions Disclosure	Related Parties Under Accounting Standards Codification (ASC) Topic 850, Related Party Disclosures, related party transactions include those between: (a) a parent entity and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity’s management; (d) an entity and its principal owners, management, or members of their immediate families; and (e) affiliates. In January 2021, the Company entered into a three-month consulting agreement for $0.2 with Thomas Scalera, ITT's former Executive Vice President and Chief Financial Officer. The consulting agreement included, but was not limited to, financial, accounting, and investor relations advisory services. There were no other material related party transactions during 2023, 2022 or 2021.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Derivative Instruments - FX Contracts (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Foreign Currency Fair Value Hedge Derivative [Line Items]

Notional amount (U.S. dollar equivalent)

$ 258.4

$ 136.5

Fair value of foreign currency derivative contracts(a)

^[1]

$ 3.8

$ 1.7

(Loss) gain on foreign currency derivative contracts(b)

^[2]

General and administrative expenses

Foreign Exchange Contract

Foreign Currency Fair Value Hedge Derivative [Line Items]

Payments for (Proceeds from) Derivative Instrument, Operating Activities

$ 1.5

$ 7.7

[1]	(a) Our foreign currency derivative contracts are classified within Level 2 of the fair value hierarchy because these contracts are not actively traded and the valuation inputs are based on market observable data of similar instruments.
[2]	(b) None of our derivative contracts were designated as hedging instruments under ASC 815, Derivatives & Hedging.

Revenue - Disaggregated by Product Type and Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 3,283.0	$ 2,987.7	$ 2,765.0
Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	1,423.6	1,336.0	1,335.1
Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	892.9	780.8	659.0
Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	385.7	324.7	269.7
General industrial
Disaggregation of Revenue [Line Items]
Revenue	292.8	312.5	278.9
Energy
Disaggregation of Revenue [Line Items]
Revenue	288.0	233.7	222.3
Motion Technologies
Disaggregation of Revenue [Line Items]
Revenue	1,457.8	1,374.0	1,368.6
Motion Technologies \| Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	1,423.7	1,336.1	1,335.1
Motion Technologies \| Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
Motion Technologies \| Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	8.4	7.8	8.3
Motion Technologies \| General industrial
Disaggregation of Revenue [Line Items]
Revenue	25.7	30.1	25.2
Motion Technologies \| Energy
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
Industrial Process
Disaggregation of Revenue [Line Items]
Revenue	1,129.6	971.0	843.2
Industrial Process \| Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
Industrial Process \| Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	893.0	780.9	659.0
Industrial Process \| Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
Industrial Process \| General industrial
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
Industrial Process \| Energy
Disaggregation of Revenue [Line Items]
Revenue	236.6	190.1	184.2
Connect & Control Technologies
Disaggregation of Revenue [Line Items]
Revenue	699.4	645.6	554.7
Connect & Control Technologies \| Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
Connect & Control Technologies \| Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
Connect & Control Technologies \| Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	377.3	316.9	261.4
Connect & Control Technologies \| General industrial
Disaggregation of Revenue [Line Items]
Revenue	270.7	285.1	255.2
Connect & Control Technologies \| Energy
Disaggregation of Revenue [Line Items]
Revenue	51.4	43.6	38.1
Segment Eliminations
Disaggregation of Revenue [Line Items]
Revenue	(3.8)	(2.9)	(1.5)
Segment Eliminations \| Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	(0.1)	(0.1)	0.0
Segment Eliminations \| Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	(0.1)	(0.1)	0.0
Segment Eliminations \| Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0
Segment Eliminations \| General industrial
Disaggregation of Revenue [Line Items]
Revenue	(3.6)	(2.7)	(1.5)
Segment Eliminations \| Energy
Disaggregation of Revenue [Line Items]
Revenue	$ 0.0	$ 0.0	$ 0.0

Inventories - Component Details (Details) - USD ($)
$ in Millions

Dec. 31, 2023

Dec. 31, 2022

Inventory Disclosure [Abstract]

Finished goods

$ 97.0

$ 86.6

Work in process

111.8

104.6

Raw materials

366.6

342.7

Inventories

$ 575.4

^[1]

$ 533.9

[1]	(a) During the years ended December 31, 2023 and 2022, we recorded inventory write-downs of $1.1 and $5.2, respectively, related to inventories held by entities impacted by the Russia-Ukraine war. See Note 1, Description of Business and Basis of Presentation, for further information.

Segment Information - Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 3,283.0	$ 2,987.7	$ 2,765.0
Motion Technologies
Segment Reporting Information [Line Items]
Revenue	1,457.8	1,374.0	1,368.6
Industrial Process
Segment Reporting Information [Line Items]
Revenue	1,129.6	971.0	843.2
Connect & Control Technologies
Segment Reporting Information [Line Items]
Revenue	699.4	645.6	554.7
Total segment revenue
Segment Reporting Information [Line Items]
Revenue	3,286.8	2,990.6	2,766.5
Segment Eliminations
Segment Reporting Information [Line Items]
Revenue	$ (3.8)	$ (2.9)	$ (1.5)

- Definition

+ References

+ Details

Segment Information - Operating Margin (Details)	12 Months Ended
Segment Information - Operating Margin (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Motion Technologies
Segment Reporting Information [Line Items]
Operating margin	15.80%	15.20%	18.90%
Industrial Process
Segment Reporting Information [Line Items]
Operating margin	21.60%	19.30%	15.00%
Connect & Control Technologies
Segment Reporting Information [Line Items]
Operating margin	15.40%	17.90%	14.70%

Guarantees, Indemnities and Warranties - Changes in Product Warranty Accrual (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Warranty liability as of January 1	$ 16.2	$ 20.1
Warranty expense	5.4	1.8
Payments	(5.1)	(5.2)
Foreign currency and other		(0.5)
Warranty liability as of December 31	$ 16.5	$ 16.2

Divestitures - Matrix (Details) - Matrix $ in Millions	12 Months Ended
Divestitures - Matrix (Details) - Matrix $ in Millions	Dec. 31, 2023 USD ($)
Business Combination and Asset Acquisition [Abstract]
Proceeds from Divestiture of Businesses	$ 1.0
Gain (Loss) on Disposition of Business	15.3
Proceeds from Divestiture of Businesses	1.0
Gain (Loss) on Disposition of Business	$ 15.3

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 413.8	$ 369.4	$ 321.0
Other comprehensive income (loss):
Net foreign currency translation adjustment	17.6	(67.4)	(57.0)
Net change in postretirement benefit plans, net of tax	(5.2)	44.4	15.1
Other comprehensive (loss) income	12.4	(23.0)	(41.9)
Comprehensive income	426.2	346.4	279.1
Less: Comprehensive income attributable to noncontrolling interests	3.3	2.4	4.7
Comprehensive income attributable to ITT Inc.	422.9	344.0	274.4
Disclosure of reclassification adjustments and other adjustments to postretirement benefit plans (See Note 16)
Amortization of prior service benefit, net of tax expense of $1.4, $1.3, and $1.2, respectively	(4.6)	(4.2)	(3.9)
Amortization of net actuarial loss, net of tax benefit of $—, $(0.5), and $(0.7), respectively	0.1	2.6	3.7
Prior service cost, net of tax expense of $—, $(1.9), and $—, respectively	0.0	6.2	0.0
Net actuarial (loss) gain, net of tax benefit (expense) of $0.3, $(6.5), and $(2.0), respectively	(0.5)	38.1	12.6
Unrealized change from foreign currency translation	(0.2)	1.7	2.7
Net change in postretirement benefit plans, net of tax	$ 5.2	$ (44.4)	$ (15.1)

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

Dec. 31, 2023

Dec. 31, 2022

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

Plant, property and equipment, net

$ 561.0

$ 526.8

North America [Member]

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

Plant, property and equipment, net

^[1]

165.0

156.5

Europe [Member]

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

Plant, property and equipment, net

^[2]

287.5

272.5

Asia Pacific [Member]

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

Plant, property and equipment, net

^[3]

87.8

79.2

Middle East [Member]

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

Plant, property and equipment, net

17.8

15.8

South America [Member]

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

Plant, property and equipment, net

$ 2.9

$ 2.8

[1]	Includes PPE, net of $127.1 and $125.2 in the United States as of December 31, 2023 and 2022, respectively.
[2]	Includes PPE, net of $134.4 and $113.6 in Italy as of December 31, 2023 and 2022, respectively.
[3]	Includes PPE, net of $63.2 and $52.8 in China as of December 31, 2023 and 2022, respectively.

