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Document and Entity Information - shares shares in Millions	9 Months Ended
Document and Entity Information - shares shares in Millions	Sep. 30, 2012	Oct. 23, 2012
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3
Trading Symbol	ITT
Entity Registrant Name	ITT Corporation
Entity Central Index Key	0000216228
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		92.7

CONSOLIDATED CONDENSED INCOME STATEMENTS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Revenue	$ 555.9	$ 515.9	$ 1,700.3	$ 1,601.4
Costs of revenue	387.1	360.7	1,184.9	1,102.1
Gross profit	168.8	155.2	515.4	499.3
Sales and marketing expenses	42.6	43.6	137.7	128.9
General and administrative expenses	58.2	28.0	150.1	120.5
Research and development expenses	15.7	15.8	49.5	49.3
Asbestos-related costs, net	12.8	59.3	35.1	90.8
Transformation costs	2.6	19.8	11.9	84.2
Operating income (loss)	36.9	(11.3)	131.1	25.6
Interest and non-operating (income) expenses, net	(5.1)	22.5	(0.1)	66.1
Income (loss) from continuing operations before income tax (benefit) expense	42.0	(33.8)	131.2	(40.5)
Income tax (benefit) expense	(18.8)	(4.3)	43.5	(8.2)
Income (loss) from continuing operations	60.8	(29.5)	87.7	(32.3)
Income from discontinued operations, including tax (benefit) expense of $(1.8), $41.2, $(2.1) and $172.8, respectively	12.2	138.0	5.3	431.8
Net income	$ 73.0	$ 108.5	$ 93.0	$ 399.5
Basic:
Continuing operations	$ 0.66	$ (0.32)	$ 0.94	$ (0.35)
Discontinued operations	0.13	1.49	0.06	4.66
Net income	0.79	1.17	1.00	4.31
Diluted:
Continuing operations	0.65	(0.32)	0.93	(0.35)
Discontinued operations	0.13	1.49	0.06	4.66
Net income	$ 0.78	$ 1.17	$ 0.99	$ 4.31
Weighted average common shares - basic	92.5	92.7	93.2	92.6
Weighted average common shares - diluted	93.5	92.7	94.3	92.6
Cash dividends declared per common share	$ 0.091	$ 0.500	$ 0.273	$ 1.500

CONSOLIDATED CONDENSED INCOME STATEMENTS (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Tax expense on income from discontinued operations	$ (1.8)	$ 41.2	$ (2.1)	$ 172.8

- Definition

Tax effect allocated to a disposal group that is classified as a component of the entity reported as a separate component of income before extraordinary items. Includes the tax effects of the following: income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b),(c)
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32672-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=18498875&loc=d3e38679-109324

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 47
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Net income	$ 73.0	$ 108.5	$ 93.0	$ 399.5
Other comprehensive income:
Net foreign currency translation adjustment	12.9	(194.0)	(2.6)	(19.1)
Net change in postretirement benefit plans, net of tax impacts of $0.0, $340.9, $0.0 and $317.2, respectively	2.9	(584.6)	17.3	(545.0)
Net change in unrealized gains on investment securities, net of tax impacts of $0.0, $0.5, $0.0 and $7.1, respectively		(0.8)		(11.7)
Other comprehensive income (loss)	15.8	(779.4)	14.7	(575.8)
Comprehensive income (loss)	88.8	(670.9)	107.7	(176.3)
Net change in postretirement benefit plans, net of tax:
Amortization of prior service costs, net of tax benefit of $0.0, $0.2, $0.0 and $0.7, respectively	0.2	0.4	0.6	1.2
Amortization of net actuarial loss, net of tax benefit of $0.0, $11.4, $0.0 and $34.6, respectively	2.7	20.1	7.8	58.9
Prior service cost recognized from curtailment, net of tax benefit of $0.8		1.4		1.4
Unrealized change in net actuarial loss, net of tax benefit of $353.3		(606.5)	8.9	(606.5)
Net change in postretirement benefit plans, net of tax	$ 2.9	(584.6)	$ 17.3	(545.0)
Net change in unrealized gains on investment securities, net of tax:
Unrealized losses arising during period, net of tax benefit of $0.0, $0.5, $0.0 and $1.0, respectively		(0.8)		(1.6)
Gains realized during the period, net of tax expense of $0.0, $0.0, $0.0 and $6.1, respectively				(10.1)
Net change in unrealized gains on investment securities, net of tax		$ (0.8)		$ (11.7)

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Tax benefit of change in postretirement benefit plans	$ 0.0	$ 340.9	$ 0.0	$ 317.2
Tax expense of net change in unrealized gains on investment securities	0.0	0.5	0.0	7.1
Tax benefit of amortization of prior service costs	0.0	0.2	0.0	0.7
Tax benefit of amortization of net actuarial loss	0.0	11.4	0.0	34.6
Tax benefit of prior service costs	0.8	0.8	0.8	0.8
Tax benefit of net actuarial loss	353.3	353.3	353.3	353.3
Tax benefit of unrealized losses arising during period	0.0	0.5	0.0	1.0
Tax expense of gains realized during the period	$ 0.0	$ 0.0	$ 0.0	$ 6.1

- Definition

Tax effect of the income statement impact of the reclassification adjustment for prior service costs recognized as a component of net period benefit cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e640-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 25
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 25
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)
$ in Millions

Sep. 30, 2012

Dec. 31, 2011

Current assets:

Cash and cash equivalents

$ 762.0

$ 689.9

Receivables, net

458.2

396.1

Inventories, net

268.7

253.9

Other current assets

225.6

421.8

Total current assets

1,714.5

1,761.7

Plant, property and equipment, net

323.9

324.1

Goodwill

513.3

510.4

Other intangible assets, net

78.4

87.8

Asbestos-related assets

536.8

821.3

Other non-current assets

147.7

166.2

Total non-current assets

1,600.1

1,909.8

Total assets

3,314.6

3,671.5

Current liabilities:

Accounts payable

331.9

363.6

Accrued and other current liabilities

409.2

470.4

Total current liabilities

741.1

834.0

Postretirement benefits

282.1

315.4

Asbestos-related liabilities

1,254.2

1,529.1

Other non-current liabilities

267.6

298.2

Total non-current liabilities

1,803.9

2,142.7

Total liabilities

2,545.0

2,976.7

Common stock:

Authorized - 250.0 shares, $1 par value per share (104.0 and 104.1 shares issued, respectively(a)) Outstanding - 92.7 shares and 93.5 shares, respectively(a)

^[1]

92.5

93.1

Retained earnings

913.3

852.6

Total accumulated other comprehensive loss

(236.2)

(250.9)

Total shareholders' equity

769.6

694.8

Total liabilities and shareholders' equity

$ 3,314.6

$ 3,671.5

[1]	Shares issued and outstanding include unvested restricted common stock of 0.2 at September 30, 2012 and 0.5 at December 31, 2011.

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2012	Dec. 31, 2011
Common stock, shares authorized	250.0	250.0
Common stock, par value	$ 1	$ 1
Common stock, shares issued	104.0	104.1
Common stock, shares outstanding	92.7	93.5
Unvested restricted common stock including in shares issued and outstanding	0.2	0.5

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Operating Activities
Net income	$ 93.0	$ 399.5
Less: Income from discontinued operations	5.3	431.8
Income (loss) from continuing operations	87.7	(32.3)
Adjustments to income (loss) from continuing operations:
Depreciation and amortization	51.7	53.3
Stock-based compensation	9.4	10.7
Asbestos-related costs, net	35.1	90.8
Transformation costs	11.9	84.2
Asbestos-related payments, net	(28.2)	(16.0)
Transformation-related payments	(44.2)	(120.6)
Contributions to pension plans	(33.1)	(16.6)
Changes in assets and liabilities:
Change in receivables	(59.9)	(86.6)
Change in inventories	(14.4)	(46.2)
Change in accounts payable	(11.9)	52.4
Change in accrued expenses	(12.3)	130.7
Change in accrued and deferred income taxes	153.6	(208.1)
Other, net	31.7	(7.5)
Net Cash - Operating activities	177.1	(111.8)
Investing Activities
Capital expenditures	(43.9)	(53.2)
Proceeds from sale of discontinued operations and other assets	0.4	5.6
Other, net	0.9	0.1
Net Cash - Investing activities	(42.6)	(47.5)
Financing Activities
Short-term debt, net	(2.2)	13.1
Long-term debt, repaid	(0.2)	(66.1)
Repurchase of common stock	(76.9)	(4.6)
Issuance of common stock	40.2	47.6
Dividends paid	(17.2)	(184.4)
Distribution of Exelis and Xylem, net		2,021.7
Tax impact from equity compensation activity	4.1	5.1
Other, net	1.5	(0.1)
Net Cash - Financing activities	(50.7)	1,832.3
Exchange rate effects on cash and cash equivalents	(8.8)	(10.9)
Discontinued operations:
Operating activities	(2.9)	570.8
Investing activities		(416.1)
Financing activities		(168.5)
Exchange rate effects on cash and cash equivalents		5.9
Net Cash - Discontinued operations	(2.9)	(7.9)
Net change in cash and cash equivalents	72.1	1,654.2
Cash and cash equivalents - beginning of year	689.9	1,032.3
Cash and cash equivalents - end of period	762.0	2,686.5
Less: Cash and cash equivalents of discontinued operations - end of period		(819.3)
Cash and Cash Equivalents of Continuing Operations - End of Period	762.0	1,867.2
Cash paid (received) during the year for:
Interest	0.8	46.1
Income taxes, net of refunds received	$ (118.0)	$ 168.6

DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2012

DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1

DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

ITT Corporation is a diversified manufacturer of highly engineered critical components and customized technology solutions of industrial end-markets in energy infrastructure, electronics, aerospace and transportation. Unless the context otherwise indicates, references herein to “ITT,” “the Company,” and such words as “we,” “us,” and “our” include ITT Corporation and its subsidiaries. ITT operates through four segments: Industrial Process consisting of industrial pumping and complementary equipment; Motion Technologies consisting of friction and shock & vibration equipment; Interconnect Solutions consisting of electronic connectors; and Control Technologies consisting of fluid and motion control devices and vibration and shock isolation products.

Basis of Presentation

The unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) and, in the opinion of management, reflect all adjustments (which include normal recurring adjustments) necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such SEC rules. We believe that the disclosures made are adequate to make the information presented not misleading. We consistently applied the accounting policies described in ITT’s 2011 Annual Report on Form 10-K (2011 Annual Report) in preparing these unaudited financial statements, with the exception of accounting standard updates, described in Note 2, “Recent Accounting Pronouncements,” adopted on January 1, 2012. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2011 Annual Report.

Financial Periods

ITT’s quarterly financial periods end on the Saturday closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year, which ends on December 31st. For ease of presentation, the quarterly financial statements included herein are described as ending on the last day of the calendar quarter.

The Distribution

On October 31, 2011 (the Distribution Date), ITT Corporation completed the legal and structural separation of Exelis Inc. (Exelis, previously referred to as ITT’s Defense & Information Solutions segment) and Xylem Inc. (Xylem, previously referred to as ITT’s water-related businesses) from the Company into two independent, publicly traded companies via a tax-free pro rata distribution to its shareholders consisting of all the shares of common stock of Exelis and all the shares of common stock of Xylem (the Distribution). The Distribution was made pursuant to a Distribution Agreement, dated October 25, 2011, among ITT, Exelis and Xylem (the Distribution Agreement). With the completion of these separations, the Company disposed of its water-related businesses and Defense segment in their entirety and ceased to consolidate their financial position and results of operations in its consolidated financial statements. Accordingly, these financial statements have been reclassified to present the results of operations and cash flows of Exelis and Xylem as discontinued operations in all periods presented. For further information on the discontinued operations of Exelis and Xylem, see Note 4, “Discontinued Operations.”

1:2 Reverse Stock Split

On October 31, 2011, we completed a one-for-two reverse stock split (1:2 Reverse Stock Split) of ITT’s authorized, issued and outstanding common stock, as approved by our Board of Directors. The par value of our common stock remained $1 per share following the 1:2 Reverse Stock Split. All common stock authorized, issued and outstanding, as well as share prices and earnings per share give effect to the 1:2 Reverse Stock Split in all periods presented.

Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, asbestos-related liabilities and recoveries from insurers and other responsible parties, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, goodwill and other intangible asset impairment testing, environmental liabilities and recoveries from insurers, allowance for doubtful accounts and inventory valuation. Actual results could differ from these estimates.

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. Accruals for environmental liabilities are primarily included in other non-current liabilities at undiscounted amounts and exclude claims for recoveries from insurance companies or other third parties.

In the second quarter of 2012, the Company established an insurance asset related to its environmental exposures. 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. In developing this estimate, the Company reviews the expected levels of future cost recovery, the financial viability of the insurance companies, the sites and claims covered by those policies, and our interpretation of the various policy and contract terms and limits. See Note 16, Commitments and Contingencies, for additional information.

RECENT ACCOUNTING PRONOUNCEMENTS

9 Months Ended

Sep. 30, 2012

RECENT ACCOUNTING PRONOUNCEMENTS

NOTE 2

RECENT ACCOUNTING PRONOUNCEMENTS

Recently Adopted Accounting Pronouncements

In September 2011, the FASB provided companies with the option to make an initial qualitative evaluation, based on the entity’s events and circumstances, to determine the likelihood of goodwill impairment. The result of this qualitative assessment determines whether it is necessary to perform the currently required two-step impairment test. If it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a company would be required to perform the two-step impairment test. This guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company could elect to apply the option in goodwill impairment tests performed subsequent to January 1, 2012.

In May 2011, the FASB issued guidance intended to achieve common fair value measurements and related disclosures between U.S. GAAP and international accounting standards. The amendments primarily clarify existing fair value guidance and are not intended to change the application of existing fair value measurement guidance. However, the amendments include certain instances where a particular principle or requirement for measuring fair value or disclosing information about fair value measurements has changed. This guidance is effective for the periods beginning after December 15, 2011. We adopted these amendments on January 1, 2012. The amendments did not have a material effect on the Company’s financial statements.

Accounting Pronouncements Not Yet Adopted

In July 2012, the FASB provided companies with the option to make an initial qualitative evaluation, based on the entity’s events and circumstances, to determine the likelihood of an indefinite-lived intangible asset impairment. The result of this qualitative assessment determines whether it is necessary to perform a quantitative impairment test. If it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying value, a company would be required to perform the quantitative impairment test. This guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted.

- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

+ References + Details

COMPANY TRANSFORMATION

9 Months Ended

Sep. 30, 2012

COMPANY TRANSFORMATION

NOTE 3

COMPANY TRANSFORMATION

In connection with activities taken to complete the Distribution and to create the revised organizational structure we recognized pre-tax expenses of $2.2 and $132.8 during the three months ended September 30, 2012 and 2011, respectively, and pre-tax expenses of $19.7 and $279.4 during the nine months ended September 30, 2012 and 2011, respectively (referred to herein as transformation costs). Transformation costs presented within income from discontinued operations are costs directly related to the Distribution that provide no future benefit to the Company. The components of transformation costs incurred during the three and nine month periods ended September 30, 2012 and 2011 are presented below.