Plant, Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Depreciation expense	$ 84.2	$ 80.7	$ 85.8
Gain (Loss) on Disposition of Property Plant Equipment	$ 0.1	$ 16.3	7.0
Motion Technologies
Gain (Loss) on Disposition of Property Plant Equipment			$ 7.0

Postretirement Benefit Plans - Estimated Future Benefit Payments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
2024	$ 6.2
2025	5.9
2026	5.6
2027	5.4
2028	5.2
2029 - 2033	23.4
International Plan [Member] \| Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
2024	4.6
2025	3.8
2026	3.8
2027	3.7
2028	3.9
2029 - 2033	19.8
United States \| Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
2024	0.9
2025	0.9
2026	0.9
2027	0.9
2028	0.9
2029 - 2033	$ 4.4

Other Intangible Assets - Micro Mode Acquisition (Details) - USD ($) $ in Millions	Dec. 31, 2023	May 02, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangibles	$ 285.9		$ 268.3
Micro Mode
Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangibles		$ 28.7
Customer relationships(a)
Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangibles	$ 202.4		$ 191.5
Finite-Lived Intangible Asset, Useful Life	13 years 7 months 6 days
Customer relationships(a) \| Micro Mode
Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangibles		$ 18.5
Finite-Lived Intangible Asset, Useful Life		20 years
Technology-Based Intangible Assets \| Micro Mode
Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangibles		$ 5.5
Finite-Lived Intangible Asset, Useful Life		20 years
Order or Production Backlog \| Micro Mode
Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangibles		$ 1.9
Finite-Lived Intangible Asset, Useful Life		2 years
Trade Names \| Micro Mode
Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangibles		$ 2.3
Finite-Lived Intangible Asset, Useful Life		20 years
Intangible assets with a finite life amortized on a straight-line basis [Member] \| Micro Mode
Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangibles		$ 0.5
Finite-Lived Intangible Asset, Useful Life		10 years

Postretirement Benefit Plans - Assumptions (Details)	12 Months Ended
Postretirement Benefit Plans - Assumptions (Details)	Dec. 31, 2023	Dec. 31, 2022
Other Postretirement Benefits Plan [Member]
Obligation Assumptions:
Discount rate	5.00%	5.30%
Cost Assumptions:
Discount rate	5.30%	3.00%
International Plan [Member] \| Pension Plan [Member]
Obligation Assumptions:
Discount rate	3.10%	3.60%
Rate of future compensation increase	3.40%	2.80%
Cost Assumptions:
Discount rate	3.60%	1.10%
Expected return on plan assets	1.00%	1.00%
United States \| Pension Plan [Member]
Obligation Assumptions:
Discount rate	5.00%	5.30%
Cost Assumptions:
Discount rate	5.30%	2.70%

Other Current and Non-Current Assets (Notes)

12 Months Ended

Dec. 31, 2023

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

Other Current and Non-Current Assets

OTHER CURRENT AND NON-CURRENT ASSETS

The following table summarizes our other current and non-current assets.


As of December 31	2023		2022
Advance payments and other prepaid expenses	$	55.3	$	45.0
Current contract assets, net	25.8		26.3
Prepaid income taxes	16.9		25.1

Other	19.9		16.5
Other current assets	$	117.9	$	112.9
Other employee benefit-related assets	$	128.6	$	119.8
Operating lease right-of-use assets	87.4		73.8
Deferred income taxes	76.0		54.7
Equity method and other investments	46.6		42.9
Capitalized software costs	7.9		12.4
Environmental-related assets	6.0		9.6
Other	28.5		25.9
Other non-current assets	$	381.0	$	339.1

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

The following table represents our revenue disaggregated by end market.


For the Year Ended December 31, 2023	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	1,423.7		$	—		$	—		$	(0.1)		$	1,423.6
Chemical and industrial pumps		—			893.0			—			(0.1)			892.9
Aerospace and defense		8.4			—			377.3			—			385.7
General industrial		25.7			—			270.7			(3.6)			292.8
Energy		—			236.6			51.4			—			288.0
Total		$	1,457.8		$	1,129.6		$	699.4		$	(3.8)		$	3,283.0

For the Year Ended December 31, 2022
Auto and rail		$	1,336.1		$	—		$	—		$	(0.1)		$	1,336.0
Chemical and industrial pumps		—			780.9			—			(0.1)			780.8
Aerospace and defense		7.8			—			316.9			—			324.7
General industrial		30.1			—			285.1			(2.7)			312.5
Energy		—			190.1			43.6			—			233.7
Total		$	1,374.0		$	971.0		$	645.6		$	(2.9)		$	2,987.7

For the Year Ended December 31, 2021
Auto and rail		$	1,335.1		$	—		$	—		$	—		$	1,335.1
Chemical and industrial pumps		—			659.0			—			—			659.0
Aerospace and defense		8.3			—			261.4			—			269.7
General industrial		25.2			—			255.2			(1.5)			278.9
Energy		—			184.2			38.1			—			222.3
Total		$	1,368.6		$	843.2		$	554.7		$	(1.5)		$	2,765.0

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

The following table represents our net contract assets and liabilities.


As of December 31	2023			2022
Current contract assets		$	25.8		$	26.3
Noncurrent contract assets		1.6			1.2
Current contract liabilities		(95.9)			(70.2)
Noncurrent contract liabilities		(4.5)			(4.4)
Net contract liabilities		$	(73.0)		$	(47.1)

Income Taxes - Rollforward of Deferred Tax Assets Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Line Items]
Deferred Tax Assets, Valuation Allowance, Beginning Balance	$ 102.4	$ 108.8	$ 123.0
Change in assessment	(39.5)	(1.1)	(1.9)
Current year operations	10.4	(5.3)	(12.3)
Deferred Tax Assets, Valuation Allowance, Ending Balance	73.3	102.4	108.8
State and Local Jurisdiction [Member]
Valuation Allowance [Line Items]
Deferred Tax Assets, Valuation Allowance, Beginning Balance	39.5	35.7	40.4
Change in assessment	(23.1)	0.0	0.0
Current year operations	(0.8)	3.8	(4.7)
Deferred Tax Assets, Valuation Allowance, Ending Balance	15.6	39.5	35.7
Foreign Tax Authority [Member]
Valuation Allowance [Line Items]
Deferred Tax Assets, Valuation Allowance, Beginning Balance	62.9	73.1	82.6
Change in assessment	(16.4)	(1.1)	(1.9)
Current year operations	11.2	(9.1)	(7.6)
Deferred Tax Assets, Valuation Allowance, Ending Balance	$ 57.7	$ 62.9	$ 73.1

Capital Stock (Notes)	12 Months Ended
Capital Stock (Notes)	Dec. 31, 2023
Equity [Abstract]
Capital Stock	CAPITAL STOCK ITT has authority to issue an aggregate of 300 shares of capital stock, of which 250 shares have been designated as common stock having a par value of $1 per share and 50 shares have been designated as preferred stock not having any par or stated value. There was no preferred stock outstanding as of December 31, 2023 and 2022. The holders of ITT common stock are entitled to receive dividends when and as declared by ITT’s Board of Directors. Dividends are paid quarterly. Dividends declared were $1.160, $1.056 and $0.880 per common share totaling $95.9, $87.7, and $76.2 in 2023, 2022, and 2021, respectively. On October 30, 2019, the Board of Directors approved our current program, an indefinite term $500 open-market share repurchase program (the 2019 Plan). During 2023, 2022, and 2021, we repurchased and retired 0.7 shares, 3.0 shares, and 1.2 shares of common stock for $60.5, $245.3 and $104.8, respectively, under the 2019 Plan. 2023 included $0.5 related to a 1% excise tax assessed on share repurchases under the Inflation Reduction Act of 2022, which went into effect for repurchases made after December 31, 2022. As of December 31, 2023, there was $78.8 of remaining authorization left under the 2019 Plan. On October 4, 2023, the Board of Directors approved an indefinite term $1,000 open-market share repurchase program (the 2023 Plan). Repurchases under this authorization will begin upon the completion of the 2019 Plan. Separate from our open-market share repurchase programs, the Company withheld 0.1 shares of common stock during each of the years ended 2023, 2022 and 2021 for an aggregate purchase price of $7.2, $8.8, and $11.7, respectively, in settlement of employee tax withholding obligations due upon the vesting of equity-based compensation awards.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Leases - Additional Information (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Leases [Abstract]

Operating cash outflows from operating leases(a)

^[1]

$ 24.5

$ 25.9

Right-of-use assets obtained in exchange for new operating lease liabilities

$ 32.5

$ 18.3

Weighted average remaining lease term (in years)

6 years 1 month 6 days

5 years 9 months 18 days

Weighted average discount rate(b)

^[2]

3.40%

2.70%

[1]	Included within Other, net in our Consolidated Statements of Cash Flows.
[2]	We use a discount rate for each lease based on an estimated incremental borrowing rate over a similar term as the lease, as the discount rate implicit in each lease cannot be readily determined

Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

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

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

The following table provides a summary of the funded status of our postretirement benefit plans and the presentation of the funded status within our Consolidated Balance Sheets.


	2023						2022
As of December 31	Pension		Other Benefits		Total		Pension		Other Benefits		Total
Fair value of plan assets	$	0.4	$	—	$	0.4	$	0.4	$	—	$	0.4
Projected benefit obligation	84.4		66.2		150.6		79.1		70.7		149.8
Funded status	$	(84.0)	$	(66.2)	$	(150.2)	$	(78.7)	$	(70.7)	$	(149.4)
Amounts reported within:
Non-current assets	$	0.2	$	—	$	0.2	$	0.2	$	—	$	0.2
Accrued liabilities	(5.5)		(6.2)		(11.7)		(5.6)		(6.8)		(12.4)
Non-current liabilities	(78.7)		(60.0)		(138.7)		(73.3)		(63.9)		(137.2)

Amount Recognized in Accumulated Other Comprehensive Income Loss

The following table provides a summary of amounts recorded within accumulated other comprehensive loss.