	2012									2011
Three Months Ended September 30	Continuing Operations			Discontinued Operations			Total			Continuing Operations			Discontinued Operations			Total
Advisory fees	$	1.1		$	—		$	1.1		$	—		$	32.5		$	32.5
IT costs		0.3			—			0.3			—			35.9			35.9
Employee retention and other compensation costs		0.2			—			0.2			17.4			5.1			22.5
Lease termination and other real estate costs		—			—			—			—			9.8			9.8
Asset impairment		—			—			—			—			8.5			8.5
Other costs		1.0			(0.4	)		0.6			2.4			21.2			23.6
Transformation costs before income tax expense (benefit)		2.6			(0.4	)		2.2			19.8			113.0			132.8
Tax-related separation costs		—			—			—			3.6			(7.4	)		(3.8	)
Tax (benefit) expense		(0.6	)		0.1			(0.5	)		(7.9	)		(27.1	)		(35.0	)
Total transformation costs, net of tax benefit	$	2.0		$	(0.3	)	$	1.7		$	15.5		$	78.5		$	94.0


	2012									2011
Nine Months Ended September 30	Continuing Operations			Discontinued Operations			Total			Continuing Operations			Discontinued Operations			Total
Asset impairment	$	—		$	—		$	—		$	55.0	^(a)	$	8.5		$	63.5
Advisory fees		3.9			6.4			10.3			—			75.5			75.5
IT costs		2.3			0.9			3.2			—			57.8			57.8
Employee retention and other compensation costs		1.2			—			1.2			21.1			12.0			33.1
Lease termination and other real estate costs		—			—			—			2.9			9.8			12.7
Other costs		4.5			0.5			5.0			5.2			31.6			36.8
Transformation costs before income tax expense (benefit)		11.9			7.8			19.7			84.2			195.2			279.4
Tax-related separation costs		—			—			—			3.9			6.2			10.1
Tax benefit		(3.7	)		(1.0	)		(4.7	)		(30.0	)		(57.1	)		(87.1	)
Total transformation costs, net of tax benefit	$	8.2		$	6.8		$	15.0		$	58.1		$	144.3		$	202.4

^(a)

Reflects a $55.0 non-cash impairment charge related to a decision to discontinue development of an information technology consolidation initiative.

The table included below provides a rollforward of accrued transformation costs for the nine months ended September 30, 2012.


Transformation accrual – December 31, 2011	$	33.9
Charges for actions during the period:
Continuing operations		11.9
Discontinued operations		7.8
Cash payments		(44.2	)
Transformation accrual – September 30, 2012	$	9.4

DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2012

DISCONTINUED OPERATIONS

NOTE 4

DISCONTINUED OPERATIONS

On October 31, 2011, the Company completed the Distribution of Exelis and Xylem (see Note 1). ITT was designated as the accounting and legal spinnor with respect to the Distribution. While we are a party to a Distribution Agreement and several other agreements, including a Tax Matters Agreement, Benefits and Compensation Matters Agreement and Master Transition Services Agreement, we have determined that we do not have significant continuing involvement in the operations of Exelis or Xylem, nor do we expect significant continuing cash flows from Exelis or Xylem. As a result, the operating results of Exelis and Xylem through the date of the Distribution have been classified in the Consolidated Condensed Financial Statements as discontinued operations for all periods presented.

Amounts presented for the three and nine months ended September 30, 2011 have been adjusted to reflect certain immaterial corrections to the amounts previously reported in the consolidated financial statements. See Note 18, “Immaterial Corrections,” for further information.

The tables below provide the results of discontinued operations through the date of disposal or distribution and certain transformation costs that were incurred by ITT but qualified for classification within discontinued operations.


Three Months Ended September 30, 2011	Exelis		Xylem		Other^(a)			Total
Revenue	$	1,522.4	$	939.0	$	—		$	2,461.4
Transformation costs		11.0		45.8		56.2			113.0
Earnings (loss) before income taxes		152.5		72.4		(45.7	)		179.2
Income tax expense (benefit)		52.7		17.5		(29.0	)		41.2
Income (loss) from discontinued operations		99.8		54.9		(16.7	)		138.0

Nine Months Ended September 30, 2011	Exelis		Xylem		Other^(a)			Total
Revenue	$	4,354.5	$	2,800.2	$	—		$	7,154.7
Transformation costs		23.4		66.7		105.1			195.2
Earnings (loss) before income taxes		409.1		294.2		(98.7	)		604.6
Income tax expense (benefit)		142.4		74.3		(43.9	)		172.8
Income (loss) from discontinued operations		266.7		219.9		(54.8	)		431.8

^(a)

Amounts presented in the “Other” column in the tables above relate to various divested ITT businesses accounted for as discontinued operations in the year of divestiture for which legacy liabilities remain, as well as certain transformation costs which were directly related to the Distribution that provide no future benefit to the Company. See Note 3, “Company Transformation” for further information.

Income from discontinued operations was $12.2 and $5.3 for the three and nine month periods ended September 30, 2012, respectively. The results include benefits from a third quarter 2012 asbestos-related Settlement Agreement related to a business we disposed of a number of years ago and changes in unrecognized tax benefits. The nine month period also includes transformation costs incurred in connection with the Distribution that qualified for classification within discontinued operations.

Novation of Contracts

On October 31, 2011, we entered into a Subcontract Agreement Pending Novation with Exelis through which ITT engaged Exelis as a subcontractor for approximately 425 contracts with the U.S. Government. Pursuant to the Subcontract Agreement Pending Novation, Exelis was obligated to perform to the contract specifications to the satisfaction of the U.S. Government as if the contracts had been novated. As of September 2012, the novation process has been completed with the U.S. Government for substantially all of the agreements in which ITT engaged Exelis as a subcontractor. Following the novation, all rights and benefits conferred or accruing under the U.S. Government contracts inure to Exelis. Exelis has indemnified ITT against claims and liabilities related to the U.S. Government contracts in connection with performance under the contracts while the novation was pending.

INCOME TAXES

9 Months Ended

Sep. 30, 2012

INCOME TAXES

NOTE 5

INCOME TAXES

For the three months ended September 30, 2012, the Company recognized an income tax benefit of $18.8 representing an effective tax rate of (44.8)% as compared to an income tax benefit of $4.3, an effective tax rate of 12.7%, for the three months ended September 30, 2011. For the nine months ended September 30, 2012, the Company recognized income tax expense of $43.5 representing an effective tax rate of 33.2% as compared to an income tax benefit of $8.2, an effective tax rate of 20.2%, for the nine months ended September 30, 2011. The higher tax rate recorded in 2012 was mainly due to the increase in tax expense from the recognition of a valuation allowance against deferred tax assets, a decrease in tax expense for changes in unrecognized tax benefits, and a decrease in tax expense related to benefits associated with the filing of ITT’s 2011 U.S. federal income tax return which differed from previously estimated amounts. We recorded a valuation allowance related to current U.S. deferred tax assets in the nine months ended September 30, 2012 primarily because of a determination that it is more likely than not that the current year temporary differences expected to reverse in future years will not be realized as the Company does not expect to be able to carryback such amounts to prior years.

During the third quarter of 2012, the U.S. Internal Revenue Service (IRS) closed its examination of the Company’s tax returns for the years 2007 and 2008. The Company recognized a decrease in the unrecognized tax benefits of approximately $24.7 ($16.3 recognized within income from continuing operations) primarily related to the completion of an IRS examination. Over the next 12 months it is reasonably possible that the total amount of unrecognized tax benefits could decrease due to the completion of non-U.S. tax examinations and a lapsing of the statute of limitations for certain non-U.S. and state tax jurisdictions.

- 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

+ Details

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2012

EARNINGS PER SHARE

NOTE 6

EARNINGS PER SHARE

The following table provides a reconciliation of the data used in the calculation of basic and diluted earnings (loss) per share from continuing operations for the three and nine month periods ended September 30, 2012 and 2011. The presentation gives effect to the 1:2 Reverse Stock Split, which occurred after market close on October 31, 2011.


For the Periods Ended September 30	Three Months					Nine Months
(in millions, except per share amounts)	2012		2011			2012		2011
Income (loss) from continuing operations	$	60.8	$	(29.5	)	$	87.7	$	(32.3	)
Weighted average common shares outstanding		92.3		92.2			92.9		92.0
Add: Weighted average restricted stock awards outstanding^(a)		0.2		0.5			0.3		0.6
Basic weighted average common shares outstanding		92.5		92.7			93.2		92.6
Add: Dilutive impact of stock options		1.0		N/A			1.1		N/A
Diluted weighted average common shares outstanding		93.5		92.7			94.3		92.6
Basic earnings (loss) per share from continuing operations	$	0.66	$	(0.32	)	$	0.94	$	(0.35	)
Diluted earnings (loss) per share from continuing operations	$	0.65	$	(0.32	)	$	0.93	$	(0.35	)

^(a)

Restricted stock awards containing rights to non-forfeitable dividends which participate in undistributed earnings with common shareholders are considered participating securities for purposes of computing earnings per share.

The following table provides the number of shares underlying stock options excluded from the computation of diluted earnings (loss) per share for the three and nine month periods ended September 30, 2012 and 2011 because they were anti-dilutive.


	Three Months				Nine Months
For the Periods Ended September 30	2012		2011		2012		2011
Anti-dilutive stock options		2.9		1.8		1.9		1.6
Average exercise price	$	21.05	$	100.64	$	21.45	$	95.90
Years of expiration		2014-2022		2012-2021		2014-2022		2012-2021

RECEIVABLES, NET

9 Months Ended

Sep. 30, 2012

RECEIVABLES, NET

NOTE 7

RECEIVABLES, NET


	September 30, 2012			December 31, 2011
Trade accounts receivable	$	422.5		$	361.1
Notes receivable		7.3			7.3
Other		42.0			40.8
Receivables, gross		471.8			409.2
Allowance for doubtful accounts		(13.6	)		(13.1	)
Receivables, net	$	458.2		$	396.1

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5066-111524

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5162-111524

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5074-111524

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 4
-Article 5

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Article 9

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph k
-Article 4

+ Details

INVENTORIES, NET

9 Months Ended

Sep. 30, 2012

INVENTORIES, NET

NOTE 8

INVENTORIES, NET


	September 30, 2012			December 31, 2011
Finished goods	$	54.2		$	61.9
Work in process		63.3			49.1
Raw materials		125.0			124.7
Total product inventory		242.5			235.7
Inventoried costs related to long-term contracts		79.7			65.4
Less – progress payments		(53.5	)		(47.2	)
Inventoried costs related to long-term contracts, net		26.2			18.2
Inventories, net	$	268.7		$	253.9

OTHER CURRENT AND NON-CURRENT ASSETS

9 Months Ended

Sep. 30, 2012

OTHER CURRENT AND NON-CURRENT ASSETS

NOTE 9

OTHER CURRENT AND NON-CURRENT ASSETS


	September 30, 2012		December 31, 2011
Asbestos-related current assets	$	94.2	$	132.9
Prepaid income taxes and income tax receivable		53.6		204.8
Current deferred income taxes		36.0		24.8
Other		41.8		59.3
Other current assets	$	225.6	$	421.8
Other employee benefit-related assets	$	85.3	$	79.2
Capitalized software costs		11.7		13.3
Deferred income tax		11.5		45.4
Other		39.2		28.3
Other non-current assets	$	147.7	$	166.2

During the nine months ended September 30, 2012, we received income tax refunds totaling $155.4, including $122.6 from the IRS for income taxes previously paid and $32.8 for net operating losses and research and development tax credits generated during 2011 carried back to prior tax years.

PLANT, PROPERTY AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2012

PLANT, PROPERTY AND EQUIPMENT, NET

NOTE 10

PLANT, PROPERTY AND EQUIPMENT, NET


	September 30, 2012			December 31, 2011
Land and improvements	$	17.0		$	17.2
Buildings and improvements		170.6			163.1
Machinery and equipment		760.7			737.7
Furniture, fixtures and office equipment		63.1			61.8
Construction work in progress		33.5			46.5
Other		7.8			8.2
Plant, property and equipment, gross		1,052.7			1,034.5
Less – accumulated depreciation		(728.8	)		(710.4	)
Plant, property and equipment, net	$	323.9		$	324.1

Depreciation expense of $13.8 and $40.2 was recognized in the three and nine month periods ended September 30, 2012, respectively, and $14.2 and $42.2 for the three and nine month periods ended September 30, 2011, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

9 Months Ended

Sep. 30, 2012

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

NOTE 11

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill

The following table provides a rollforward of the carrying amount of goodwill for the nine months ended September 30, 2012 by segment.


	Industrial Process		Motion Technologies			Interconnect Solutions		Control Technologies		Total
Goodwill — December 31, 2011	$	193.2	$	46.9		$	72.3	$	198.0	$	510.4
Adjustments to purchase price allocations		2.6		—			—		—		2.6
Foreign currency		0.4		(0.3	)		0.2		—		0.3
Goodwill — September 30, 2012	$	196.2	$	46.6		$	72.5	$	198.0	$	513.3

Other Intangible Assets, Net


	September 30, 2012							December 31, 2011
	GROSS CARRYING AMOUNT		ACCUMULATED AMORTIZATION			NET INTANGIBLES		GROSS CARRYING AMOUNT		ACCUMULATED AMORTIZATION			NET INTANGIBLES
Customer relationships	$	74.8	$	(28.1	)	$	46.7	$	77.2	$	(23.6	)	$	53.6
Proprietary technology		19.5		(7.9	)		11.6		19.6		(6.7	)		12.9
Trademarks		2.9		(1.9	)		1.0		2.9		(1.7	)		1.2
Patents and other		4.9		(3.0	)		1.9		5.2		(2.3	)		2.9
Indefinite-lived intangibles		17.2		—			17.2		17.2		—			17.2
Other Intangible Assets	$	119.3	$	(40.9	)	$	78.4	$	122.1	$	(34.3	)	$	87.8

Amortization expense related to finite-lived intangible assets was $2.1 and $6.7 for the three and nine month periods ended September 30, 2012, respectively, and $2.1 and $6.3 for the three and nine month periods ended September 30, 2011, respectively.

Estimated amortization expense for the remaining three months of 2012, each of the four succeeding years and thereafter is as follows:


Remaining 2012	$	2.5
2013		8.5
2014		7.2
2015		7.0
2016		6.7
2017 and thereafter		29.3
Total	$	61.2

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES

9 Months Ended

Sep. 30, 2012

ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES

NOTE 12

ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES


	September 30, 2012		December 31, 2011
Compensation and other employee-related benefits	$	143.1	$	171.7
Asbestos-related liability		92.5		139.0
Customer-related liabilities		38.5		32.3
Accrued warranty costs		27.0		26.0
Accrued income taxes		45.5		23.0
Environmental liabilities and other legal matters		19.1		19.4
Other accrued liabilities		43.5		59.0
Accrued and other current liabilities	$	409.2	$	470.4
Deferred income taxes and other tax-related accruals	$	116.3	$	136.4
Environmental liabilities		86.2		90.6
Compensation and other employee-related benefits		41.2		45.5
Other		23.9		25.7
Other non-current liabilities	$	267.6	$	298.2

POSTRETIREMENT BENEFIT PLANS

9 Months Ended

Sep. 30, 2012

POSTRETIREMENT BENEFIT PLANS

NOTE 13

POSTRETIREMENT BENEFIT PLANS

The following tables provides the components of net periodic benefit cost for pension plans and other employee-related benefit plans for the three and nine month periods ended September 30, 2012 and 2011.


	2012									2011
Three Months Ended September 30	Pension			Other Benefits			Total			Pension			Other Benefits			Total
Net periodic benefit cost:
Service cost	$	1.5		$	0.5		$	2.0		$	1.7		$	0.5		$	2.2
Interest cost		3.9			2.2			6.1			4.0			2.3			6.3
Expected return on plan assets		(4.7	)		(0.2	)		(4.9	)		(4.7	)		(0.1	)		(4.8	)
Amortization of prior service cost		0.2			—			0.2			0.3			—			0.3
Amortization of net actuarial loss		1.6			1.1			2.7			0.9			0.6			1.5
Net periodic benefit cost	$	2.5		$	3.6		$	6.1		$	2.2		$	3.3		$	5.5


	2012									2011
Nine Months Ended September 30	Pension			Other Benefits			Total			Pension			Other Benefits			Total
Net periodic benefit cost:
Service cost	$	4.3		$	1.6		$	5.9		$	5.0		$	1.6		$	6.6
Interest cost		11.6			6.7			18.3			12.0			7.0			19.0
Expected return on plan assets		(13.6	)		(0.4	)		(14.0	)		(14.0	)		(0.4	)		(14.4	)
Amortization of prior service cost (benefit)		0.7			(0.1	)		0.6			0.9			(0.1	)		0.8
Amortization of net actuarial loss		4.7			3.1			7.8			2.6			1.9			4.5
Net periodic benefit cost	$	7.7		$	10.9		$	18.6		$	6.5		$	10.0		$	16.5

During the nine months ended September 30, 2012, we contributed $33.1 to our U.S. pension plans. We do not expect to make material contributions to our pension plans during the remainder of 2012.

In connection with the 2012 contributions, during the first quarter of 2012 we elected to remeasure the projected benefit obligations and plan assets for our U.S. pension plans. As a result of the remeasurement, the funded status of our U.S. pension plans improved by $41.2 and an after-tax adjustment of $8.8 was recorded to unrecognized actuarial loss included in other comprehensive income. At September 30, 2012, in the aggregate, ITT’s net postretirement liability was $294.9.

Third Quarter 2011 Plan Design Changes – Discontinued Operations

Prior to the Distribution, substantially all of ITT’s employees were covered under various defined benefit pension plans, defined contribution plans, or both, when they met the eligibility requirements of the plans. During the third quarter of 2011, the Compensation Committee of ITT’s Board of Directors amended the U.S. retirement programs to more closely align to industry practice. The most significant amendment was to ITT’s former U.S. Salaried Retirement Plan (U.S. SRP) which was transferred to Exelis at the Distribution Date. These amendments became effective on completion of the Distribution. The plan design changes eliminated future benefit accruals for a significant portion of employees who remained with ITT or who transferred to Xylem, accelerated vesting for certain plan participants as of the Distribution Date, and recognized future service for eligibility purposes for a defined period of time. Following the Distribution, employees remaining with ITT and new hires are eligible for an enhanced employer contribution to their 401(k).

As a result of the third quarter 2011 changes, ITT remeasured its projected benefit obligations and plan assets for certain U.S. and international pension plans, including the former U.S. SRP. These actions resulted in an unrecognized actuarial loss of $959.8 recorded within other comprehensive income and a curtailment loss of $4.9 including $3.6 presented within income from discontinued operations.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS106-2
-Paragraph 20, 21, 22
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION

9 Months Ended

Sep. 30, 2012

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION

NOTE 14

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION

Our long-term incentive awards program (LTIP) comprises three components: non-qualified stock options (NQOs), restricted stock (RS) and a target cash award (TSR). We account for NQOs and RS as equity-based compensation awards. TSR awards are cash settled and accounted for as liability-based compensation. LTIP employee compensation costs are primarily recorded within general and administrative expenses, and are reduced by an estimated forfeiture rate. The following table provides the components of these costs for the three and nine month periods ended September 30, 2012 and 2011.


	Three Months				Nine Months
For the Periods Ended September 30	2012		2011		2012		2011
Share-based compensation expense, equity-based awards	$	3.6	$	3.6	$	9.4	$	10.7
Share-based compensation expense, liability-based awards		0.8		4.7		1.1		7.0
Total share-based compensation expense in operating income (loss)		4.4		8.3		10.5		17.7
Less: tax benefit		1.6		2.9		3.7		6.2
Share-based compensation expense, net of tax	$	2.8		5.4	$	6.8	$	11.5

At September 30, 2012, there was $21.9 of unrecognized compensation cost related to non-vested NQOs and RS. This cost is expected to be recognized ratably over a weighted-average period of 2.1 years.

Year-to-Date 2012 LTIP Activity

The majority of our LTIP activity occurs during the first quarter of each year. On March 8, 2012, we granted the 2012 LTIP awards. The grants comprised 0.4 NQOs, 0.3 units of RS and 3.0 TSR units with respective grant date fair values of $6.71, $22.80 and $1.00, respectively. The NQOs vest either on the completion of a three-year service period or annually in three equal installments, as determined by employee level, and have a ten-year expiration period. RS and TSR units vest on the completion of a three-year service period.

The fair value of RS corresponds to the closing price of ITT common stock on the date of grant. The fair value of each NQO grant was estimated on the date of grant using a binomial lattice pricing model that incorporates multiple and variable assumptions over time, including assumptions such as employee exercise patterns, stock price volatility and changes in dividends.

The following table details the weighted average assumptions used to measure fair value and the resulting grant date fair value.


Dividend yield		1.60%
Expected volatility		34.10%
Expected life (in years)		6.9
Risk-free rates		1.40%
Grant date fair value	$	6.71

Expected volatilities for option grants were based on a peer average of historical and implied volatility. ITT uses historical data to estimate option exercise and employee termination behavior within the valuation model. Option characteristics, such as vesting terms, are considered separately for valuation purposes. The expected life represents an estimate of the period of time options are expected to remain outstanding. The expected life provided above represents the weighted average of options granted with differing vesting terms. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of option grant.

The fair value of TSR units is measured on a quarterly basis and corresponds to ITT’s total shareholder return as compared to the total shareholder return of companies within the S&P Mid-Cap Capital Goods composite, subject to a multiplier which includes a maximum and minimum payout. The relative performance ranking calculated is adjusted to reflect expected volatility over the remaining term of the award using a Monte Carlo simulation.

During the nine month period ended September 30, 2012, 2.6 stock options were exercised resulting in proceeds of $40.2, and restrictions on 0.4 shares of RS lapsed.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

CAPITAL STOCK

9 Months Ended

Sep. 30, 2012

CAPITAL STOCK

NOTE 15

CAPITAL STOCK

On October 27, 2006, a three-year $1 billion share repurchase program was approved by our Board of Directors. On December 16, 2008, the provisions of the share repurchase program were modified by our Board of Directors to replace the original three-year term with an indefinite term. To offset the dilution caused by exercises of employee stock options, we repurchased 3.3 shares of common stock for $73.6 during the nine months ended September 30, 2012. No shares were repurchased under the 2006 Share Repurchase Program during the three months ended September 30, 2012 and either the three or nine month periods ending September 30, 2011. To date, under the 2006 Share Repurchase Program, the Company has repurchased 6.8 shares for $504.3, including commissions.

Separate from the 2006 Share Repurchase Program, the Company repurchased 0.1 shares and 0.1 shares for an aggregate price of $3.3 and $5.4, during the nine months ended September 30, 2012 and 2011, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock or stock units.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section B
-Paragraph 7, 11A
-Chapter 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2012

COMMITMENTS AND CONTINGENCIES

NOTE 16

COMMITMENTS AND CONTINGENCIES

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

Asbestos Matters

Background

ITT, including its subsidiary Goulds Pumps, Inc., has been joined as a defendant with numerous other companies in product liability lawsuits alleging personal injury due to asbestos exposure. These claims generally allege that certain products sold by us or our subsidiaries prior to 1985 contained a part manufactured by a third party (e.g., a gasket) which contained asbestos. To the extent these third-party parts may have contained asbestos, it was encapsulated in the gasket (or other) material and was non-friable.

As of September 30, 2012, there were 96 thousand pending claims against ITT, including Goulds Pumps, filed in various state and federal courts alleging injury as a result of exposure to asbestos. Activity related to these asserted asbestos claims during the period was as follows:


For the Nine Months Ended September 30 (in thousands)	2012			2011
Pending claims – Beginning		105			104
New claims		3			4
Settlements		(1	)		(1	)
Dismissals^(a)		(11	)		(2	)
Pending claims – Ending		96			105

^(a)

In the nine month period ended September 30, 2012, 11 thousand pending claims were dismissed, approximately 10 thousand of which were filed in Mississippi and were inactive. As of September 30, 2012, approximately 29 thousand claims pending against the Company have been placed on inactive dockets in Mississippi.

Frequently, plaintiffs are unable to identify any ITT or Goulds Pumps product as a source of asbestos exposure. In addition, a large majority of claims pending against the Company have been placed on inactive dockets (including in Mississippi) because the plaintiffs cannot demonstrate a significant compensable loss. Our experience to date is that a substantial portion of resolved claims are dismissed without any payment from the Company. Management believes that a large majority of the pending claims have little or no value. In addition, because claims are sometimes dismissed in large groups, the average cost per resolved claim, as well as the number of open claims, can fluctuate significantly from period to period. ITT expects more asbestos-related suits will be filed in the future, and ITT will aggressively defend or seek a reasonable resolution, as appropriate.

Estimating the Liability and Related Asset

The Company records an asbestos liability, including legal fees, for costs estimated to be incurred to resolve all pending claims, as well as unasserted claims estimated to be filed against the Company over the next 10 years. The asbestos liability has not been discounted to present value due to an inability to reliably forecast the timing of future cash flows. The methodology used to estimate our asbestos liability for pending claims and claims estimated to be filed over the next 10 years relies on and includes the following:

interpretation of a widely accepted forecast of the population likely to have been exposed to asbestos in the workplace;

widely accepted epidemiological studies estimating the number of people likely to develop mesothelioma and lung cancer from exposure to asbestos;

the Company’s historical experience with the filing of non-malignant claims against it and the historical relationship between non-malignant and malignant claims filed against the Company;

analysis of the number of likely asbestos personal injury claims to be filed against the Company based on such epidemiological and historical data and the Company’s recent claims experience;

analysis of the Company’s pending cases, by disease type;

analysis of the Company’s recent experience to determine the average settlement value of claims, by disease type;

analysis of the Company’s defense costs in relation to its indemnity costs;

adjustment for inflation in the average settlement value of claims and defense costs estimated to be paid in the future; and

analysis of the Company’s recent experience with regard to the length of time to resolve asbestos claims.

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

The forecast period used to estimate our potential liability to pending and projected asbestos claims is a judgment based on a number of factors, including the number and type of claims filed, recent experience with pending claims activity and whether that experience will continue into the future, the jurisdictions where claims are filed, the effect of any legislative or judicial developments, and the likelihood of any comprehensive asbestos legislation at the federal level. These factors have both positive and negative effects on the dynamics of asbestos litigation in the tort system and, accordingly, our estimate of the asbestos exposure. Developments related to asbestos tend to be long-cycle, changing over multi-year periods. Accordingly, we monitor these and other factors and periodically assess whether an alternative forecast period is appropriate.

The Company retains a consulting firm to assist management in estimating the potential liability for pending asbestos claims and for claims estimated to be filed over the next 10 years based on the methodology described above. Our methodology determines a point estimate based on our assessment of the value of each underlying assumption, rather than a range of reasonably possible outcomes. Projecting future asbestos costs is subject to numerous variables and uncertainties that are inherently difficult to predict. In addition to the uncertainties surrounding the key assumptions discussed above, additional uncertainty related to asbestos claims and estimated costs arises from the long latency period prior to the manifestation of an asbestos-related disease, changes in available medical treatments and changes in medical costs, changes in plaintiff behavior resulting from bankruptcies of other companies that are or could be co-defendants, uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, and the impact of potential legislative or judicial changes. At September 30, 2012, approximately 36% of the recorded asbestos liability relates to pending claims, with the remainder relating to claims estimated to be filed over the next 10 years.

We record a corresponding asbestos-related asset that represents our best estimate of probable recoveries from insurers for the estimated asbestos liabilities. Consistent with the asbestos liability, the asbestos-related asset has not been discounted to present value. In developing this estimate, the Company considers coverage-in-place and other agreements with its insurers, as well as a number of additional factors. These additional factors reviewed include the financial viability of our insurance carriers and any related solvency issues, the method by which losses will be allocated to the various insurance policies and the years covered by those policies, the extent to which settlement and defense costs will be reimbursed by the insurance policies, and interpretation of the various policy and contract terms and limits and their interrelationships, and various judicial determinations relevant to our insurance programs. The timing and amount of reimbursements will vary due to a time lag between when ITT pays an amount to defend or settle a claim and when a reimbursement is received from an insurer, differing policy terms, and certain gaps in our insurance coverage as a result of uninsured periods, insurer insolvencies, and prior insurance settlements. Approximately 89% of our estimated receivables are due from domestic insurers, substantially all of which had credit ratings of A- or better from A.M. Best as of September 30, 2012. While the substantial majority of our insurance carriers are solvent, some of the individual carriers are insolvent, which has been considered in our analysis of probable recoveries.

In addition, the Company retains an insurance consulting firm to assist management in estimating probable recoveries for pending asbestos claims and for claims estimated to be filed over the next 10 years based on the analysis of policy terms, the likelihood of recovery provided by external legal counsel, and incorporating risk mitigation judgments where policy terms or other factors are not certain. Amounts deemed not recoverable generally are due from insurers that are insolvent, rather than as a result of disagreements with the insurers over policy terms, coverage limits or coverage disputes. The aggregate amount of insurance available to the Company for asbestos-related claims was acquired over many years and from many different carriers, and remains substantial. However, limitations in that coverage are expected to result in projected payments to claimants substantially exceeding the probable insurance recovery.

The Company has negotiated with certain of its insurers to reimburse the Company for a portion of its settlement and/or defense costs as incurred through “coverage-in-place” agreements or long-term policy payout agreements. The agreements are designed to facilitate an orderly resolution and collection of ITT’s insurance portfolio and to mitigate issues that insurers may raise regarding their responsibility to respond to claims. These agreements, in the aggregate, represent approximately 58% of the recorded asbestos-related asset.

After reviewing our portfolio of insurance policies, with consideration given to applicable deductibles, retentions and policy limits, the solvency and historical payment experience of various insurance carriers, existing insurance settlements, and the advice of outside counsel with respect to the applicable insurance coverage law relating to the terms and conditions of its insurance policies, ITT believes that its recorded receivable for insurance recoveries is probable of collection.