	2023						2022
As of December 31	Pension		Other Benefits		Total		Pension		Other Benefits		Total
Net actuarial loss	$	9.5	$	0.4	$	9.9	$	5.7	$	3.4	$	9.1
Prior service cost (benefit)	0.3		(18.5)		(18.2)		0.3		(24.6)		(24.3)
Total	$	9.8	$	(18.1)	$	(8.3)	$	6.0	$	(21.2)	$	(15.2)

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

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


	2023								2022
For the Year Ended December 31	U.S. Pension		Int’l Pension		Other Benefits		Total		U.S. Pension		Int’l Pension		Other Benefits		Total
Change in benefit obligation
Benefit obligation as of January 1	$	11.2	$	67.9	$	70.7	$	149.8	$	14.8	$	93.1	$	106.4	$	214.3
Service cost	—		0.8		0.3		1.1		—		1.2		0.6		1.8
Interest cost	0.6		2.4		3.1		6.1		0.3		1.0		2.2		3.5
Amendments	—		—		—		—		—		—		(8.1)		(8.1)
Actuarial loss (gain)(a)	0.3		3.4		(2.9)		0.8		(3.0)		(18.3)		(23.3)		(44.6)
Benefits paid	(0.9)		(3.2)		(5.0)		(9.1)		(0.9)		(3.1)		(7.1)		(11.1)

Settlement	—		(0.4)		—		(0.4)		—		—		—		—

Foreign currency translation	—		2.3		—		2.3		—		(6.0)		—		(6.0)
Benefit obligation as of December 31	$	11.2	$	73.2	$	66.2	$	150.6	$	11.2	$	67.9	$	70.7	$	149.8

(a)The actuarial gain in 2022 is primarily due to an increase in discount rates during the year.

Changes in Fair Value of Plan Assets of Pension Plans


	2023								2022
	U.S. Pension		Int’l Pension		Other Benefits		Total		U.S. Pension		Int’l Pension		Other Benefits		Total
Change in plan assets
Plan assets as of January 1	$	—	$	0.4	$	—	$	0.4	$	—	$	0.5	$	—	$	0.5

Employer contributions	0.9		3.6		5.0		9.5		0.9		3.0		7.1		11.0
Benefits and expenses paid	(0.9)		(3.2)		(5.0)		(9.1)		(0.9)		(3.1)		(7.1)		(11.1)

Settlement	—		(0.4)		—		(0.4)		—		—		—		—
Foreign currency translation	—		—		—		—		—		—		—		—
Plan assets as of December 31	$	—	$	0.4	$	—	$	0.4	$	—	$	0.4	$	—	$	0.4
Funded status at end of year	$	(11.2)	$	(72.8)	$	(66.2)	$	(150.2)	$	(11.2)	$	(67.5)	$	(70.7)	$	(149.4)

Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets


As of December 31	2023		2022
Projected benefit obligation	$	84.2	$	78.9
Accumulated benefit obligation	82.3		77.3
Fair value of plan assets	—		—

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

The following table provides the components of net periodic postretirement cost and other amounts recognized in other comprehensive loss as they pertain to our defined benefit pension plans.


	2023						2022						2021
For the Year Ended December 31	U.S. Pension		Int’l Pension		Total		U.S. Pension		Int’l Pension		Total		U.S. Pension		Int’l Pension		Total
Net periodic postretirement cost - pension
Service cost	$	—	$	0.8	$	0.8	$	—	$	1.2	$	1.2	$	—	$	1.4	$	1.4
Interest cost	0.6		2.4		3.0		0.3		1.0		1.3		0.3		0.7		1.0

Amortization of net actuarial loss	—		—		—		0.2		1.1		1.3		0.2		1.6		1.8

Net periodic postretirement cost	0.6		3.2		3.8		0.5		3.3		3.8		0.5		3.7		4.2
Settlement charge and other(a)	—		0.1		0.1		—		—		—		(3.4)		—		(3.4)
Total net periodic postretirement cost	0.6		3.3		3.9		0.5		3.3		3.8		(2.9)		3.7		0.8
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Net actuarial (gain) loss	0.3		3.4		3.7		(3.0)		(18.3)		(21.3)		(0.1)		(6.3)		(6.4)

Amortization of net actuarial loss	—		—		—		(0.2)		(1.1)		(1.3)		(0.2)		(1.6)		(1.8)

Foreign currency translation and other	—		0.1		0.1		—		(1.7)		(1.7)		—		(2.7)		(2.7)
Total change recognized in other comprehensive income	0.3		3.5		3.8		(3.2)		(21.1)		(24.3)		(0.3)		(10.6)		(10.9)
Total impact from net periodic postretirement cost and changes in other comprehensive income	$	0.9	$	6.8	$	7.7	$	(2.7)	$	(17.8)	$	(20.5)	$	(3.2)	$	(6.9)	$	(10.1)

(a)2021 includes income of $3.4 from a pricing adjustment associated with the 2020 termination and sale of the U.S. qualified pension plan.

Weighted Average Assumptions used to Determine Benefit Obligations


	2023						2022
	U.S. Pension		Int’l Pension		Other Benefits		U.S. Pension		Int’l Pension		Other Benefits
Obligation Assumptions:
Discount rate	5.0	%	3.1	%	5.0	%	5.3	%	3.6	%	5.3	%
Rate of future compensation increase	N/A		3.4	%	N/A		N/A		2.8	%	N/A
Cost Assumptions:
Discount rate	5.3	%	3.6	%	5.3	%	2.7	%	1.1	%	3.0	%
Expected return on plan assets	N/A		1.0	%	N/A		N/A		1.0	%	N/A

Estimated Future Benefit Payments


	U.S. Pension		Int’l Pension		Other Benefits
2024	$	0.9	$	4.6	$	6.2
2025	0.9		3.8		5.9
2026	0.9		3.8		5.6
2027	0.9		3.7		5.4
2028	0.9		3.9		5.2
2029 - 2033	4.4		19.8		23.4

Other Postretirement Benefit Plan, Defined Benefit [Member]

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

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


For the Year Ended December 31	2023		2022		2021
Net periodic postretirement cost - other postretirement
Service cost	$	0.3	$	0.6	$	0.7
Interest cost	3.1		2.2		1.8

Amortization of net actuarial loss	—		1.8		2.6
Amortization of prior service benefit	(6.0)		(5.5)		(5.1)


Total net periodic postretirement cost	(2.6)		(0.9)		—
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Net actuarial (gain) loss	(2.9)		(23.3)		(8.2)
Prior service benefit	—		(8.1)		—
Amortization of net actuarial loss	—		(1.8)		(2.6)
Amortization of prior service credit	6.0		5.5		5.1

Total changes recognized in other comprehensive income	3.1		(27.7)		(5.7)
Total impact from net periodic postretirement cost and changes in other comprehensive income	$	0.5	$	(28.6)	$	(5.7)

Other Intangible Assets - Estimated Intangible Amortization Expense by Year (Details) $ in Millions	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 15.9
2025	14.0
2026	10.7
2027	8.7
2028	8.7
Thereafter	$ 39.5

Segment Information - Operating Income (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Segment Reporting Information [Line Items]

Operating income

$ 528.2

$ 468.0

$ 504.3

Asbestos-related benefit, net

0.0

74.4

^[1]

Interest expense (income), net

(10.4)

(6.4)

1.1

Other non-operating income, net

1.7

0.2

3.7

Income from continuing operations before income tax

519.5

461.8

509.1

Operating Segments

Segment Reporting Information [Line Items]

Operating income

581.9

511.9

466.7

Motion Technologies

Segment Reporting Information [Line Items]

Operating income

230.8

208.5

258.2

Industrial Process

Segment Reporting Information [Line Items]

Operating income

243.6

187.6

126.8

Connect & Control Technologies

Segment Reporting Information [Line Items]

Operating income

107.5

115.8

81.7

Corporate and Other [Member]

Segment Reporting Information [Line Items]

Operating income

$ (53.7)

$ (43.9)

$ (36.8)

[1]	The 2021 period includes a pre-tax gain of $88.8 resulting from the InTelCo divestiture transaction. See Note 19, Commitments and Contingencies, for further information.

Commitments and Contingencies - Asbestos Costs Summary (Details) - Asbestos Related Matters [Member] - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Asbestos provision, net(a)

$ 0.0

$ 14.4

^[1]

Gain on divestiture before income tax

0.0

(88.8)

Asbestos-related benefit, net

$ 0.0

$ (74.4)

[1]	2021 includes costs related to the divestiture of InTelCo as well as certain administrative costs such as legal-related costs for insurance asset recoveries.