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

The asbestos liability and related receivables reflect management’s best estimate of future events. However, future events affecting the key factors and other variables for either the asbestos liability or the related receivables could cause actual costs or recoveries to be materially higher or lower than currently estimated. Due to these uncertainties, as well as our inability to reasonably estimate any additional asbestos liability for claims which may be filed beyond the next 10 years, it is not possible to predict the ultimate cost of resolving all pending and unasserted asbestos claims. We believe it is possible that future events affecting the key factors and other variables within the next 10 years, as well as the cost of asbestos claims filed beyond the next 10 years, net of expected recoveries, could have a material adverse effect on our financial statements.

Income Statement Charges

In the third quarter of 2012, we conducted our annual study with the assistance of outside consultants to review and update the underlying assumptions used to estimate our asbestos liability and related assets. During this study, the underlying assumptions were updated based on actual experience since our last annual study, a reassessment of the appropriate reference period of years of experience used in determining each assumption and our expectations regarding future conditions, including inflation. Based on the results of this study, we decreased our estimated undiscounted asbestos liability, including legal fees, by $75.8, reflecting a decrease in costs that the Company estimates will be incurred to resolve all pending claims, as well as unasserted claims estimated to be filed over the next 10 years. The decrease in our estimated liability is a result of several developments, including an expectation of lower defense costs relative to indemnities paid over the projection period and a reduction in the assumed rate of increase in future average settlement values. These favorable factors were offset in part by an increasing number of cases expected to be adjudicated, increased activity in several higher-cost jurisdictions, an increase in average settlement values and an increase in lung cancer activity.

Further, in the third quarter of 2012, the Company reduced its estimated asbestos-related assets by $78.7, based on the results of this study. The decrease in our asbestos-related assets is primarily a result of the decrease in the estimated liability and, to a lesser extent, reductions in expected recovery rates from certain insurers, offset in part by benefits from the recently executed Settlement Agreement.

At each balance sheet date, ITT compares current asbestos claims and resolution activity and changes in insurer credit ratings to the results of the most recent annual study to assess whether the recorded asbestos liability and related asset remain appropriate. Further, in addition to the charges associated with our annual measurement, we record a net asbestos charge each quarter to maintain a rolling 10 year forecast period. Further, during the quarter ended June 30, 2012, we received a distribution totaling $8.3 from certain insolvent insurers. As a result, we reduced our asbestos related asset by $2.5 and recognized $5.8 in continuing operations as a reduction to the net asbestos charge for the second quarter. The tables below summarize the total net asbestos charges for the three and nine months ended September 30, 2012 and 2011.


	2012						2011
Three Months Ended September 30	Pre-Tax			After-Tax			Pre-Tax			After-Tax
Continuing operations:
Provision	$	15.7		$	9.8		$	18.4		$	11.5
Remeasurement		2.9			1.8			40.9			25.6
Settlement Agreement		(5.8	)		(3.6	)		—			—
Net asbestos charge – continuing operations		12.8			8.0			59.3			37.1
Discontinued Operations:
Provision		—			—			—			—
Settlement Agreement		(5.6	)		(3.5	)		(9.2	)		(5.8	)
Net asbestos charge – discontinued operations		(5.6	)		(3.5	)		(9.2	)		(5.8	)
Total net asbestos charge	$	7.2		$	4.5		$	50.1		$	31.3
	2012						2011
Nine Months Ended September 30	Pre-Tax			After-Tax			Pre-Tax			After-Tax
Continuing operations:
Provision	$	38.0		$	23.7		$	49.9		$	34.6
Remeasurement		2.9			1.8			40.9			25.6
Settlement Agreement		(5.8	)		(3.6	)		—			—
Net asbestos charge – continuing operations		35.1			21.9			90.8			60.2
Discontinued Operations:
Provision	$	0.7		$	0.4		$	2.8		$	1.8
Settlement Agreement		(5.6	)		(3.5	)		(9.2	)		(5.8	)
Net asbestos charge – discontinued operations		(4.9	)		(3.1	)		(6.4	)		(4.0	)
Total net asbestos charge	$	30.2		$	18.8		$	84.4		$	56.2

Changes in Financial Position

The Company’s estimated asbestos exposure, net of expected recoveries, for the resolution of all pending claims and claims estimated to be filed in the next 10 years was $715.7 and $713.7 as of September 30, 2012 and December 31, 2011, respectively.

The following table provides a rollforward of the estimated asbestos liability and related assets for the nine months ended September 30, 2012.


	Liability			Asset			Net
Balance as of December 31, 2011	$	1,667.9		$	954.2		$	713.7
Changes in estimate during the period:
Continuing operations		(12.8	)		(53.7	)		40.9
Discontinued operations		11.7			11.0			0.7
Settlement Agreement		(245.2	)		(233.8	)		(11.4	)
Net cash activity		(74.9	)		(46.7	)		(28.2	)
Balance as of September 30, 2012	$	1,346.7		$	631.0		$	715.7
Current portion		92.5			94.2
Noncurrent portion		1,254.2			536.8

Settlement Agreement

In September 2012, we executed an agreement (the Settlement Agreement) with the entity (the counterparty) that acquired a business disposed by ITT in 1986. The Settlement Agreement accelerates the cost sharing provisions of a previous agreement with the counterparty. Prior to executing the Settlement Agreement, claims subject to the previous cost sharing agreement where ITT was not a named defendant were excluded from the count of pending claims; however, our recorded asbestos liability included an estimate of exposure to all claims subject to the cost sharing agreement.

Under the terms of the Settlement Agreement, the counterparty assumed full responsibility for all pending and future asbestos-related claims filed against the disposed business, whether they were served on ITT or the counterparty. However, if the disposed business and other ITT entities were both named in a claim, ITT continues to be responsible for defending the ITT portion(s) of the claim and thus those cases remain in the Company’s count of pending claims and in our estimated asbestos liability. ITT also agreed that certain insurance rights will remain with the pending and future claims filed against the disposed business, benefitting the counterparty.

As a result of the Settlement Agreement, ITT’s asbestos-related liabilities were reduced by $245.2, while the asbestos-related assets were reduced by $233.8. The reduction in the asbestos liability results from eliminating the liability for all asbestos claims filed and estimated to be filed over the next 10 years against the disposed business. In addition, under the Settlement Agreement, ITT will receive a $10.0 cash payment from the counterparty for past and future costs which would otherwise have been paid by the surrendered insurance. Income from discontinued operations includes $5.6 of the reduction in the net asbestos liability resulting from the Settlement Agreement with the remainder recorded in continuing operations.

Future Cash Flows

We estimate that we will be able to recover 47% of the asbestos indemnity and defense costs for pending claims as well as unasserted claims estimated to be filed over the next 10 years from our insurers. Actual insurance reimbursements will vary from period to period and the anticipated recovery rate is expected to decline over time due to gaps in our insurance coverage, reflecting uninsured periods, the insolvency of certain insurers, prior settlements with our insurers, and our expectation that certain insurance policies will exhaust within the next 10 years. Certain of our primary coverage-in-place agreements are expected to exhaust within the next twelve months, which will result in higher net cash outflows for the short-term. In the tenth year of our estimate, our insurance recoveries are currently projected to be 24%. Additionally, future recovery rates may be impacted by other factors, such as future insurance settlements, insolvencies, and judicial determinations relevant to our coverage program, which are difficult to predict and subject to a high degree of uncertainty.

Further, there is uncertainty in estimating when cash payments related to the recorded asbestos liability will be fully expended. Such cash payments will continue for a number of years beyond the next 10 years due to the significant proportion of future claims included in the estimated asbestos liability and the delay between the date a claim is filed and when it is resolved. Subject to these inherent uncertainties, it is expected that net cash payments related to pending claims and claims estimated to be filed in the next 10 years will extend through approximately 2028.

Annual net cash outflows, net of tax benefits, are projected to average $10 to $20 over the next five years, as compared to an annual average of $10 over the past three years, and increase to an average of approximately $35 to $45, over the remainder of the projection period.

Environmental

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 and/or operated by ITT, and other properties or water supplies that may be or have been impacted from those operations, contain disposed or recycled materials or wastes and require environmental investigation and/or remediation. These sites include instances where we have been identified as a potentially responsible party under federal and state environmental laws and regulations.

The following table provides a rollforward of the estimated environmental liability and related assets for the nine months ended September 30, 2012.


	Liability			Asset			Net
Environmental liability – December 31, 2011	$	101.8		$	—		$	101.8
Change in estimates for pre-existing accruals:
Continuing operations		4.0			6.5			(2.5	)
Discontinued operations		(0.7	)		1.4			(2.1	)
Accruals added during the period for new matters		—			—			—
Net cash activity		(7.8	)		(0.1	)		(7.7	)
Environmental liability – September 30, 2012	$	97.3		$	7.8		$	89.5

The following table illustrates the reasonably possible range of estimated liability, and number of active sites for environmental matters, at September 30, 2012.


Low-end estimate	$	77.6
High end estimate	$	167.2
Number of active environmental investigation and remediation sites		68

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.

In the second quarter of 2012, the Company recorded an $8.2 asset related to an insurance policy that is responsive to environmental exposures. The asset reflects the Company’s best estimate of costs that are expected to be reimbursed by the insurer for past costs incurred and costs expected to be incurred in the future subject to the various policy terms and limits. The timing and amount of reimbursements will vary and may not be received in the same periods as costs are incurred. Historically, we had not recorded an asset for potential recoveries because future receipts were not considered probable due to uncertainties associated with the interpretation of policy terms, the insurer’s cost review and approval process, and the pattern of performance of the insurer. In the first half of 2012, the performance of the insurer stabilized and disagreements on coverage for certain sites were resolved with the insurer. Based on these events, combined with a longer history of experience with the insurer, the Company determined it was probable that the insurer would perform in the future in accordance with the terms of the policy and that the amount of potential recovery could be reasonably estimated. Of the $8.2 asset recorded in the second quarter of 2012, $6.7 was recognized in income from continuing operations, while the remaining $1.5 was reflected in income from discontinued operations. During the third quarter of 2012, the environmental insurance-related asset was reduced by $0.3 due to a change in the amount of estimated reimbursements, reflected as a $0.2 adjustment within income from continuing operations and a $0.1 adjustment within income from discontinued operations.

Other Matters

The Company is involved in coverage litigation with various insurers seeking recovery of costs incurred in connection with certain environmental and product liabilities. In a suit filed in 1991, ITT Corporation, et al. v. Pacific Indemnity Corporation et al, Sup. Ct., Los Angeles County, we are seeking recovery of costs related to environmental losses. Discovery, procedural matters, changes in California law, and various appeals have prolonged this case. For several years, the case was on appeal before the California Court of Appeals from a decision by the California Superior Court dismissing certain claims made by ITT. In 2011, ITT filed a Motion for Summary Judgment on Pacific Indemnity’s obligation to pay defense costs. That motion is currently pending before the court and the Company is continuing to engage the defendants in settlement negotiations.

On February 13, 2003, we commenced an action, Cannon Electric, Inc. v. Affiliated FM Ins. Co., Sup. Ct., Los Angeles County, seeking recovery of costs related to asbestos product liability losses described above. During this coverage litigation, we entered into coverage-in-place settlement agreements with ACE, Wausau and Utica Mutual dated April 2004, September 2004, and February 2007, respectively. These agreements provide specific coverage for the Company’s legacy asbestos liabilities. In the first quarter of 2012, Goulds Pumps resolved its claims against Fireman’s Fund and Continental Casualty. In January 2012, ITT and Goulds Pumps filed a putative class action against Travelers Casualty and Surety Company (ITT Corporation and Goulds Pumps, Inc., v. Travelers Casualty and Surety Company (f/k/a Aetna Casualty and Surety Company)), alleging that Travelers is unilaterally reinterpreting language contained in older Aetna policies so as to avoid paying on asbestos claims. We continue to negotiate settlement agreements with other insurers, where appropriate.

On December 20, 2011, the Ad Hoc Committee of ITT Bondholders filed a Complaint in New York State court alleging that ITT breached the early redemption provisions of certain bonds issued in 2009. In 2009, ITT issued $500 in bonds maturing in 2019 at an interest rate of 6.125%. The documents governing the bonds contained certain provisions governing early redemptions. On September 20, 2011, ITT notified the holders of the debt that it intended to redeem the bonds on October 20, 2011 in accordance with the terms of the governing documents. On October 18, 2011, the redemption price was disclosed. This matter was resolved in July 2012 for an immaterial amount.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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+ Details

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2012

SEGMENT INFORMATION

NOTE 17

SEGMENT INFORMATION

The Company’s segments are reported on the same basis used internally for evaluating performance and for allocating resources. Our four reportable segments are referred to as: Industrial Process, Motion Technologies, Interconnect Solutions and Control Technologies.

Industrial Process manufactures engineered fluid process equipment serving a diversified mix of customers in global infrastructure industries such as oil & gas, mining, power generation, chemical and other process markets and is an aftermarket service provider.

Motion Technologies manufactures friction materials, shock absorbers and damping technologies for the global automotive, truck, trailer and public bus and rail transportation markets.

Interconnect Solutions manufactures a wide range of highly specialized connector products that make it possible to transfer signal and power in various electronic devices that are utilized in aerospace, industrial, defense and oil & gas markets.

Control Technologies manufactures specialized equipment, including actuators, valves, switches, vibration isolation devices, custom-energy absorption equipment, and regulators for the aerospace, military and industrial markets.

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


	Revenue						Operating Income						Operating Margin
Three Months Ended September 30	2012			2011			2012			2011			2012			2011
Industrial Process	$	239.9		$	188.3		$	30.6		$	22.4			12.8	%		11.9	%
Motion Technologies		151.1			151.0			18.6			17.7			12.3	%		11.7	%
Interconnect Solutions		90.8			101.2			(0.9	)		7.2			(1.0	)%		7.1	%
Control Technologies		75.8			81.0			15.1			14.2			19.9	%		17.5	%
Total segment results	$	557.6		$	521.5		$	63.4		$	61.5			11.4	%		11.8	%
Asbestos-related costs, net		—			—			(12.8	)		(59.3	)		—			—
Transformation costs(a)		—			—			(1.8	)		(18.9	)		—			—
Eliminations / Other corporate costs		(1.7	)		(5.6	)		(11.9	)		5.4			—			—
Total Eliminations / Corporate and Other costs	$	(1.7	)	$	(5.6	)	$	(26.5	)	$	(72.8	)		—			—
Total	$	555.9		$	515.9		$	36.9		$	(11.3	)		6.6	%		(2.2	)%

	Revenue						Operating Income						Operating Margin
Nine Months Ended September 30	2012			2011			2012			2011			2012			2011
Industrial Process	$	699.2		$	556.5		$	80.1		$	72.6			11.5	%		13.0	%
Motion Technologies		486.4			499.1			66.1			67.1			13.6	%		13.4	%
Interconnect Solutions		283.6			318.1			6.5			33.8			2.3	%		10.6	%
Control Technologies		235.5			242.7			42.6			43.0			18.1	%		17.7	%
Total segment results	$	1,704.7		$	1,616.4		$	195.3		$	216.5			11.5	%		13.4	%
Asbestos-related costs, net		—			—			(35.1	)		(90.8	)		—			—
Transformation costs(a)		—			—			(8.9	)		(83.2	)		—			—
Eliminations / Other corporate costs		(4.4	)		(15.0	)		(20.2	)		(16.9	)		—			—
Total Eliminations / Corporate and Other costs	$	(4.4	)	$	(15.0	)	$	(64.2	)	$	(190.9)			—			—
Total	$	1,700.3		$	1,601.4		$	131.1		$	25.6			7.7	%		1.6	%


	Total Assets				Capital Expenditures				Depreciation & Amortization
Nine Months Ended September 30	2012		2011^(b)		2012		2011		2012		2011
Industrial Process	$	685.4	$	633.8	$	14.0	$	8.8	$	10.4	$	9.5
Motion Technologies		457.6		430.7		20.1		19.3		20.1		20.3
Interconnect Solutions		360.5		342.7		5.2		7.6		7.4		7.2
Control Technologies		413.9		413.5		3.0		2.4		8.7		9.6
Corporate and Other		1,397.2		1,850.8		1.6		15.1		5.1		6.7
Total	$	3,314.6	$	3,671.5	$	43.9	$	53.2	$	51.7	$	53.3

^(a)	Excludes transformation costs of $0.8 and $3.0 reflected within total segment operating income for the three and nine months ended September 30, 2012, respectively, and $0.9 and $1.0 during the three and nine months ended September 30, 2011.

^(b)	Amounts reflect balances as of December 31, 2011.

- 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

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-Publisher FASB
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-Publisher FASB
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+ Details

IMMATERIAL CORRECTIONS

9 Months Ended

Sep. 30, 2012

IMMATERIAL CORRECTIONS

NOTE 18

IMMATERIAL CORRECTIONS

During the fourth quarter of 2011, management concluded the previously issued consolidated financial statements required adjustments to reflect certain immaterial corrections. The Company revised amounts previously reported in the consolidated financial statements to reflect certain adjustments, primarily related to income taxes, cumulative translation adjustments, and other adjustments, related to previously unrecorded immaterial adjustments identified during the preparation of prior years’ financial statements. Certain of these adjustments had an impact on the previously reported third quarter 2011 financial statements. Prior to the distribution of Exelis and Xylem, the Company had evaluated and concluded that the identified amounts were not material to any of its previously issued financial statements. Although management believes the amounts, individually and in the aggregate, were, and continue to be, immaterial to prior periods, management concluded that correcting prior periods in the post-Distribution financial statements was appropriate.

As a result of these adjustments, basic and diluted earnings per share for the three months ended September 30, 2011 were adjusted by $0.33, including $0.20 related to discontinued operations. Basic and diluted earnings per share for the nine months ended September 30, 2011 were adjusted by $0.32, including $0.20 related to discontinued operations. The impact of these adjustments is detailed in the table below.


Three Months Ended September 30, 2011	As Previously Reported with Reclassification For Discontinued Operations (Note 4)			Adjustments			As Adjusted and with Reclassification For Discontinued Operations
Cost of sales	$	358.3		$	2.4		$	360.7
Gross profit		157.6			(2.4	)		155.2
Sales and marketing expenses		42.3			1.3			43.6
General and administrative expenses		41.8			(13.8	)		28.0
Operating income (loss)		(21.4	)		10.1			(11.3	)
Income (loss) from continuing operations before income tax expense		(43.9	)		10.1			(33.8	)
Income tax (benefit) expense		(2.7	)		(1.6	)		(4.3	)
Income (loss) from continuing operations		(41.2	)		11.7			(29.5	)
Income (loss) from discontinued operations		119.0			19.0			138.0
Net income	$	77.8		$	30.7		$	108.5


Nine Months Ended September 30, 2011	As Previously Reported with Reclassification For Discontinued Operations (Note 4)			Adjustments			As Adjusted and with Reclassification For Discontinued Operations
Cost of sales	$	1,099.3		$	2.8		$	1,102.1
Gross profit		502.1			(2.8	)		499.3
Sales and marketing expenses		127.5			1.4			128.9
General and administrative expenses		133.9			(13.4	)		120.5
Operating income (loss)		16.4			9.2			25.6
Income (loss) from continuing operations before income tax expense		(49.7	)		9.2			(40.5	)
Income tax (benefit) expense		(6.2	)		(2.0	)		(8.2	)
Income (loss) from continuing operations		(43.5	)		11.2			(32.3	)
Income (loss) from discontinued operations		413.0			18.8			431.8
Net income	$	369.5		$	30.0		$	399.5

The adjustments had no effect on any of the subtotals within the Consolidated Condensed Statement of Cash Flows.

Additionally, during the nine months ended September 30, 2012, we decreased the Distribution of Exelis and Xylem within shareholder’s equity by $13.8 as a result of immaterial corrections primarily related to various liabilities associated with those entities.

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2012

SUBSEQUENT EVENTS

NOTE 19

SUBSEQUENT EVENTS

On October 14, 2012, we executed an agreement to acquire all issued and outstanding stock of the privately held Joh. Heinr. Bornemann GmbH (Bornemann Pumps). Bornemann Pumps is a supplier and servicer of multiphase pumping systems serving the global oil and gas, industrial, food and pharmaceutical markets. Bornemann Pumps estimates 2012 revenue of approximately €115, employs more than 550 employees globally and is expected to be reported within the Industrial Process segment. The purchase price of approximately €200 will be reduced by debt expected to be assumed in the acquisition of approximately €30 and is expected to be funded with cash on hand. The acquisition is expected to close in the fourth quarter of 2012, pending customary regulatory approval.

DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2012
Description of Business	*Description of Business* ITT Corporation is a diversified manufacturer of highly engineered critical components and customized technology solutions of industrial end-markets in energy infrastructure, electronics, aerospace and transportation. Unless the context otherwise indicates, references herein to “ITT,” “the Company,” and such words as “we,” “us,” and “our” include ITT Corporation and its subsidiaries. ITT operates through four segments: Industrial Process consisting of industrial pumping and complementary equipment; Motion Technologies consisting of friction and shock & vibration equipment; Interconnect Solutions consisting of electronic connectors; and Control Technologies consisting of fluid and motion control devices and vibration and shock isolation products. *Basis of Presentation* The unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) and, in the opinion of management, reflect all adjustments (which include normal recurring adjustments) necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such SEC rules. We believe that the disclosures made are adequate to make the information presented not misleading. We consistently applied the accounting policies described in ITT’s 2011 Annual Report on Form 10-K (2011 Annual Report) in preparing these unaudited financial statements, with the exception of accounting standard updates, described in Note 2, “Recent Accounting Pronouncements,” adopted on January 1, 2012. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2011 Annual Report.
Financial Periods	Financial Periods ITT’s quarterly financial periods end on the Saturday closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year, which ends on December 31st. For ease of presentation, the quarterly financial statements included herein are described as ending on the last day of the calendar quarter.
The Distribution	The Distribution On October 31, 2011 (the Distribution Date), ITT Corporation completed the legal and structural separation of Exelis Inc. (Exelis, previously referred to as ITT’s Defense & Information Solutions segment) and Xylem Inc. (Xylem, previously referred to as ITT’s water-related businesses) from the Company into two independent, publicly traded companies via a tax-free pro rata distribution to its shareholders consisting of all the shares of common stock of Exelis and all the shares of common stock of Xylem (the Distribution). The Distribution was made pursuant to a Distribution Agreement, dated October 25, 2011, among ITT, Exelis and Xylem (the Distribution Agreement). With the completion of these separations, the Company disposed of its water-related businesses and Defense segment in their entirety and ceased to consolidate their financial position and results of operations in its consolidated financial statements. Accordingly, these financial statements have been reclassified to present the results of operations and cash flows of Exelis and Xylem as discontinued operations in all periods presented. For further information on the discontinued operations of Exelis and Xylem, see Note 4, “Discontinued Operations.”
1:2 Reverse Stock Split	1:2 Reverse Stock Split On October 31, 2011, we completed a one-for-two reverse stock split (1:2 Reverse Stock Split) of ITT’s authorized, issued and outstanding common stock, as approved by our Board of Directors. The par value of our common stock remained $1 per share following the 1:2 Reverse Stock Split. All common stock authorized, issued and outstanding, as well as share prices and earnings per share give effect to the 1:2 Reverse Stock Split in all periods presented.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, asbestos-related liabilities and recoveries from insurers and other responsible parties, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, goodwill and other intangible asset impairment testing, environmental liabilities and recoveries from insurers, allowance for doubtful accounts and inventory valuation. Actual results could differ from these estimates.
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. Accruals for environmental liabilities are primarily included in other non-current liabilities at undiscounted amounts and exclude claims for recoveries from insurance companies or other third parties. In the second quarter of 2012, the Company established an insurance asset related to its environmental exposures. 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. In developing this estimate, the Company reviews the expected levels of future cost recovery, the financial viability of the insurance companies, the sites and claims covered by those policies, and our interpretation of the various policy and contract terms and
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In September 2011, the FASB provided companies with the option to make an initial qualitative evaluation, based on the entity’s events and circumstances, to determine the likelihood of goodwill impairment. The result of this qualitative assessment determines whether it is necessary to perform the currently required two-step impairment test. If it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a company would be required to perform the two-step impairment test. This guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company could elect to apply the option in goodwill impairment tests performed subsequent to January 1, 2012. In May 2011, the FASB issued guidance intended to achieve common fair value measurements and related disclosures between U.S. GAAP and international accounting standards. The amendments primarily clarify existing fair value guidance and are not intended to change the application of existing fair value measurement guidance. However, the amendments include certain instances where a particular principle or requirement for measuring fair value or disclosing information about fair value measurements has changed. This guidance is effective for the periods beginning after December 15, 2011. We adopted these amendments on January 1, 2012. The amendments did not have a material effect on the Company’s financial statements.

- Definition

Disclosure of accounting policy for determining an entity's fiscal year or other fiscal period. This disclosure may include identification of the fiscal period end-date, the length of the fiscal period, any reporting period lag between the entity and its subsidiaries, or equity investees. If a reporting lag exists, the closing date of the entity having a different period end is generally noted, along with an explanation of the necessity for using different closing dates. Any intervening events that materially affect the entity's financial position or results of operations are generally also disclosed.

+ References + Details

COMPANY TRANSFORMATION (Tables)

9 Months Ended

Sep. 30, 2012

Components of Transformation Costs

The components of transformation costs incurred during the three and nine month periods ended September 30, 2012 and 2011 are presented below.


	2012									2011
Three Months Ended September 30	Continuing Operations			Discontinued Operations			Total			Continuing Operations			Discontinued Operations			Total
Advisory fees	$	1.1		$	—		$	1.1		$	—		$	32.5		$	32.5
IT costs		0.3			—			0.3			—			35.9			35.9
Employee retention and other compensation costs		0.2			—			0.2			17.4			5.1			22.5
Lease termination and other real estate costs		—			—			—			—			9.8			9.8
Asset impairment		—			—			—			—			8.5			8.5
Other costs		1.0			(0.4	)		0.6			2.4			21.2			23.6
Transformation costs before income tax expense (benefit)		2.6			(0.4	)		2.2			19.8			113.0			132.8
Tax-related separation costs		—			—			—			3.6			(7.4	)		(3.8	)
Tax (benefit) expense		(0.6	)		0.1			(0.5	)		(7.9	)		(27.1	)		(35.0	)
Total transformation costs, net of tax benefit	$	2.0		$	(0.3	)	$	1.7		$	15.5		$	78.5		$	94.0


	2012									2011
Nine Months Ended September 30	Continuing Operations			Discontinued Operations			Total			Continuing Operations			Discontinued Operations			Total
Asset impairment	$	—		$	—		$	—		$	55.0	^(a)	$	8.5		$	63.5
Advisory fees		3.9			6.4			10.3			—			75.5			75.5
IT costs		2.3			0.9			3.2			—			57.8			57.8
Employee retention and other compensation costs		1.2			—			1.2			21.1			12.0			33.1
Lease termination and other real estate costs		—			—			—			2.9			9.8			12.7
Other costs		4.5			0.5			5.0			5.2			31.6			36.8
Transformation costs before income tax expense (benefit)		11.9			7.8			19.7			84.2			195.2			279.4
Tax-related separation costs		—			—			—			3.9			6.2			10.1
Tax benefit		(3.7	)		(1.0	)		(4.7	)		(30.0	)		(57.1	)		(87.1	)
Total transformation costs, net of tax benefit	$	8.2		$	6.8		$	15.0		$	58.1		$	144.3		$	202.4

Roll Forward of Transformational Accrual

The table included below provides a rollforward of accrued transformation costs for the nine months ended September 30, 2012.


Transformation accrual – December 31, 2011	$	33.9
Charges for actions during the period:
Continuing operations		11.9
Discontinued operations		7.8
Cash payments		(44.2	)
Transformation accrual – September 30, 2012	$	9.4

DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2012

Results of Discontinued Operations


Three Months Ended September 30, 2011	Exelis		Xylem		Other^(a)			Total
Revenue	$	1,522.4	$	939.0	$	—		$	2,461.4
Transformation costs		11.0		45.8		56.2			113.0
Earnings (loss) before income taxes		152.5		72.4		(45.7	)		179.2
Income tax expense (benefit)		52.7		17.5		(29.0	)		41.2
Income (loss) from discontinued operations		99.8		54.9		(16.7	)		138.0

Nine Months Ended September 30, 2011	Exelis		Xylem		Other^(a)			Total
Revenue	$	4,354.5	$	2,800.2	$	—		$	7,154.7
Transformation costs		23.4		66.7		105.1			195.2
Earnings (loss) before income taxes		409.1		294.2		(98.7	)		604.6
Income tax expense (benefit)		142.4		74.3		(43.9	)		172.8
Income (loss) from discontinued operations		266.7		219.9		(54.8	)		431.8

^(a)

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2012

Basic and Diluted Loss Per Share

following table provides a reconciliation of the data used in the calculation of basic and diluted earnings (loss) per share from continuing operations for the three and nine month periods ended September 30, 2012 and 2011. The presentation gives effect to the 1:2 Reverse Stock Split, which occurred after market close on October 31, 2011.