Postretirement Benefit Plans - Summary of Funded Status (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0.4	$ 0.4	$ 0.5
Projected benefit obligation	150.6	149.8	214.3
Funded status	(150.2)	(149.4)
Amounts reported within:
Non-current assets	0.2	0.2
Accrued liabilities	(11.7)	(12.4)
Non-current liabilities	(138.7)	(137.2)
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.4	0.4
Projected benefit obligation	84.4	79.1
Funded status	(84.0)	(78.7)
Amounts reported within:
Non-current assets	0.2	0.2
Accrued liabilities	(5.5)	(5.6)
Non-current liabilities	(78.7)	(73.3)
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0	0.0
Projected benefit obligation	66.2	70.7	$ 106.4
Funded status	(66.2)	(70.7)
Amounts reported within:
Non-current assets	0.0	0.0
Accrued liabilities	(6.2)	(6.8)
Non-current liabilities	$ (60.0)	$ (63.9)

Postretirement Benefit Plans - Additional Information (Details) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Participant shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Assumed rate of future decrease in per capita cost of health care for 2031	4.50%
Shares of ITT Stock Held in Defined Contribution Plan \| shares	0.1
Company contributions to defined contribution plans	$ 17.3	$ 16.5	$ 14.5
Active participants in numerous defined benefit pension plans \| Participant	970
Accumulated benefit obligation	$ 82.5	77.5
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Employer Contributions Next Fiscal Year	6.0
Contributions to postretirement plans	4.5	$ 3.9
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Employer Contributions Next Fiscal Year	$ 6.0
Pre Age Sixty Five [Member]
Defined Benefit Plan Disclosure [Line Items]
Assumed rate of future increase in per capita cost of health care for 2021	7.30%
Post-age 65 retirees [Member]
Defined Benefit Plan Disclosure [Line Items]
Assumed rate of future increase in per capita cost of health care for 2021	6.30%
International Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligation	87.00%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Partners' Capital [Abstract]
Tax benefit (expense) on net change in postretirement benefit plans	$ 1.7	$ (7.6)	$ (1.5)
Tax expense (benefit) on amortization of prior service benefit	(1.4)	(1.3)	(1.2)
Tax (benefit) on amortization of net actuarial loss		(0.5)	(0.7)
Tax benefit (expense) on prior service credit from plan amendment		(1.9)
Tax benefit (expense) benefit on net actuarial loss arising during the period	$ 0.3	$ (6.5)	$ (2.0)

Guarantees, Indemnities and Warranties (Tables)

12 Months Ended

Dec. 31, 2023

Guarantees [Abstract]

Changes in Product Warranty Accrual


	2023		2022
Warranty liability as of January 1	$	16.2	$	20.1
Warranty expense	5.4		1.8
Payments	(5.1)		(5.2)
Foreign currency and other	—		(0.5)
Warranty liability as of December 31	$	16.5	$	16.2

Acquisitions Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Acquisitions [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


Allocation of Purchase Price	Micro-Mode		Habonim
Receivables	$	2.7	$	10.2
Inventory	5.6		17.8
Plant, property and equipment	6.0		16.1
Goodwill	44.6		62.9
Other intangible assets	28.7		47.2
Other assets	0.3		4.2
Accounts payable and accrued liabilities	(2.3)		(8.7)
Other liabilities	(6.3)		(7.1)
Noncontrolling interest	—		(2.7)
Net assets acquired	$	79.3	$	139.9

Related to the acquisition of Micro-Mode, the primary areas of the purchase price allocations that are not yet finalized relate to the valuation of certain tangible and intangible assets, certain liabilities, income tax, and residual goodwill, which represents the excess of the purchase price over the fair value of the net tangible and other intangible assets acquired. We expect to obtain the information necessary to finalize the fair value of the net assets and liabilities during the measurement period, not to exceed one year from the acquisition date. Changes to the preliminary estimates of the fair value during the measurement period will be recorded as adjustments to those assets and liabilities with a corresponding adjustment to goodwill in the period they occur. The goodwill arising from this acquisition is not deductible for income tax purposes.

Long-Term Incentive Employee Compensation (Notes)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Long-Term Incentive Employee Compensation

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION

The 2011 Omnibus Incentive Plan (2011 Incentive Plan) was approved by shareholders and established in May 2011 to provide for the awarding of options on common shares and full value restricted common shares or units to employees and non-employee directors. As of December 31, 2023, 36.5 shares were available for future grants under the 2011 Incentive Plan. The Company can make shares available for the exercise of stock options or vesting of restricted shares or units by purchasing shares in the open market.

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

The following table summarizes our share-based compensation expense associated with our LTIP awards.


For the Year Ended December 31	2023		2022		2021
Equity-based awards	$	20.2	$	18.1	$	16.5
Liability-based awards	1.7		1.0		1.3
Total share-based compensation expense	$	21.9	$	19.1	$	17.8

The income tax benefit realized during 2023, 2022 and 2021 associated with exercised stock options and vested restricted stock was $0.9, $2.4 and $3.2, respectively.

As of December 31, 2023, there was $25.0 of total unrecognized compensation cost related to non-vested equity awards. This cost is expected to be recognized ratably over a weighted-average period of 1.8 years. Additionally, unrecognized compensation cost related to liability-based awards was $2.4, which is expected to be recognized ratably over a weighted-average period of 1.9 years.

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

For PSUs, the fair value of the ROIC award is based on the closing price of ITT common stock on the date of grant less the present value of expected dividend payments during the vesting period. For ROIC awards granted in 2023, a dividend yield of 1.24% was assumed based on ITT's annualized dividend payment of $1.16 per share and the March 3, 2023 closing stock price of $93.83. The fair value of the ROIC award is fixed on the grant date; however, a probability assessment is performed each reporting period to estimate the likelihood of achieving the ROIC targets and the amount of compensation to be recognized.

The fair value of the TSR award is measured using a Monte Carlo simulation on the date of grant, measuring potential total shareholder return for ITT relative to the other companies in the S&P 400 Capital Goods Index (the TSR Performance Group). The expected volatility of ITT's stock price is based on the historical volatility of a peer group while expected volatility for the other companies in the TSR Performance Group is based on their own stock price history. For TSR awards granted in 2023, all volatility and correlation measures were based on three years of daily historical price data through March 3, 2023, corresponding to the three-year performance period of the award. As the grant date occurs after the beginning of the performance period, actual TSR performance between the beginning of the performance period (December average closing stock price) and the grant date was reflected in the valuation. For TSR awards granted in 2023, a dividend yield of 1.24% was assumed based on ITT's annualized dividend payment of $1.16 per share and the March 3, 2023 closing stock price of $93.83.

The table below provides a rollforward of our outstanding RSUs and PSUs.


	2023			2022			2021
Restricted Stock and Performance Units	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Outstanding as of January 1	0.7	$	76.36	0.7	$	71.21	0.8	$	59.25
Granted	0.3	99.33		0.3	77.72		0.3	90.14

Vested and issued	(0.2)	69.91		(0.3)	66.20		(0.3)	57.36
Forfeited	(0.1)	77.20		—	—		(0.1)	68.18
Outstanding as of December 31	0.7	$	88.40	0.7	$	76.36	0.7	$	71.21
Vested pending issuance	0.1	$	98.67	0.1	$	63.88	0.1	$	65.25

The table below provides the number of our outstanding shares by award type. Cash-settled RSUs and PSUs outstanding were not material.


As of December 31	2023	2022	2021
Equity-settled RSUs	0.4	0.4	0.4

Equity-settled PSUs	0.3	0.2	0.3

As of December 31, 2023, substantially all RSUs outstanding are expected to vest. As of December 31, 2023, the total number of PSUs expected to vest based on current performance estimates, including those vested but pending issuance, was 0.4.

Non-Qualified Stock Options

Prior to 2017, our LTIP award grants also included non-qualified stock options (NQOs). NQOs outstanding and exercisable were nominal as of December 31, 2023, and 0.1 as of both December 31, 2022 and 2021. As of December 31, 2023, there were no options "out-of-the-money" and all options outstanding were fully vested. NQOs exercised of 0.1 during each of the years ended December 31, 2023, 2022 and 2021 resulted in cash proceeds of $0.6, $1.8 and $1.2, respectively.

Employee Stock Purchase Plan

We sponsor the ITT Inc. 2023 Employee Stock Purchase Plan (2023 ESPP), pursuant to which eligible employees may elect to contribute from 1% to 10% of their eligible compensation, which includes after-tax base salary and annual bonus, subject to certain income limits, to purchase shares of ITT's common stock. The adoption of the 2023 ESPP was approved by our shareholders at our 2023 Annual Shareholders Meeting. The aggregate number of shares of ITT’s stock authorized for issuance under the 2023 ESPP was 0.5.

Pursuant to the terms of the 2023 ESPP, employees may purchase stock under the 2023 ESPP at a price equal to 95% of ITT’s closing stock price on the purchase date. For the year ended December 31, 2023, no stock-based compensation expense was recorded in connection with the 2023 ESPP because the criteria of a non-compensatory plan in accordance with ASC 718, Compensation - Stock Compensation, were met.

Label	Element	Value
GERMANY
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount	$ 16,100,000
ITALY
Tax Adjustments, Settlements, and Unusual Provisions	us-gaap_TaxAdjustmentsSettlementsAndUnusualProvisions	14,200,000
UNITED STATES
Tax Adjustments, Settlements, and Unusual Provisions	us-gaap_TaxAdjustmentsSettlementsAndUnusualProvisions	$ 4,900,000
ITT 2023 Employee Stock Purchase Plan [Member]
Employee Stock Ownership Plan (ESOP), Shares in ESOP	us-gaap_EmployeeStockOwnershipPlanESOPSharesInESOP	500,000
Employee Stock Ownership Plan (ESOP), Compensation Expense	us-gaap_EmployeeStockOwnershipPlanESOPCompensationExpense	$ 0
Svanehoj [Member] \| Subsequent Event [Member]
Subsequent Events [Text Block]	us-gaap_SubsequentEventsTextBlock	Subsequent Event On January 19, 2024, we completed the acquisition of 100% of the outstanding shares of privately held Svanehøj Group A/S (Svanehøj) for a purchase price of approximately $410, net of cash acquired. Svanehøj is a supplier of pumps and related aftermarket services with leading positions in cryogenic applications for the marine sector. Svanehøj is headquartered in Denmark and has additional operations in Singapore and France. Svanehøj employs around 400 employees and generated approximately $140 in sales in 2022. Upon closing of the transaction, Svanehøj became part of our IP segment.