For the Periods Ended September 30	Three Months					Nine Months
(in millions, except per share amounts)	2012		2011			2012		2011
Income (loss) from continuing operations	$	60.8	$	(29.5	)	$	87.7	$	(32.3	)
Weighted average common shares outstanding		92.3		92.2			92.9		92.0
Add: Weighted average restricted stock awards outstanding^(a)		0.2		0.5			0.3		0.6
Basic weighted average common shares outstanding		92.5		92.7			93.2		92.6
Add: Dilutive impact of stock options		1.0		N/A			1.1		N/A
Diluted weighted average common shares outstanding		93.5		92.7			94.3		92.6
Basic earnings (loss) per share from continuing operations	$	0.66	$	(0.32	)	$	0.94	$	(0.35	)
Diluted earnings (loss) per share from continuing operations	$	0.65	$	(0.32	)	$	0.93	$	(0.35	)

^(a)

Number of Shares Underlying Stock Options Excluded from the Computation of Diluted Earnings (Loss)


	Three Months				Nine Months
For the Periods Ended September 30	2012		2011		2012		2011
Anti-dilutive stock options		2.9		1.8		1.9		1.6
Average exercise price	$	21.05	$	100.64	$	21.45	$	95.90
Years of expiration		2014-2022		2012-2021		2014-2022		2012-2021

RECEIVABLES, NET (Tables)

9 Months Ended

Sep. 30, 2012

Receivables, Net


	September 30, 2012			December 31, 2011
Trade accounts receivable	$	422.5		$	361.1
Notes receivable		7.3			7.3
Other		42.0			40.8
Receivables, gross		471.8			409.2
Allowance for doubtful accounts		(13.6	)		(13.1	)
Receivables, net	$	458.2		$	396.1

INVENTORIES, NET (Tables)

9 Months Ended

Sep. 30, 2012

Inventories, Net


	September 30, 2012			December 31, 2011
Finished goods	$	54.2		$	61.9
Work in process		63.3			49.1
Raw materials		125.0			124.7
Total product inventory		242.5			235.7
Inventoried costs related to long-term contracts		79.7			65.4
Less – progress payments		(53.5	)		(47.2	)
Inventoried costs related to long-term contracts, net		26.2			18.2
Inventories, net	$	268.7		$	253.9

OTHER CURRENT AND NON-CURRENT ASSETS (Tables)

9 Months Ended

Sep. 30, 2012

Other Current and Non Current Assets


	September 30, 2012		December 31, 2011
Asbestos-related current assets	$	94.2	$	132.9
Prepaid income taxes and income tax receivable		53.6		204.8
Current deferred income taxes		36.0		24.8
Other		41.8		59.3
Other current assets	$	225.6	$	421.8
Other employee benefit-related assets	$	85.3	$	79.2
Capitalized software costs		11.7		13.3
Deferred income tax		11.5		45.4
Other		39.2		28.3
Other non-current assets	$	147.7	$	166.2

PLANT, PROPERTY AND EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2012

Plant, Property and Equipment, Net


	September 30, 2012			December 31, 2011
Land and improvements	$	17.0		$	17.2
Buildings and improvements		170.6			163.1
Machinery and equipment		760.7			737.7
Furniture, fixtures and office equipment		63.1			61.8
Construction work in progress		33.5			46.5
Other		7.8			8.2
Plant, property and equipment, gross		1,052.7			1,034.5
Less – accumulated depreciation		(728.8	)		(710.4	)
Plant, property and equipment, net	$	323.9		$	324.1

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)

9 Months Ended

Sep. 30, 2012

Changes in the Carrying Amount of Goodwill

The following table provides a rollforward of the carrying amount of goodwill for the nine months ended September 30, 2012 by segment.


	Industrial Process		Motion Technologies			Interconnect Solutions		Control Technologies		Total
Goodwill — December 31, 2011	$	193.2	$	46.9		$	72.3	$	198.0	$	510.4
Adjustments to purchase price allocations		2.6		—			—		—		2.6
Foreign currency		0.4		(0.3	)		0.2		—		0.3
Goodwill — September 30, 2012	$	196.2	$	46.6		$	72.5	$	198.0	$	513.3

Other Intangible Assets


	September 30, 2012							December 31, 2011
	GROSS CARRYING AMOUNT		ACCUMULATED AMORTIZATION			NET INTANGIBLES		GROSS CARRYING AMOUNT		ACCUMULATED AMORTIZATION			NET INTANGIBLES
Customer relationships	$	74.8	$	(28.1	)	$	46.7	$	77.2	$	(23.6	)	$	53.6
Proprietary technology		19.5		(7.9	)		11.6		19.6		(6.7	)		12.9
Trademarks		2.9		(1.9	)		1.0		2.9		(1.7	)		1.2
Patents and other		4.9		(3.0	)		1.9		5.2		(2.3	)		2.9
Indefinite-lived intangibles		17.2		—			17.2		17.2		—			17.2
Other Intangible Assets	$	119.3	$	(40.9	)	$	78.4	$	122.1	$	(34.3	)	$	87.8

Estimated Amortization Expense Related to Intangible Assets


Remaining 2012	$	2.5
2013		8.5
2014		7.2
2015		7.0
2016		6.7
2017 and thereafter		29.3
Total	$	61.2

- Definition

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

+ References + Details

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

9 Months Ended

Sep. 30, 2012

Accrued Liabilities and Other Non-Current Liabilities, Net


	September 30, 2012		December 31, 2011
Compensation and other employee-related benefits	$	143.1	$	171.7
Asbestos-related liability		92.5		139.0
Customer-related liabilities		38.5		32.3
Accrued warranty costs		27.0		26.0
Accrued income taxes		45.5		23.0
Environmental liabilities and other legal matters		19.1		19.4
Other accrued liabilities		43.5		59.0
Accrued and other current liabilities	$	409.2	$	470.4
Deferred income taxes and other tax-related accruals	$	116.3	$	136.4
Environmental liabilities		86.2		90.6
Compensation and other employee-related benefits		41.2		45.5
Other		23.9		25.7
Other non-current liabilities	$	267.6	$	298.2

POSTRETIREMENT BENEFIT PLANS (Tables)

9 Months Ended

Sep. 30, 2012

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


	2012									2011
Three Months Ended September 30	Pension			Other Benefits			Total			Pension			Other Benefits			Total
Net periodic benefit cost:
Service cost	$	1.5		$	0.5		$	2.0		$	1.7		$	0.5		$	2.2
Interest cost		3.9			2.2			6.1			4.0			2.3			6.3
Expected return on plan assets		(4.7	)		(0.2	)		(4.9	)		(4.7	)		(0.1	)		(4.8	)
Amortization of prior service cost		0.2			—			0.2			0.3			—			0.3
Amortization of net actuarial loss		1.6			1.1			2.7			0.9			0.6			1.5
Net periodic benefit cost	$	2.5		$	3.6		$	6.1		$	2.2		$	3.3		$	5.5


	2012									2011
Nine Months Ended September 30	Pension			Other Benefits			Total			Pension			Other Benefits			Total
Net periodic benefit cost:
Service cost	$	4.3		$	1.6		$	5.9		$	5.0		$	1.6		$	6.6
Interest cost		11.6			6.7			18.3			12.0			7.0			19.0
Expected return on plan assets		(13.6	)		(0.4	)		(14.0	)		(14.0	)		(0.4	)		(14.4	)
Amortization of prior service cost (benefit)		0.7			(0.1	)		0.6			0.9			(0.1	)		0.8
Amortization of net actuarial loss		4.7			3.1			7.8			2.6			1.9			4.5
Net periodic benefit cost	$	7.7		$	10.9		$	18.6		$	6.5		$	10.0		$	16.5

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2012

Long-term incentive employee compensation costs

administrative expenses, and are reduced by an estimated forfeiture rate. The following table provides the components of these costs for the three and nine month periods ended September 30, 2012 and 2011.


	Three Months				Nine Months
For the Periods Ended September 30	2012		2011		2012		2011
Share-based compensation expense, equity-based awards	$	3.6	$	3.6	$	9.4	$	10.7
Share-based compensation expense, liability-based awards		0.8		4.7		1.1		7.0
Total share-based compensation expense in operating income (loss)		4.4		8.3		10.5		17.7
Less: tax benefit		1.6		2.9		3.7		6.2
Share-based compensation expense, net of tax	$	2.8		5.4	$	6.8	$	11.5

Weighted Average Assumptions

The following table details the weighted average assumptions used to measure fair value and the resulting grant date fair value.


Dividend yield		1.60%
Expected volatility		34.10%
Expected life (in years)		6.9
Risk-free rates		1.40%
Grant date fair value	$	6.71

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2012

Actively Related to Asbestos Claims


For the Nine Months Ended September 30 (in thousands)	2012			2011
Pending claims – Beginning		105			104
New claims		3			4
Settlements		(1	)		(1	)
Dismissals^(a)		(11	)		(2	)
Pending claims – Ending		96			105

^(a)

Total Net Asbestos Charges

The tables below summarize the total net asbestos charges for the three and nine months ended September 30, 2012 and 2011.


	2012						2011
Three Months Ended September 30	Pre-Tax			After-Tax			Pre-Tax			After-Tax
Continuing operations:
Provision	$	15.7		$	9.8		$	18.4		$	11.5
Remeasurement		2.9			1.8			40.9			25.6
Settlement Agreement		(5.8	)		(3.6	)		—			—
Net asbestos charge – continuing operations		12.8			8.0			59.3			37.1
Discontinued Operations:
Provision		—			—			—			—
Settlement Agreement		(5.6	)		(3.5	)		(9.2	)		(5.8	)
Net asbestos charge – discontinued operations		(5.6	)		(3.5	)		(9.2	)		(5.8	)
Total net asbestos charge	$	7.2		$	4.5		$	50.1		$	31.3
	2012						2011
Nine Months Ended September 30	Pre-Tax			After-Tax			Pre-Tax			After-Tax
Continuing operations:
Provision	$	38.0		$	23.7		$	49.9		$	34.6
Remeasurement		2.9			1.8			40.9			25.6
Settlement Agreement		(5.8	)		(3.6	)		—			—
Net asbestos charge – continuing operations		35.1			21.9			90.8			60.2
Discontinued Operations:
Provision	$	0.7		$	0.4		$	2.8		$	1.8
Settlement Agreement		(5.6	)		(3.5	)		(9.2	)		(5.8	)
Net asbestos charge – discontinued operations		(4.9	)		(3.1	)		(6.4	)		(4.0	)
Total net asbestos charge	$	30.2		$	18.8		$	84.4		$	56.2

Roll Forward of Asbestos Liability and Related Assets

The following table provides a rollforward of the estimated asbestos liability and related assets for the nine months ended September 30, 2012.


	Liability			Asset			Net
Balance as of December 31, 2011	$	1,667.9		$	954.2		$	713.7
Changes in estimate during the period:
Continuing operations		(12.8	)		(53.7	)		40.9
Discontinued operations		11.7			11.0			0.7
Settlement Agreement		(245.2	)		(233.8	)		(11.4	)
Net cash activity		(74.9	)		(46.7	)		(28.2	)
Balance as of September 30, 2012	$	1,346.7		$	631.0		$	715.7
Current portion		92.5			94.2
Noncurrent portion		1,254.2			536.8

Rollforward of Environmental Liability and Related Assets

The following table provides a rollforward of the estimated environmental liability and related assets for the nine months ended September 30, 2012.


	Liability			Asset			Net
Environmental liability – December 31, 2011	$	101.8		$	—		$	101.8
Change in estimates for pre-existing accruals:
Continuing operations		4.0			6.5			(2.5	)
Discontinued operations		(0.7	)		1.4			(2.1	)
Accruals added during the period for new matters		—			—			—
Net cash activity		(7.8	)		(0.1	)		(7.7	)
Environmental liability – September 30, 2012	$	97.3		$	7.8		$	89.5

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

The following table illustrates the reasonably possible range of estimated liability, and number of active sites for environmental matters, at September 30, 2012.


Low-end estimate	$	77.6
High end estimate	$	167.2
Number of active environmental investigation and remediation sites		68

- Definition

Tabular disclosure of exposure to material amount of loss arising from allegations of damages pertaining to and arising from one or more of the entity's products.

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14472-108349

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12021-110248

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12053-110248

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14557-108349

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
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-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14615-108349

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9-12, 22-40
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2012

Schedule of Segment Reporting Information by Segment Revenue


	Revenue						Operating Income						Operating Margin
Three Months Ended September 30	2012			2011			2012			2011			2012			2011
Industrial Process	$	239.9		$	188.3		$	30.6		$	22.4			12.8	%		11.9	%
Motion Technologies		151.1			151.0			18.6			17.7			12.3	%		11.7	%
Interconnect Solutions		90.8			101.2			(0.9	)		7.2			(1.0	)%		7.1	%
Control Technologies		75.8			81.0			15.1			14.2			19.9	%		17.5	%
Total segment results	$	557.6		$	521.5		$	63.4		$	61.5			11.4	%		11.8	%
Asbestos-related costs, net		—			—			(12.8	)		(59.3	)		—			—
Transformation costs(a)		—			—			(1.8	)		(18.9	)		—			—
Eliminations / Other corporate costs		(1.7	)		(5.6	)		(11.9	)		5.4			—			—
Total Eliminations / Corporate and Other costs	$	(1.7	)	$	(5.6	)	$	(26.5	)	$	(72.8	)		—			—
Total	$	555.9		$	515.9		$	36.9		$	(11.3	)		6.6	%		(2.2	)%

	Revenue						Operating Income						Operating Margin
Nine Months Ended September 30	2012			2011			2012			2011			2012			2011
Industrial Process	$	699.2		$	556.5		$	80.1		$	72.6			11.5	%		13.0	%
Motion Technologies		486.4			499.1			66.1			67.1			13.6	%		13.4	%
Interconnect Solutions		283.6			318.1			6.5			33.8			2.3	%		10.6	%
Control Technologies		235.5			242.7			42.6			43.0			18.1	%		17.7	%
Total segment results	$	1,704.7		$	1,616.4		$	195.3		$	216.5			11.5	%		13.4	%
Asbestos-related costs, net		—			—			(35.1	)		(90.8	)		—			—
Transformation costs(a)		—			—			(8.9	)		(83.2	)		—			—
Eliminations / Other corporate costs		(4.4	)		(15.0	)		(20.2	)		(16.9	)		—			—
Total Eliminations / Corporate and Other costs	$	(4.4	)	$	(15.0	)	$	(64.2	)	$	(190.9)			—			—
Total	$	1,700.3		$	1,601.4		$	131.1		$	25.6			7.7	%		1.6	%

Schedule of Segment Reporting Information by Segment Assets


	Total Assets				Capital Expenditures				Depreciation & Amortization
Nine Months Ended September 30	2012		2011^(b)		2012		2011		2012		2011
Industrial Process	$	685.4	$	633.8	$	14.0	$	8.8	$	10.4	$	9.5
Motion Technologies		457.6		430.7		20.1		19.3		20.1		20.3
Interconnect Solutions		360.5		342.7		5.2		7.6		7.4		7.2
Control Technologies		413.9		413.5		3.0		2.4		8.7		9.6
Corporate and Other		1,397.2		1,850.8		1.6		15.1		5.1		6.7
Total	$	3,314.6	$	3,671.5	$	43.9	$	53.2	$	51.7	$	53.3

IMMATERIAL CORRECTIONS (Tables)

9 Months Ended

Sep. 30, 2012

Immaterial Corrections Income Statement


Three Months Ended September 30, 2011	As Previously Reported with Reclassification For Discontinued Operations (Note 4)			Adjustments			As Adjusted and with Reclassification For Discontinued Operations
Cost of sales	$	358.3		$	2.4		$	360.7
Gross profit		157.6			(2.4	)		155.2
Sales and marketing expenses		42.3			1.3			43.6
General and administrative expenses		41.8			(13.8	)		28.0
Operating income (loss)		(21.4	)		10.1			(11.3	)
Income (loss) from continuing operations before income tax expense		(43.9	)		10.1			(33.8	)
Income tax (benefit) expense		(2.7	)		(1.6	)		(4.3	)
Income (loss) from continuing operations		(41.2	)		11.7			(29.5	)
Income (loss) from discontinued operations		119.0			19.0			138.0
Net income	$	77.8		$	30.7		$	108.5