Segment Reporting - Revenue by Region (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

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

Revenues

$ 3,283.0

$ 2,987.7

$ 2,765.0

Motion Technologies

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

Revenues

1,457.8

1,374.0

1,368.6

Industrial Process

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

Revenues

1,129.6

971.0

843.2

Connect & Control Technologies

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

Revenues

699.4

645.6

554.7

Segment Eliminations

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

Revenues

(3.8)

(2.9)

(1.5)

North America [Member]

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

Revenues

^[1]

1,363.5

1,220.5

1,049.9

North America [Member] | Motion Technologies

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

Revenues

265.2

266.9

249.9

North America [Member] | Industrial Process

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

Revenues

660.9

566.2

470.1

North America [Member] | Connect & Control Technologies

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

Revenues

441.1

390.2

331.4

North America [Member] | Segment Eliminations

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

Revenues

(3.7)

(2.8)

(1.5)

Europe [Member]

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

Revenues

^[2]

1,046.6

987.7

1,010.3

Europe [Member] | Motion Technologies

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

Revenues

802.7

756.7

798.8

Europe [Member] | Industrial Process

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

Revenues

109.1

94.6

96.0

Europe [Member] | Connect & Control Technologies

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

Revenues

134.8

136.4

115.5

Europe [Member] | Segment Eliminations

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

Revenues

0.0

Asia Pacific [Member]

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

Revenues

^[3]

572.6

524.4

491.6

Asia Pacific [Member] | Motion Technologies

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

Revenues

370.1

333.6

307.8

Asia Pacific [Member] | Industrial Process

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

Revenues

118.5

102.8

99.8

Asia Pacific [Member] | Connect & Control Technologies

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

Revenues

84.1

88.1

84.0

Asia Pacific [Member] | Segment Eliminations

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

Revenues

(0.1)

0.0

Middle East [Member]

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

Revenues

169.5

144.5

116.8

Middle East [Member] | Motion Technologies

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

Revenues

1.5

1.3

1.0

Middle East [Member] | Industrial Process

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

Revenues

139.6

120.8

97.7

Middle East [Member] | Connect & Control Technologies

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

Revenues

28.4

22.4

18.1

Middle East [Member] | Segment Eliminations

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

Revenues

0.0

South America [Member]

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

Revenues

130.8

110.6

96.4

South America [Member] | Motion Technologies

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

Revenues

18.3

15.5

11.1

South America [Member] | Industrial Process

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

Revenues

101.5

86.6

79.6

South America [Member] | Connect & Control Technologies

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

Revenues

11.0

8.5

5.7

South America [Member] | Segment Eliminations

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

Revenues

$ 0.0

[1]	Includes revenue of $1,075.8, $978.6, and $842.9 from the United States for 2023, 2022, and 2021, respectively.
[2]	Includes revenue of $387.8, $404.7, and $418.3 from Germany for 2023, 2022, and 2021, respectively.
[3]	Includes revenue of $351.8, $307.8, and $306.5 from China for 2023, 2022, and 2021, respectively.

Commitments and Contingencies (Notes)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

From time to time, we are involved in litigation, claims, government inquiries, investigations and proceedings, including but not limited to those relating to environmental exposures, intellectual property matters, personal injury claims, product liabilities, regulatory matters, commercial and government contract issues, employment and employee benefit matters, commercial or contractual disputes, and securities matters.

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 any material adverse impact on our financial statements, unless otherwise noted below. However, there can be no assurance that an adverse outcome in any of the proceedings described below will not result in material fines, penalties or damages, changes to the Company's business practices, loss of (or litigation with) customers or a material adverse effect on our financial statements.

Asbestos Matters

On June 30, 2021, the Company completed the sale of InTelCo Management LLC (InTelCo), a former subsidiary of the Company which previously held its asbestos-related assets and liabilities, to a third party, Sapphire TopCo, Inc. (Buyer). The sale included a $398.0 cash contribution from the Company to InTelCo. Following the completion of the sale, the Company no longer has any obligation with respect to pending and future asbestos claims and has deconsolidated InTelCo from its financial results.

The table below summarizes our total net asbestos-related (benefit) costs.


For the Year Ended December 31	2023		2022		2021
Asbestos provision, net(a)	$	—	$	—	$	14.4
Gain on divestiture before income tax	—		—		(88.8)


Asbestos-related (benefit) costs, net	$	—	$	—	$	(74.4)

(a)2021 includes costs related to the divestiture of InTelCo as well as certain administrative costs such as legal-related costs for insurance asset recoveries.

Environmental Matters

In the ordinary course of business, we are subject to federal, state, local, and foreign environmental laws and regulations. We are responsible, or are alleged to be responsible, for ongoing environmental investigation and site remediation. These sites are in various stages of investigation and/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 the Company, 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.

Accruals for environmental matters are recorded on a site-by-site basis when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. The following table provides a rollforward of the estimated current and long-term environmental liability.


	2023		2022
Balance as of January 1	$	57.1	$	54.1
Changes in estimates for pre-existing accruals:
Continuing operations	2.6		1.7
Discontinued operations(a)	—		5.4
Accruals added during the period for new matters	—		0.1
Cash payments	(3.9)		(4.0)
Foreign currency	0.2		(0.2)
Balance as of December 31	$	56.0	$	57.1

(a)During 2022, we increased the estimated environmental liability for a former site of ITT by $5.4 and recognized an insurance-related asset of $4.3. The resulting net pre-tax expense of $1.1 has been presented as a loss from discontinued operations within our Consolidated Statements of Operations.

Environmental-related assets, including a qualified settlement fund (QSF) and estimated recoveries from insurance providers and other third parties, were $10.0 and $13.6 as of December 31, 2023 and 2022, respectively.

The following table illustrates the reasonably possible high range of estimated liability and number of active sites for environmental matters.


As of December 31	2023		2022
High-end estimate of environmental liability	$	98.2	$	93.5
Number of open environmental sites	26		28

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.

Long-Term Incentive - Compensation Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Equity-based awards	$ 20.2	$ 18.1	$ 16.5
Liability-based awards	1.7	1.0	1.3
Total share-based compensation expense	$ 21.9	$ 19.1	$ 17.8

Recent Accounting Prouncements (Policies)	12 Months Ended
Recent Accounting Prouncements (Policies)	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements Not Yet Adopted	In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. This ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We are currently evaluating the impact that this guidance will have on the disclosures within our financial statements, and expect to adopt this ASU for the year ending December 31, 2024. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires disclosure of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The amendment also includes other changes to improve the effectiveness of income tax disclosures, including further disaggregation of income taxes paid for individually significant jurisdictions. This ASU is effective for annual periods beginning after December 15, 2024. Adoption of this ASU should be applied on a prospective basis. Early adoption is permitted. We are currently evaluating the impact that this guidance will have on the disclosures within our financial statements, and expect to adopt this ASU for the year ending December 31, 2025.

Acquisitions Acquisitions (Notes)

12 Months Ended

Dec. 31, 2023

Acquisitions [Abstract]

Acquisitions and Investments Disclosure [Text Block]

ACQUISITIONS, INVESTMENTS, AND DIVESTITURES

Acquisition of Micro-Mode Products, Inc. (Micro-Mode)

On May 2, 2023, we completed the acquisition of 100% of the privately held stock of Micro-Mode for a purchase price of $79.3, net of cash acquired. Micro-Mode is a specialty designer and manufacturer of high-bandwidth radio frequency (RF) connectors for harsh environment defense and space applications. Micro-Mode has a single manufacturing site near San Diego, California and generated approximately $26 in sales in 2022. Subsequent to the acquisition, Micro-Mode’s results have been reported within our CCT segment.

Acquisition of Habonim Industrial Valves and Actuators Ltd (Habonim)

On April 4, 2022, we completed the acquisition of 100% of the privately held stock of Habonim for a purchase price of $139.9. Habonim is a designer and manufacturer of valves, valve automation and actuation for gas distribution (including liquified natural gas), biotech and harsh application service sectors. Habonim sells directly to original equipment manufacturers and integrators for customized solutions. Habonim has operations in Israel, the U.S. and the Netherlands, and has a workforce of approximately 200 employees. Subsequent to the acquisition, Habonim’s results have been reported within our IP segment. The allocation of the purchase price to the assets acquired and liabilities assumed was completed as of April 1, 2023, and is presented in the table below.

The assets acquired and liabilities assumed for both our Micro-Mode and Habonim acquisitions were recorded at fair value. As of December 31, 2023, the allocation of the purchase price to the assets acquired and liabilities assumed was substantially complete related to our acquisition of Micro-Mode, and was completed related to our acquisition of Habonim, and is presented in the table below.


Allocation of Purchase Price	Micro-Mode		Habonim
Receivables	$	2.7	$	10.2
Inventory	5.6		17.8
Plant, property and equipment	6.0		16.1
Goodwill	44.6		62.9
Other intangible assets	28.7		47.2
Other assets	0.3		4.2
Accounts payable and accrued liabilities	(2.3)		(8.7)
Other liabilities	(6.3)		(7.1)
Noncontrolling interest	—		(2.7)
Net assets acquired	$	79.3	$	139.9

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

Acquisition of Product Line

During June 2022, we purchased all production assets and proprietary technology related to an energy absorption product line for high-cycle applications in industrial automation. The Company determined that the product line met the definition of a business per ASC 805, Business Combinations. The product line was acquired for $7.0 from Clippard Instrument Laboratory, Inc., which is a third party U.S. manufacturer of electronic and pneumatic components, and is included within our CCT segment.

Investments in CRP Technology and CRP USA (CRP)

During the second quarter of 2022, we purchased a minority investment of 46% in CRP Technology Srl and 33% in CRP USA LLC (collectively "CRP") for $23.0. CRP is a manufacturer of reinforced composite materials for 3D printing for the aerospace, defense, premium automotive, and motorsports industries. CRP's Windform® high-performance materials enable engineers to develop complex, customized designs while providing lightweight and exceptionally durable products. In May 2023, ITT purchased an additional 9% share of CRP USA LLC for $1.4. This additional investment brought ITT’s direct share ownership in CRP USA LLC to 42%. The CRP investments are accounted for as equity method investments.

Divestiture of Matrix Composites, Inc. (Matrix)

On December 29, 2023, we completed the sale of our Matrix business, an aerospace and defense components manufacturer within our CCT segment, to a third party for total cash proceeds of $1.0. In connection with this transaction, we recorded a $15.3 pre-tax loss, which has been presented within General and administrative expenses on our Consolidated Statement of Operations for the year ended December 31, 2023.

Divestiture of Product Line

During the second quarter of 2023, we completed the sale of a product line within our CCT segment to a third party for $10.5. The Company determined that the product line met the definition of a business per ASC 805, Business Combinations. As a result of the transaction, we recognized a pre-tax gain on sale of $7.2, which is included in the General and administrative expenses line on our Consolidated Statements of Operations for the year ended December 31, 2023. Goodwill of $2.4 was allocated to the divestiture.

Subsequent Event

On January 19, 2024, we completed the acquisition of 100% of the outstanding shares of privately held Svanehøj Group A/S (Svanehøj) for a purchase price of approximately $410, net of cash acquired. Svanehøj is a supplier of pumps and related aftermarket services with leading positions in cryogenic applications for the marine sector. Svanehøj is headquartered in Denmark and has additional operations in Singapore and France. Svanehøj employs around 400 employees and generated approximately $140 in sales in 2022. Upon closing of the transaction, Svanehøj became part of our IP segment.

Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Receivables, Net

The following table summarizes our receivables and associated allowance for credit losses.


As of December 31	2023		2022
Trade accounts receivable	$	641.3	$	614.0
Notes receivable	25.5		8.2
Other	22.6		18.3
Receivables, gross	689.4		640.5
Less: allowance for credit losses - receivables	(14.2)		(11.7)
Receivables, net	$	675.2	$	628.8

Allowance for Credit Losses

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


As of December 31	2023		2022
Allowance for credit losses - receivables	$	14.2	$	11.7
Allowance for credit losses - contract assets	—		0.5
Total allowance for credit losses	$	14.2	$	12.2

Allowance for Credit Losses Rollforward

The following table displays a rollforward of our total allowance for credit losses.


	2023		2022		2021
Total allowance for credit losses as of January 1	$	12.2	$	12.5	$	15.6

Charges (recoveries) to income(a)	2.2		2.0		(2.0)
Write-offs	(0.9)		(2.0)		(1.0)
Foreign currency and other	0.7		(0.3)		(0.1)
Total allowance for credit losses as of December 31	$	14.2	$	12.2	$	12.5

Inventories (Notes)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories, Net

INVENTORIES

The following table summarizes our inventories.


As of December 31	2023		2022
Raw materials	$	366.6	$	342.7
Work in process	111.8		104.6
Finished goods	97.0		86.6
Inventories(a)	$	575.4	$	533.9

Government Assistance (ASU 2021-10)

Since the start of the COVID-19 pandemic, energy prices have been increasing throughout the world, particularly in Europe. These increases have prompted governments to put in place measures to shield businesses and consumers from the direct impact of rising prices. These measures include granting subsidies to help offset the high energy prices.

ASU 2021-10 requires entities to provide information about the nature of transactions, related policies and effect of government grants on an entity’s financial statements. In particular, in Italy, to qualify for an energy subsidy a company must apply for and receive a certificate attesting that the company is an "energy and gas consuming company" (high energy consumption connected to the production cycle). The amount of subsidies granted is calculated based on a percentage of actual consumption, ranging from 25% to 40%. One of our Italian subsidiaries within our MT segment obtained this certificate and was granted energy subsidies from the Italian government beginning in April 2022. This program concluded in the second quarter of 2023. For the years ended December 31, 2023 and 2022, we recognized a benefit related to energy subsidies of $6.3 and $7.3, respectively, which we recorded within Costs of revenue in our Consolidated Statements of Operations. There was no other material government assistance received by the Company or any of our subsidiaries during the year.

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

12 Months Ended

Dec. 31, 2023

USD ($)

Operating Loss Carryforwards [Line Items]

Net operating loss carryforwards in Luxembourg

$ 223.0

U.S. state net operating losses

Operating Loss Carryforwards [Line Items]

Attribute amount

$ 312.6

Deferred Tax Asset Attributes, First Year of Expiration

Dec. 31, 2024

U.S. federal tax credits

Operating Loss Carryforwards [Line Items]

Attribute amount

$ 8.4

Deferred Tax Asset Attributes, First Year of Expiration

Dec. 31, 2029

U.S. state tax credits

Operating Loss Carryforwards [Line Items]

Attribute amount

$ 2.3

Deferred Tax Asset Attributes, First Year of Expiration

Dec. 31, 2027

Foreign net operating losses(a)

Operating Loss Carryforwards [Line Items]

Attribute amount

$ 305.7

^[1]

Deferred Tax Asset Attributes, First Year of Expiration

Dec. 31, 2024

[1]	Includes approximately $223.0 of net operating loss carryforwards in Luxembourg as of December 31, 2023.

CONSOLIDATED STATEMENTS OF OPERATIONS CONSOLIDATED STATEMENTS OF OPERATIONS (PARENTHETICAL) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax (Expense) Benefit from Discontinued Operations [Abstract]
Discontinued Operation, Tax Effect of Discontinued Operation	$ 0.3	$ 0.4	$ 0.2

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-10

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-2

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-3A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5C

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-3B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-4

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-1

+ Details

Debt - Subsequent Event (Details) - Subsequent Event - Svanehoj Term Loan	Jan. 12, 2024 USD ($)
Debt Disclosure [Abstract]
Subsequent Events	Subsequent Event On January 12, 2024, ITT Italia S.r.l. (“ITT Italia”), an indirect wholly owned subsidiary of ITT, entered into a facility agreement (the “ITT Italia Credit Agreement”), among the Company, as a guarantor, ITT Italia, as borrower, and BNP Paribas, Italian Branch, as bookrunner, sole underwriter and global coordinator, mandated lead arranger and agent. The ITT Italia Credit Agreement has an initial maturity of three years and provides for term loan borrowings in an aggregate principal amount of €300 million, €275 million of which have been used to finance the Company’s acquisition of Svanehøj Group A/S, which closed on January 19, 2024. The interest rate per annum on the ITT Italia Credit Agreement is based on the EURIBOR rate for Euros, plus a margin of 1.00%. The margin and fees are subject to adjustment should the Company’s credit ratings change. The ITT Italia Credit Agreement contains customary affirmative and negative covenants, as well as financial covenants (e.g., leverage ratio), that are similar to those contained in our 2021 Revolving Credit Agreement, as described above.
Subsequent Event [Line Items]
Subsequent Event, Date	Jan. 12, 2024
Subsequent Event, Description	ITT Italia S.r.l. (“ITT Italia”), an indirect wholly owned subsidiary of ITT, entered into a facility agreement (the “ITT Italia Credit Agreement”), among the Company, as a guarantor, ITT Italia, as borrower, and BNP Paribas, Italian Branch, as bookrunner, sole underwriter and global coordinator, mandated lead arranger and agent.
Debt Instrument, Issued, Principal	$ 300
Long-Term Debt, Gross	$ 275
Debt Instrument, Interest Rate Terms	1.00

Income Taxes - Deferred Taxes Presentation in Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Net deferred tax assets	$ 57.4	$ 34.2
Other non-current assets
Net deferred tax assets	76.0	54.7
Other non-current liabilities
Net deferred tax assets	$ 18.6	$ 20.5

Plant, Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Components of Plant, Property and Equipment, Net

The following table summarizes our property, plant, and equipment, net of accumulated depreciation.