Nine Months Ended September 30, 2011	As Previously Reported with Reclassification For Discontinued Operations (Note 4)			Adjustments			As Adjusted and with Reclassification For Discontinued Operations
Cost of sales	$	1,099.3		$	2.8		$	1,102.1
Gross profit		502.1			(2.8	)		499.3
Sales and marketing expenses		127.5			1.4			128.9
General and administrative expenses		133.9			(13.4	)		120.5
Operating income (loss)		16.4			9.2			25.6
Income (loss) from continuing operations before income tax expense		(49.7	)		9.2			(40.5	)
Income tax (benefit) expense		(6.2	)		(2.0	)		(8.2	)
Income (loss) from continuing operations		(43.5	)		11.2			(32.3	)
Income (loss) from discontinued operations		413.0			18.8			431.8
Net income	$	369.5		$	30.0		$	399.5

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)	Sep. 30, 2012 $ / shares	Dec. 31, 2011 $ / shares	Oct. 31, 2011 $ / shares
Stockholders equity note reverse stock split conversion ratio			0.5
Common stock, par value	$ 1	$ 1	$ 1

Company Transformation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Transformation cost	$ 2.2	$ 132.8	$ 19.7	$ 279.4

Company Transformation - Components of Transformation Costs (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Components Of Transformation Costs [Line Items]
Advisory fees	$ 1.1	$ 32.5	$ 10.3	$ 75.5
IT costs	0.3	35.9	3.2	57.8
Employee retention and other compensation costs	0.2	22.5	1.2	33.1
Lease termination and other real estate costs		9.8		12.7
Asset impairment		8.5		63.5
Other costs	0.6	23.6	5.0	36.8
Transformation cost	2.2	132.8	19.7	279.4
Tax-related separation costs		(3.8)		10.1
Tax (benefit) expense	(0.5)	(35.0)	(4.7)	(87.1)
Total transformation costs, net of tax benefit	1.7	94.0	15.0	202.4
Continuing Operations [Member]
Components Of Transformation Costs [Line Items]
Advisory fees	1.1		3.9
IT costs	0.3		2.3
Employee retention and other compensation costs	0.2	17.4	1.2	21.1
Lease termination and other real estate costs				2.9
Asset impairment				55.0
Other costs	1.0	2.4	4.5	5.2
Transformation cost	2.6	19.8	11.9	84.2
Tax-related separation costs		3.6		3.9
Tax (benefit) expense	(0.6)	(7.9)	(3.7)	(30.0)
Total transformation costs, net of tax benefit	2.0	15.5	8.2	58.1
Discontinued Operations [Member]
Components Of Transformation Costs [Line Items]
Advisory fees		32.5	6.4	75.5
IT costs		35.9	0.9	57.8
Employee retention and other compensation costs		5.1		12.0
Lease termination and other real estate costs		9.8		9.8
Asset impairment		8.5		8.5
Other costs	(0.4)	21.2	0.5	31.6
Transformation cost	(0.4)	113.0	7.8	195.2
Tax-related separation costs		(7.4)		6.2
Tax (benefit) expense	0.1	(27.1)	(1.0)	(57.1)
Total transformation costs, net of tax benefit	$ (0.3)	$ 78.5	$ 6.8	$ 144.3

Company Transformation - Components of Transformation Costs (Parenthetical) (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2012 USD ($)
Components Of Transformation Costs [Line Items]
Impairment charge related to a decision to discontinue development	$ 55.0

Company Transformation - Roll Forward of Transformational Accrual (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Components Of Transformation Costs [Line Items]
Transformation accrual - December 31, 2011			$ 33.9
Charges for actions during the period	$ 2.2	$ 132.8	19.7	$ 279.4
Cash payments			(44.2)
Transformation accrual - September 30, 2012	9.4		9.4
Continuing Operations [Member]
Components Of Transformation Costs [Line Items]
Charges for actions during the period	2.6	19.8	11.9	84.2
Discontinued Operations [Member]
Components Of Transformation Costs [Line Items]
Charges for actions during the period	$ (0.4)	$ 113.0	$ 7.8	$ 195.2

Discontinued Operations - Results of Discontinued Operations (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue		$ 2,461.4		$ 7,154.7
Transformation costs		113.0		195.2
Earnings (loss) before income taxes		179.2		604.6
Income tax expense (benefit)		41.2		172.8
Income (loss) from discontinued operations	$ 12.2	138.0	$ 5.3	431.8
Exelis [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue		1,522.4		4,354.5
Transformation costs		11.0		23.4
Earnings (loss) before income taxes		152.5		409.1
Income tax expense (benefit)		52.7		142.4
Income (loss) from discontinued operations		99.8		266.7
Xylem [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue		939.0		2,800.2
Transformation costs		45.8		66.7
Earnings (loss) before income taxes		72.4		294.2
Income tax expense (benefit)		17.5		74.3
Income (loss) from discontinued operations		54.9		219.9
Other [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transformation costs		56.2		105.1
Earnings (loss) before income taxes		(45.7)		(98.7)
Income tax expense (benefit)		(29.0)		(43.9)
Income (loss) from discontinued operations		$ (16.7)		$ (54.8)

- Definition

Overall income (loss) from a disposal group that is classified as a component of the entity, before income tax, reported as a separate component of income before extraordinary items. Includes the following (before income tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References + Details

Discontinued Operations - Additional Information (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	Sep. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	Oct. 31, 2011 Contract
Income from discontinued operations for the quarter \| $	$ 12.2	$ 138.0	$ 5.3	$ 431.8
Number of Contracts \| Contract					425

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Income Tax Contingency [Line Items]
Income tax expense (benefit)	$ 18.8	$ 4.3	$ (43.5)	$ 8.2
Effective income tax rate	44.80%	12.70%	33.20%	20.20%
Recognized tax benefit	$ 24.7		$ 24.7
Continuing Operations [Member]
Income Tax Contingency [Line Items]
Recognized tax benefit	$ 16.3		$ 16.3

Earnings Per Share - Basic and Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Calculation Of Numerator And Denominator In Earnings Per Share [Line Items]
Income (loss) from continuing operations	$ 60.8	$ (29.5)	$ 87.7	$ (32.3)
Weighted average common shares outstanding	92.3	92.2	92.9	92.0
Add: Weighted average restricted stock awards outstanding(a)	0.2	0.5	0.3	0.6
Basic weighted average common shares outstanding	92.5	92.7	93.2	92.6
Add: Dilutive impact of stock options	1.0		1.1
Diluted weighted average common shares outstanding	93.5	92.7	94.3	92.6
Basic earnings (loss) per share from continuing operations	$ 0.66	$ (0.32)	$ 0.94	$ (0.35)
Diluted earnings (loss) per share from continuing operations	$ 0.65	$ (0.32)	$ 0.93	$ (0.35)

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

+ References

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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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+ Details

- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

This element represents nonvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid). Basic and dilutive earnings per share are generally disclosed for such shares using the two-class method.

+ References

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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Glossary Participating Security
-URI http://asc.fasb.org/extlink&oid=6519812

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 59A
-URI http://asc.fasb.org/extlink&oid=7655603&loc=SL5780131-109256

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 60A
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-Publisher FASB
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-Name Accounting Standards Codification
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-Paragraph 60B
-URI http://asc.fasb.org/extlink&oid=7655603&loc=SL5780133-109256

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-6
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number EITF03-6-1
-Paragraph 6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 61
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 60
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References + Details

- Definition

This element represents the weighted average total number of shares issued throughout the period including the first (beginning balance outstanding) and last (ending balance outstanding) day of the period before considering any reductions (for instance, shares held in treasury) to arrive at the weighted average number of shares outstanding. Weighted average relates to the portion of time within a reporting period that common shares have been issued and outstanding to the total time in that period. Such concept is used in determining the weighted average number of shares outstanding for purposes of calculating earnings per share (basic).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e2646-109256

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Weighted-Average Number of Common Shares Outstanding
-URI http://asc.fasb.org/extlink&oid=6528421

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Earnings Per Share - Number of Shares Underlying Stock Options Excluded from the Computation of Diluted Earnings (Loss) (Detail) - $ / shares $ / shares in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options	2.9	1.8	1.9	1.6
Average exercise price	$ 21,050	$ 100,640	$ 21,450	$ 95,900
Minimum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Years of expiration	2014	2012	2014	2012
Maximum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Years of expiration	2022	2021	2022	2021

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Receivables, Net (Detail) - USD ($) $ in Millions	Sep. 30, 2012	Dec. 31, 2011
Receivables And Related Allowances [Line Items]
Trade accounts receivable	$ 422.5	$ 361.1
Notes receivable	7.3	7.3
Other	42.0	40.8
Receivables, gross	471.8	409.2
Allowance for doubtful accounts	(13.6)	(13.1)
Receivables, net	$ 458.2	$ 396.1

- Definition

An amount representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date(s) within one year of the balance sheet date or the normal operating cycle, whichever is longer. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale.

+ References + Details

Inventories, Net (Detail) - USD ($) $ in Millions	Sep. 30, 2012	Dec. 31, 2011
Schedule Of Inventory [Line Items]
Finished goods	$ 54.2	$ 61.9
Work in process	63.3	49.1
Raw materials	125.0	124.7
Total product inventory	242.5	235.7
Inventoried costs related to long-term contracts	79.7	65.4
Less - progress payments	(53.5)	(47.2)
Inventoried costs related to long-term contracts, net	26.2	18.2
Inventories, net	$ 268.7	$ 253.9

Other Current and Non Current Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2012	Dec. 31, 2011
Other Current Assets And Other Non Current Assets [Line items]
Asbestos-related current assets	$ 94.2	$ 132.9
Prepaid income taxes and income tax receivable	53.6	204.8
Current deferred income taxes	36.0	24.8
Other	41.8	59.3
Other current assets	225.6	421.8
Other employee benefit-related assets	85.3	79.2
Capitalized software costs	11.7	13.3
Deferred income tax	11.5	45.4
Other	39.2	28.3
Other non-current assets	$ 147.7	$ 166.2

Other Current and Non Current Assets - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2012 USD ($)
Income tax refund	$ 155.4
Income tax refund from IRS for income tax previously paid	122.6
Income tax return from net operating loss	$ 32.8

Plant, Property and Equipment, Net (Detail) - USD ($) $ in Millions	Sep. 30, 2012	Dec. 31, 2011
Property, Plant and Equipment [Line Items]
Land and improvements	$ 17.0	$ 17.2
Buildings and improvements	170.6	163.1
Machinery and equipment	760.7	737.7
Furniture, fixtures and office equipment	63.1	61.8
Construction work in progress	33.5	46.5
Other	7.8	8.2
Plant, property and equipment, gross	1,052.7	1,034.5
Less - accumulated depreciation	(728.8)	(710.4)
Plant, property and equipment, net	$ 323.9	$ 324.1

Plant, Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Recognized depreciation expense	$ 13.8	$ 14.2	$ 40.2	$ 42.2

Goodwill and Other Intangible Assets, Net - Changes in the Carrying Amount of Goodwill (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2012 USD ($)
Goodwill [Line Items]
Goodwill - December 31, 2011	$ 510.4
Adjustments to purchase price allocations	2.6
Foreign currency	0.3
Goodwill - September 30, 2012	513.3
Industrial Process [Member]
Goodwill [Line Items]
Goodwill - December 31, 2011	193.2
Adjustments to purchase price allocations	2.6
Foreign currency	0.4
Goodwill - September 30, 2012	196.2
Motion Technologies [Member]
Goodwill [Line Items]
Goodwill - December 31, 2011	46.9
Foreign currency	(0.3)
Goodwill - September 30, 2012	46.6
Interconnect Solutions [Member]
Goodwill [Line Items]
Goodwill - December 31, 2011	72.3
Foreign currency	0.2
Goodwill - September 30, 2012	72.5
Control Technologies [Member]
Goodwill [Line Items]
Goodwill - December 31, 2011	198.0
Goodwill - September 30, 2012	$ 198.0

- Definition

Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph l
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Goodwill and Other Intangible Assets, Net - Other Intangible Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2012	Dec. 31, 2011
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, gross/net carrying amount	$ 17.2	$ 17.2
Other intangible assets	119.3	122.1
Accumulated amortization	(40.9)	(34.3)
Finite-live intangible asset net of accumulated amortization	61.2
Indefinite-lived intangible assets, gross/net carrying amount	17.2	17.2
Other intangible assets, net	78.4	87.8
Customer and distributor relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	74.8	77.2
Accumulated amortization	(28.1)	(23.6)
Finite-live intangible asset net of accumulated amortization	46.7	53.6
Proprietary technology [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	19.5	19.6
Accumulated amortization	(7.9)	(6.7)
Finite-live intangible asset net of accumulated amortization	11.6	12.9
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	2.9	2.9
Accumulated amortization	(1.9)	(1.7)
Finite-live intangible asset net of accumulated amortization	1.0	1.2
Patents and other [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	4.9	5.2
Accumulated amortization	(3.0)	(2.3)
Finite-live intangible asset net of accumulated amortization	$ 1.9	$ 2.9

Goodwill and Other Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Amortization expense related to finite-lived intangible assets	$ 2.1	$ 2.1	$ 6.7	$ 6.3

Goodwill and Other Intangible Assets, Net - Estimated Amortization Expense Related to Intangible Assets (Detail) $ in Millions	Sep. 30, 2012 USD ($)
Remaining 2012	$ 2.5
2013	8.5
2014	7.2
2015	7.0
2016	6.7
2017 and thereafter	29.3
Total	$ 61.2

Accrued Liabilities and Other Non-Current Liabilities, Net (Detail) - USD ($) $ in Millions	Sep. 30, 2012	Dec. 31, 2011
Compensation and other employee-related benefits	$ 143.1	$ 171.7
Asbestos-related liability	92.5	139.0
Customer-related liabilities	38.5	32.3
Accrued warranty costs	27.0	26.0
Accrued income taxes	45.5	23.0
Environmental liabilities and other legal matters	19.1	19.4
Other accrued liabilities	43.5	59.0
Accrued and other current liabilities	409.2	470.4
Deferred income taxes and other tax-related accruals	116.3	136.4
Environmental liabilities	86.2	90.6
Compensation and other employee-related benefits	41.2	45.5
Other	23.9	25.7
Other non-current liabilities	$ 267.6	$ 298.2

Postretirement Benefit Plans - Net Periodic Benefit Cost of Pension Plans and Other Employee Related Benefit Plans (Detail) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2012	Oct. 30, 2011	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2.0		$ 2.2	$ 5.9	$ 6.6
Interest cost	6.1		6.3	18.3	19.0
Expected return on plan assets	(4.9)		(4.8)	(14.0)	(14.4)
Amortization of prior service cost	0.2		0.3	0.6	0.8
Amortization of net actuarial loss	2.7		1.5	7.8	4.5
Net periodic benefit cost	6.1		5.5	18.6	16.5
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	1.5		1.7	4.3	5.0
Interest cost	3.9		4.0	11.6	12.0
Expected return on plan assets	(4.7)		(4.7)	(13.6)	(14.0)
Amortization of prior service cost	0.2		0.3	0.7	0.9
Amortization of net actuarial loss	1.6		0.9	4.7	2.6
Net periodic benefit cost	2.5		$ 2.2	7.7	6.5
Others Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.5	$ 0.5		1.6	1.6
Interest cost	2.2	2.3		6.7	7.0
Expected return on plan assets	(0.2)	(0.1)		(0.4)	(0.4)
Amortization of prior service cost				(0.1)	(0.1)
Amortization of net actuarial loss	1.1	0.6		3.1	1.9
Net periodic benefit cost	$ 3.6	$ 3.3		$ 10.9	$ 10.0

- Definition

An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 30
-Glossary Expected Return on Plan Assets
-URI http://asc.fasb.org/extlink&oid=6512136

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Glossary Expected Return on Plan Assets
-URI http://asc.fasb.org/extlink&oid=6512171

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(3)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time.