As of December 31	Useful life (in years)	2023		2022
Machinery and equipment	2 - 10	$	1,317.9	$	1,208.3
Buildings and improvements	5 - 40	298.4		277.6
Furniture, fixtures and office equipment	3 - 7	83.7		80.5
Construction in progress		78.1		86.9
Land and improvements		29.5		29.3
Other		1.7		3.3
Plant, property and equipment, gross		1,809.3		1,685.9
Less: accumulated depreciation		(1,248.3)		(1,159.1)
Plant, property and equipment, net		$	561.0	$	526.8

Divestitures - Product Line (Details) $ in Millions	12 Months Ended
Divestitures - Product Line (Details) $ in Millions	Dec. 31, 2023 USD ($)
Business Combination and Asset Acquisition [Abstract]
Allocated to divestiture of business(a)	$ (2.7)
Allocated to divestiture of business(a)	(2.7)
Enivate product line
Business Combination and Asset Acquisition [Abstract]
Proceeds from Divestiture of Businesses	10.5
Gain (Loss) on Disposition of Business	7.2
Allocated to divestiture of business(a)	2.4
Proceeds from Divestiture of Businesses	10.5
Gain (Loss) on Disposition of Business	7.2
Allocated to divestiture of business(a)	$ 2.4

Other Intangible Assets - Clippard Acquisition (Details)	Dec. 31, 2023
Customer relationships(a)
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	13 years 7 months 6 days

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Operating Activities

Income from continuing operations, net of tax

$ 411.4

$ 368.3

$ 314.8

Adjustments to income from continuing operations:

Depreciation and amortization

109.2

107.4

113.1

Equity-based compensation

20.2

18.1

16.5

Asbestos-related benefit, net

0.0

(74.4)

^[1]

Deferred income tax expense (benefit)

(27.6)

2.9

115.7

Gain on sale of long-lived assets

(0.1)

(16.3)

(7.0)

Other non-cash charges, net

37.1

29.3

28.3

Contribution to divest asbestos-related assets and liabilities

0.0

(398.0)

Changes in assets and liabilities:

Change in receivables

(39.2)

(90.7)

(62.2)

Change in inventories

(34.4)

(99.5)

(82.7)

Change in contract assets

(0.3)

(7.4)

(2.5)

Change in contract liabilities

23.1

23.3

(3.6)

Change in accounts payable

26.3

39.4

77.6

Change in accrued expenses

47.6

(36.9)

15.8

Change in income taxes

5.4

(13.5)

8.2

Other, net

(40.7)

(46.7)

(68.0)

Net Cash – Operating activities

538.0

277.7

(8.4)

Investing Activities

Capital expenditures

(107.6)

(103.9)

(88.4)

Proceeds from sale of business

11.5

0.0

Proceeds from sale of long-lived assets

0.9

20.9

8.0

Acquisitions, net of cash acquired

(79.3)

(146.9)

0.0

Payments to acquire interest in unconsolidated subsidiaries

(2.5)

(25.6)

(1.9)

Other, net

(4.0)

0.4

0.0

Net Cash – Investing activities

(181.0)

(255.1)

(82.3)

Financing Activities

(Repayments of)/Proceeds from commercial paper, net

(266.0)

259.7

95.4

Long-term debt, repayments

(2.2)

(2.1)

(2.4)

Share repurchases under repurchase plan

(60.0)

(245.3)

(104.8)

Payments for taxes related to net share settlement of stock incentive plans

(7.2)

(8.8)

(11.7)

Dividends paid

(95.8)

(87.9)

(75.8)

Other, net

(1.1)

1.1

(0.5)

Net Cash – Financing activities

(432.3)

(83.3)

(99.8)

Exchange rate effects on cash and cash equivalents

3.6

(25.8)

(22.6)

Net cash from discontinued operations – operating activities

(0.3)

0.1

0.8

Net change in cash and cash equivalents

(72.0)

(86.4)

(212.3)

Cash and cash equivalents – beginning of year (includes restricted cash of $0.7, $0.8, and $0.8, respectively)

561.9

648.3

860.6

Cash and Cash Equivalents – end of year (includes restricted cash of $0.7, $0.7, and $0.8, respectively)

489.9

561.9

648.3

Supplemental Disclosures of Cash Flow and Non-Cash Information:

Cash paid for Interest

15.7

10.8

3.3

Cash paid for Income taxes, net of refunds received

113.1

92.7

61.3

Capital expenditures included in accounts payable

$ 25.3

$ 21.8

$ 17.5

[1]	The 2021 period includes a pre-tax gain of $88.8 resulting from the InTelCo divestiture transaction. See Note 19, Commitments and Contingencies, for further information.

Postretirement Benefit Plans - Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Postemployment Benefits [Abstract]
Projected benefit obligation	$ 84.2	$ 78.9
Accumulated benefit obligation	82.3	77.3
Fair value of plan assets	$ 0.0	$ 0.0

Restructuring Actions (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Costs

The following table summarizes our restructuring costs by component and by segment.


For the Year Ended December 31	2023		2022		2021
By component:
Severance and other employee-related costs	$	8.0	$	3.5	$	8.0
Asset write-offs	1.8		0.1		0.6
Other	0.1		0.2		1.0
Total restructuring costs	$	9.9	$	3.8	$	9.6
By segment:
Motion Technologies	$	4.0	$	2.7	$	3.9
Industrial Process	4.6		1.3		3.1
Connect & Control Technologies	1.3		—		2.4
Corporate and Other	—		(0.2)		0.2
Total restructuring costs	$	9.9	$	3.8	$	9.6

Schedule of Restructuring Accruals

The following table displays a rollforward of our total restructuring liability, which is included within Accrued and other current liabilities in our Consolidated Balance Sheets.


	2023		2022
Restructuring liability as of January 1	$	3.9	$	11.0
Restructuring costs	10.9		5.1
Reversal of prior accruals	(1.0)		(1.3)
Cash payments	(7.3)		(10.5)
Asset write-offs	(1.8)		(0.1)
Foreign exchange translation and other	0.1		(0.3)
Restructuring liability as of December 31	$	4.8	$	3.9
By accrual type:
Severance and other employee-related	$	4.5	$	3.9
Other	0.3		—

Acquisitions - Habonim Assets Acquired (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 1,016.3	$ 964.8	$ 924.3
Habonim
Business Acquisition [Line Items]
Receivables	10.2
Inventory	17.8
Plant, property and equipment	16.1
Goodwill	62.9
Other intangible assets	47.2
Other assets	4.2
Accounts payable and accrued liabilities	(8.7)
Other liabilities	(7.1)
Noncontrolling interest	(2.7)
Net assets acquired	139.9
Micro Mode
Business Acquisition [Line Items]
Receivables	2.7
Inventory	5.6
Plant, property and equipment	6.0
Goodwill	44.6
Other intangible assets	28.7
Other assets	0.3
Accounts payable and accrued liabilities	(2.3)
Other liabilities	(6.3)
Noncontrolling interest	0.0
Net assets acquired	$ 79.3

Long-Term Incentive - Rollforward of Outstanding RSUs and PSUs (Details) - RSUs and PSUs [Member] - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding as of January 1	0.7	0.7	0.8
Granted	0.3	0.3	0.3
Vested and issued	(0.2)	(0.3)	(0.3)
Forfeited	(0.1)	0.0	(0.1)
Outstanding as of December 31	0.7	0.7	0.7
Vested pending issuance	0.1	0.1	0.1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding as of January 1	$ 76.36	$ 71.21	$ 59.25
Granted	99.33	77.72	90.14
Vested and issued	69.91	66.20	57.36
Forfeited	77.20	0	68.18
Outstanding as of December 31	88.40	76.36	71.21
Vested pending issuance	$ 98.67	$ 63.88	$ 65.25

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income Statement [Abstract]

Revenue

$ 3,283.0

$ 2,987.7

$ 2,765.0

Costs of revenue

2,175.7

2,065.4

1,865.5

Gross profit

1,107.3

922.3

899.5

General and administrative expenses

302.6

217.2

230.9

Sales and marketing expenses

174.0

156.9

150.8

Research and development expenses

102.6

96.5

94.9

Gain on sale of long-lived assets

(0.1)

(16.3)

(7.0)

Asbestos-related benefit, net

0.0

(74.4)

^[1]

Restructuring costs

9.9

3.8

9.6

Operating income

528.2

468.0

504.3

Interest expense (income), net

10.4

6.4

(1.1)

Other non-operating income, net

(1.7)

(0.2)

(3.7)

Income from continuing operations before income tax

519.5

461.8

509.1

Income tax expense

104.8

91.1

189.6

Income from continuing operations

414.7

370.7

319.5

(Loss) income from discontinued operations, net of tax benefit of $0.3, $0.4, and $0.2, respectively

(0.9)

(1.3)

1.5

Net income

413.8

369.4

321.0

Less: Income attributable to noncontrolling interests

3.3

2.4

4.7

Net income attributable to ITT Inc.

410.5

367.0

316.3

Amounts attributable to ITT Inc.:

Income from continuing operations, net of tax

411.4

368.3

314.8

(Loss) income from discontinued operations, net of tax

(0.9)

(1.3)

1.5

Net income attributable to ITT Inc.

$ 410.5

$ 367.0

$ 316.3

Basic:

Continuing operations

$ 5.00

$ 4.42

$ 3.66

Discontinued operations

(0.01)

(0.02)

0.02

Net income

4.99

4.40

3.68

Diluted:

Continuing operations

4.97

4.40

3.64

Discontinued operations

(0.01)

(0.02)

0.02

Net income

$ 4.96

$ 4.38

$ 3.66

Weighted average common shares – basic

82.3

83.4

86.0

Weighted average common shares – diluted

82.7

83.7

86.5

[1]	The 2021 period includes a pre-tax gain of $88.8 resulting from the InTelCo divestiture transaction. See Note 19, Commitments and Contingencies, for further information.

Long-Term Incentive - Outstanding RSUs and PSUs (Details) - shares shares in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity-settled RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity and Cash settled shares	0.4	0.4	0.4
Equity-settled PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity and Cash settled shares	0.3	0.2	0.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

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-Topic 718
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+ Details

Derivative Instruments and Hedging Activities (Notes)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Fair Value

DERIVATIVE FINANCIAL INSTRUMENTS

The Company is exposed to various market risks relating to its ongoing business operations. From time to time, we use derivative financial instruments to mitigate our exposure to certain of these risks, including foreign exchange rate and commodity price fluctuations. By using derivatives, the Company is further exposed to credit risk. Our exposure to credit risk includes the counterparty’s failure to fulfill its financial obligations under the terms of the derivative contract. The Company attempts to minimize its exposure by avoiding concentration risk among its counterparties and by entering into transactions with creditworthy counterparties.

Foreign Currency Derivative Contracts

The Company enters into foreign currency forward or option contracts to mitigate foreign currency risk associated with transacting with international customers, suppliers, and subsidiaries. The notional amounts and fair values of our outstanding foreign currency derivative contracts, which are recorded within other current assets in our Consolidated Balance Sheets, were as follows:


As of December 31	2023		2022
Notional amount (U.S. dollar equivalent)	$	258.4	$	136.5
Fair value of foreign currency derivative contracts(a)	$	3.8	$	1.7


For the Year Ended December 31	2023		2022
(Loss) gain on foreign currency derivative contracts(b)	$	(2.5)	$	10.1

(b) None of our derivative contracts were designated as hedging instruments under ASC 815, Derivatives & Hedging.

The cash flow impact upon settlement of our foreign currency derivative contracts is included in operating activities in our Consolidated Statements of Cash Flows. During the year ended December 31, 2023 and December 31, 2022, net cash inflows from foreign currency derivative contracts were $1.5 and $7.7, respectively.

Segment Information (Notes)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

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

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

Industrial Process manufactures engineered fluid process equipment serving a diversified mix of customers in global industries such as chemical, energy, 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 energy markets.

Assets of our reportable segments exclude general corporate assets, which principally consist of cash, investments, deferred taxes, and certain property, plant and equipment. These assets are included within Corporate and Other, which is described further below.

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. In addition, Corporate and Other includes research and development-related expenses associated with a subsidiary that does not constitute a reportable segment.

The following table presents our revenue for each segment and reconciles our total segment revenue to total consolidated revenue.


	Revenue
For the Year Ended December 31	2023		2022		2021
Motion Technologies	$	1,457.8	$	1,374.0	$	1,368.6
Industrial Process	1,129.6		971.0		843.2
Connect & Control Technologies	699.4		645.6		554.7
Total segment revenue	3,286.8		2,990.6		2,766.5
Eliminations	(3.8)		(2.9)		(1.5)
Total consolidated revenue	$	3,283.0	$	2,987.7	$	2,765.0

The following table presents our operating income for each segment and reconciles our total segment operating income to income from continuing operations before income tax.


	Operating Income
For the Year Ended December 31		2023		2022		2021
Motion Technologies		$	230.8	$	208.5	$	258.2
Industrial Process		243.6		187.6		126.8
Connect & Control Technologies		107.5		115.8		81.7

Total segment operating income		581.9		511.9		466.7
Other corporate costs		(53.7)		(43.9)		(36.8)
Asbestos-related benefit, net(a)		—		—		74.4


Interest (expense) income, net		(10.4)		(6.4)		1.1

Other non-operating income, net		1.7		0.2		3.7
Income from continuing operations before income tax		$	519.5	$	461.8	$	509.1

(a)The 2021 period includes a pre-tax gain of $88.8 resulting from the InTelCo divestiture transaction. See Note 19, Commitments and Contingencies, for further information.

The following table presents our operating margin for each segment. Segment operating margin is calculated as segment operating income divided by segment revenue.



For the Year Ended December 31	2023		2022		2021
Motion Technologies	15.8	%	15.2	%	18.9	%
Industrial Process	21.6	%	19.3	%	15.0	%
Connect & Control Technologies	15.4	%	17.9	%	14.7	%


	Assets				Capital Expenditures						Depreciation and Amortization
	2023		2022		2023		2022		2021		2023		2022		2021
Motion Technologies	$	1,366.6	$	1,311.9	$	72.0	$	73.2	$	71.1	$	64.4	$	59.9	$	64.1
Industrial Process	1,323.2		1,218.6		17.7		10.9		6.7		21.9		25.3		22.3
Connect & Control Technologies	834.6		751.6		16.1		14.8		8.5		20.3		18.8		21.8
Corporate and Other	408.2		498.2		1.8		5.0		2.1		2.6		3.4		4.9
Total	$	3,932.6	$	3,780.3	$	107.6	$	103.9	$	88.4	$	109.2	$	107.4	$	113.1

The following table displays consolidated revenue by geographic region. Revenue is attributed to individual regions based on the destination of the product or service delivery.


For the Year Ended December 31, 2023	Motion Technologies		Industrial Process		Connect & Control Technologies		Eliminations		Total
North America(a)	$	265.2	$	660.9	$	441.1	$	(3.7)	$	1,363.5
Europe(b)	802.7		109.1		134.8		—		1,046.6
Asia(c)	370.1		118.5		84.1		(0.1)		572.6
Middle East and Africa	1.5		139.6		28.4		—		169.5
South America	18.3		101.5		11.0		—		130.8
Total	$	1,457.8	$	1,129.6	$	699.4	$	(3.8)	$	3,283.0

For the Year Ended December 31, 2022
North America(a)	$	266.9	$	566.2	$	390.2	$	(2.8)	$	1,220.5
Europe(b)	756.7		94.6		136.4		—		987.7
Asia(c)	333.6		102.8		88.1		(0.1)		524.4
Middle East and Africa	1.3		120.8		22.4		—		144.5
South America	15.5		86.6		8.5		—		110.6
Total	$	1,374.0	$	971.0	$	645.6	$	(2.9)	$	2,987.7

For the Year Ended December 31, 2021
North America(a)	$	249.9	$	470.1	$	331.4	$	(1.5)	$	1,049.9
Europe(b)	798.8		96.0		115.5		—		1,010.3
Asia(c)	307.8		99.8		84.0		—		491.6
Middle East and Africa	1.0		97.7		18.1		—		116.8
South America	11.1		79.6		5.7		—		96.4
Total	$	1,368.6	$	843.2	$	554.7	$	(1.5)	$	2,765.0

(a)Includes revenue of $1,075.8, $978.6, and $842.9 from the United States for 2023, 2022, and 2021, respectively.

(b)Includes revenue of $387.8, $404.7, and $418.3 from Germany for 2023, 2022, and 2021, respectively.

(c)Includes revenue of $351.8, $307.8, and $306.5 from China for 2023, 2022, and 2021, respectively.

The following table displays Plant, Property and Equipment (PPE), net by geographic region.


As of December 31	2023		2022
North America(a)	$	165.0	$	156.5
Europe(b)	287.5		272.5
Asia(c)	87.8		79.2
Middle East and Africa	17.8		15.8
South America	2.9		2.8
Total	$	561.0	$	526.8

(a)Includes PPE, net of $127.1 and $125.2 in the United States as of December 31, 2023 and 2022, respectively.

(b)Includes PPE, net of $134.4 and $113.6 in Italy as of December 31, 2023 and 2022, respectively.

(c)Includes PPE, net of $63.2 and $52.8 in China as of December 31, 2023 and 2022, respectively.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

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-SubTopic 10
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

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+ Details

Restructuring - 2020 Global Restructuring Plan Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring liability as of January 1	$ 3.9	$ 11.0
Restructuring Charges	9.9	3.8	$ 9.6
Cash payments	(7.3)	(10.5)
Asset write-offs	1.8	0.1
Foreign exchange translation and other	0.1	(0.3)
Restructuring liability as of December 31	$ 4.8	$ 3.9	$ 11.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Acquisitions - Subsequent Event (Details) - USD ($) $ in Millions		12 Months Ended
	Jan. 19, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 79.3	$ 146.9	$ 0.0
Svanehoj \| Subsequent Event
Subsequent Event [Line Items]
Subsequent Event, Date	Jan. 19, 2024
Subsequent Event, Description	we completed the acquisition of 100% of the outstanding shares of privately held Svanehøj Group A/S (Svanehøj)
Payments to Acquire Businesses, Net of Cash Acquired	$ 410.0
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period	$ 140.0

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Net Asbestos Charges

The table below summarizes our total net asbestos-related (benefit) costs.


For the Year Ended December 31	2023		2022		2021
Asbestos provision, net(a)	$	—	$	—	$	14.4
Gain on divestiture before income tax	—		—		(88.8)


Asbestos-related (benefit) costs, net	$	—	$	—	$	(74.4)

(a)2021 includes costs related to the divestiture of InTelCo as well as certain administrative costs such as legal-related costs for insurance asset recoveries.

Rollforward of Environmental Liability and Related Assets Table

The following table provides a rollforward of the estimated current and long-term environmental liability.


	2023		2022
Balance as of January 1	$	57.1	$	54.1
Changes in estimates for pre-existing accruals:
Continuing operations	2.6		1.7
Discontinued operations(a)	—		5.4
Accruals added during the period for new matters	—		0.1
Cash payments	(3.9)		(4.0)
Foreign currency	0.2		(0.2)
Balance as of December 31	$	56.0	$	57.1

Range of Environmental Liability and Number of Active Sites for Environmental Matters

The following table illustrates the reasonably possible high range of estimated liability and number of active sites for environmental matters.


As of December 31	2023		2022
High-end estimate of environmental liability	$	98.2	$	93.5
Number of open environmental sites	26		28