+ References + Details

- Definition

The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Service Cost (Component of Net Periodic Pension Cost)
-URI http://asc.fasb.org/extlink&oid=6525008

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a, h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Postretirement Benefit Plans - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2012 USD ($)
Remeasurement of projected benefit obligations and plan assets	$ 41.2
Defined benefit plan accumulated other comprehensive income unrecognized actuarial loss before tax	8.8
Net postretirement liability	294.9
Unrecognized actuarial loss	959.8
Curtailment loss	4.9
Income from discontinued operations	3.6
U.S. Pension Plans [Member]
Contributions made to pension plans	$ 33.1

- Definition

The amount of decrease that is related to an event that significantly reduces the expected years of future service of present employees or eliminates for a significant number of employees the accrual of defined benefits for some or all of their future services.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(10)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Plan Curtailment
-URI http://asc.fasb.org/extlink&oid=6520938

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 30
-Section 15
-Paragraph 6
-Subparagraph (a)(2)
-URI http://asc.fasb.org/extlink&oid=7577095&loc=d3e8001-114927

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 88
-Paragraph 6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

This represents the entire liability recognized in the balance sheet that is associated with the defined benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21915240&loc=d3e1703-114919

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e2417-114920

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.15)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e2410-114920

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Long-Term Incentive Employee Compensation Costs (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, equity-based awards	$ 3.6	$ 3.6	$ 9.4	$ 10.7
Share-based compensation expense, liability-based awards	0.8	4.7	1.1	7.0
Total share-based compensation expense in operating income (loss)	4.4	8.3	10.5	17.7
Less: tax benefit	1.6	2.9	3.7	6.2
Share-based compensation expense, net of tax	$ 2.8	$ 5.4	$ 6.8	$ 11.5

- Definition

Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.

+ References + Details

Long-Term Incentive Employee Compensation - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2012 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost not yet recognized \| $	$ 21,900
Unrecognized compensation cost weighted-average period	2 years 1 month
Stock option exercised \| shares	2,600,000
Proceeds from stock option exercised \| $	$ 40,200
Shares of RS on which restrictions lapsed \| shares	0.4
Non Qualified Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted , shares \| shares	0.4
Grant date fair value \| $	$ 6,710
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted , shares \| shares	0.3
Grant date fair value \| $	$ 22,800
TSR Plan Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted , shares \| shares	3.0
Grant date fair value \| $	$ 1,000

Long-Term Incentive Employee Compensation - Weighted Average Assumptions (Detail)	9 Months Ended
	Sep. 29, 2012 $ / shares
Dividend yield	1.60%
Expected volatility	34.10%
Expected life (in years)	6 years 10 months 24 days
Risk-free rates	1.40%
Grant date fair value	$ 6.71

Capital Stock - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 31, 2006	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Share Repurchase Program	$ 1,000.0
Repurchase of shares of common stock		0.0	3.3	0.0
Aggregate cost of repurchase			$ 73.6
Aggregate number of shares repurchased			6.8
Shares repurchased aggregate value			$ 504.3
Number of shares repurchased under settlement of employee tax withholding obligations			0.1	0.1
Shares repurchased aggregate value under settlement of employee tax withholding obligations			$ 3.3	$ 5.4

Commitments and Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2012 USD ($) Claim	Sep. 30, 2012 USD ($) Claim	Dec. 31, 2009 USD ($)	Dec. 31, 2011 USD ($) Claim	Sep. 30, 2011 Claim	Dec. 31, 2010 Claim
Number of claims open \| Claim	29,000	29,000
Recorded asbestos liability related to pending claims	36.00%	36.00%
Estimated Receivables due from domestic insurers	89.00%	89.00%
Aggregate settlement coverage agreement for asbestos related assets	58.00%	58.00%
Decrease in estimated undiscounted asbestos related assets	$ 78.7
Number of forecast periods to be maintained by each quarter		10 years
Distribution from insolvent insurers		$ 8.3
Reduction to the net asbestos charge	5.8
Reduce in asbestos related asset	2.5
Tenure to be used to file undiscounted Asbestos liability including legal fees and claims		Next 10 Years
Estimated asbestos exposure, net of expected recoveries from insurers and other responsible parties	715.7	$ 715.7		$ 713.7
Asset related to a business disposed	233.8	233.8
Liability related to a business disposed	245.2	245.2
Proceeds from Disposed Business		10.0
Reduction net asbestos liability included in discontinued operations		$ 5.6
Estimated Percentage of Recovered asbestos Costs		47.00%
Percentage of Insurance Coverage Recoveries		24.00%
Total asset related to insurance policy	8.2	$ 8.2
Insurance policy asset from continuing operations	6.7
Insurance policy asset from discontinued operations	1.5
Adjustment within Income From Continuing Operations	0.3
Face value of bond issued			$ 500.0
Interest rate on senior notes			6.125%
Continuing Operations [Member]
Adjustment within Income From Continuing Operations	0.2
Discontinued Operations [Member]
Adjustment within Income From Continuing Operations	$ 0.1
Asbestos Issue [Member]
Number of claims open \| Claim	96,000	96,000		105,000	105,000	104,000

Commitments And Contingencies - Activity Related to Asbestos Claims (Detail) - Claim	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Schedule Of Activities Related To Claims Filed [Line Items]
Pending claims - Ending	29,000
Asbestos Issue [Member]
Schedule Of Activities Related To Claims Filed [Line Items]
Pending claims - Beginning	105,000	104,000
New claims	3,000	4,000
Settlements	(1,000)	(1,000)
Dismissals(a)	(11,000)	(2,000)
Pending claims - Ending	96,000	105,000

Commitments And Contingencies - Activity Related to Asbestos Claims (Parenthetical) (Detail)	Sep. 30, 2012 Claim
Schedule Of Activities Related To Claims Filed [Line Items]
Number of dismissed claims	11,000
Number of dismissed claims, inactive	10,000
Number of claims open	29,000

Commitments And Contingencies - Net Asbestos Charges (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Asbestos Related Contingencies [Line Items]
Net asbestos charge	$ 7.2	$ 50.1	$ 30.2	$ 84.4
Net asbestos charge - continuing operations	4.5	31.3	18.8	56.2
Continuing Operations [Member]
Asbestos Related Contingencies [Line Items]
Provision	15.7	18.4	38.0	49.9
Remeasurement	2.9	40.9	2.9	40.9
Settlement Agreement	(5.8)		(5.8)
Net asbestos charge	12.8	59.3	35.1	90.8
Provision	9.8	11.5	23.7	34.6
Remeasurement	1.8	25.6	1.8	25.6
Settlement Agreement	(3.6)		(3.6)
Net asbestos charge - continuing operations	8.0	37.1	21.9	60.2
Discontinued Operations [Member]
Asbestos Related Contingencies [Line Items]
Provision			0.7	2.8
Settlement Agreement	(5.6)	(9.2)	(5.6)	(9.2)
Net asbestos charge	(5.6)	(9.2)	(4.9)	(6.4)
Provision			0.4	1.8
Settlement Agreement	(3.5)	(5.8)	(3.5)	(5.8)
Net asbestos charge - continuing operations	$ (3.5)	$ (5.8)	$ (3.1)	$ (4.0)

Commitments And Contingencies - Roll Forward of Asbestos Liability and Related Assets (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2012 USD ($)
Asbestos Related Contingencies [Line Items]
Balance, Beginning	$ 713.7
Changes in estimate during the period:
Continuing operations	40.9
Discontinued operations	0.7
Settlement Agreement	(11.4)
Net cash activity	(28.2)
Balance, Ending	715.7
Current portion
Noncurrent portion
Asset [Member]
Asbestos Related Contingencies [Line Items]
Balance, Beginning	954.2
Changes in estimate during the period:
Continuing operations	(53.7)
Discontinued operations	11.0
Settlement Agreement	(233.8)
Net cash activity	(46.7)
Balance, Ending	631.0
Current portion	94.2
Noncurrent portion	536.8
Liability [Member]
Asbestos Related Contingencies [Line Items]
Balance, Beginning	1,667.9
Changes in estimate during the period:
Continuing operations	(12.8)
Discontinued operations	11.7
Settlement Agreement	(245.2)
Net cash activity	(74.9)
Balance, Ending	1,346.7
Current portion	92.5
Noncurrent portion	$ 1,254.2

Commitments And Contingencies - Rollforward of Environmental Liability and Related Assets (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2012 USD ($)
Environmental Liability And Related Assets [Line items]
Environmental liability - Beginning balance	$ 101.8
Continuing operations, Liability	4.0
Discontinued operations, Liability	(0.7)
Accruals added during the period for new matters, Liability
Payments, Liability	(7.8)
Environmental liability - Ending balance	97.3
Continuing operations	6.5
Discontinued operations	1.4
Accruals added during the period for new matters
Payments, Asset	(0.1)
Environmental liability - Asset, Ending balance	7.8
Environmental liability - Net, Beginning balance	101.8
Continuing Operation, Net	(2.5)
Discontinued operations, Net	(2.1)
Accruals added during the period, Net
Payments, Net	(7.7)
Environmental liability - Net, Ending balance	$ 89.5

Commitments And Contingencies - Range of Environmental Liability and Number of Active Sites for Environmental Matters (Detail) $ in Millions	Sep. 30, 2012 USD ($) site
Environmental Matters Range Of Estimated Liability And Active Sites Numbers [Line Items]
Low-end estimate	$ 77.6
High end estimate	$ 167.2
Number of active environmental investigation and remediation sites \| site	68

Segment Information - Additional Information (Detail)	9 Months Ended
Segment Information - Additional Information (Detail)	Sep. 30, 2012 Segment
Number of reportable segments	4

Schedule of Segment Reporting Information by Segment Revenue (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Segment Reporting Information [Line Items]
Revenue	$ 555.9	$ 515.9	$ 1,700.3	$ 1,601.4
Operating Income	$ 36.9	$ (11.3)	$ 131.1	$ 25.6
Operating Margin	6.60%	(2.20%)	7.70%	1.60%
Industrial Process [Member]
Segment Reporting Information [Line Items]
Revenue	$ 239.9	$ 188.3	$ 699.2	$ 556.5
Operating Income	$ 30.6	$ 22.4	$ 80.1	$ 72.6
Operating Margin	12.80%	11.90%	11.50%	13.00%
Motion Technologies [Member]
Segment Reporting Information [Line Items]
Revenue	$ 151.1	$ 151.0	$ 486.4	$ 499.1
Operating Income	$ 18.6	$ 17.7	$ 66.1	$ 67.1
Operating Margin	12.30%	11.70%	13.60%	13.40%
Interconnect Solutions [Member]
Segment Reporting Information [Line Items]
Revenue	$ 90.8	$ 101.2	$ 283.6	$ 318.1
Operating Income	$ (0.9)	$ 7.2	$ 6.5	$ 33.8
Operating Margin	(1.00%)	7.10%	2.30%	10.60%
Control Technologies [Member]
Segment Reporting Information [Line Items]
Revenue	$ 75.8	$ 81.0	$ 235.5	$ 242.7
Operating Income	$ 15.1	$ 14.2	$ 42.6	$ 43.0
Operating Margin	19.90%	17.50%	18.10%	17.70%
Total Segment Results [Member]
Segment Reporting Information [Line Items]
Revenue	$ 557.6	$ 521.5	$ 1,704.7	$ 1,616.4
Operating Income	$ 63.4	$ 61.5	$ 195.3	$ 216.5
Operating Margin	11.40%	11.80%	11.50%	13.40%
Asbestos Related Costs Net [Member]
Segment Reporting Information [Line Items]
Operating Income	$ (12.8)	$ (59.3)	$ (35.1)	$ (90.8)
Transformation Costs [Member]
Segment Reporting Information [Line Items]
Operating Income	(1.8)	(18.9)	(8.9)	(83.2)
Eliminations / Other corporate costs [Member]
Segment Reporting Information [Line Items]
Revenue	(1.7)	(5.6)	(4.4)	(15.0)
Operating Income	(11.9)	5.4	(20.2)	(16.9)
Total eliminations / corporate and other costs [Member]
Segment Reporting Information [Line Items]
Revenue	(1.7)	(5.6)	(4.4)	(15.0)
Operating Income	$ (26.5)	$ (72.8)	$ (64.2)	$ (190.9)

Schedule of Segment Reporting Information by Segment Assets (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Segment Reporting Information [Line Items]
Total Assets	$ 3,314.6	$ 3,671.5	$ 3,671.5
Capital Expenditures	43.9	53.2
Depreciation & Amortization	51.7	53.3
Industrial Process [Member]
Segment Reporting Information [Line Items]
Total Assets	685.4	633.8
Capital Expenditures	14.0	8.8
Depreciation & Amortization	10.4	9.5
Motion Technologies [Member]
Segment Reporting Information [Line Items]
Total Assets	457.6	430.7
Capital Expenditures	20.1	19.3
Depreciation & Amortization	20.1	20.3
Interconnect Solutions [Member]
Segment Reporting Information [Line Items]
Total Assets	360.5	342.7
Capital Expenditures	5.2	7.6
Depreciation & Amortization	7.4	7.2
Control Technologies [Member]
Segment Reporting Information [Line Items]
Total Assets	413.9	413.5
Capital Expenditures	3.0	2.4
Depreciation & Amortization	8.7	9.6
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Total Assets	1,397.2	1,850.8
Capital Expenditures	1.6	15.1
Depreciation & Amortization	$ 5.1	$ 6.7

Schedule of Segment Reporting Information by Segment Revenue (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Segment Reporting Information [Line Items]
Transformation costs excluded from segment operating income	$ 0.8	$ 0.9	$ 3.0	$ 1.0

Immaterial Corrections - Additional Information (Detail) - Adjustments [Member] - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2011
Basic and diluted earnings per share	$ 0.33	$ 0.32
Basic and diluted earnings per share related to discontinued operations	$ 0.20	$ 0.20

Immaterial Corrections Income Statement (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Cost of sales	$ 387.1	$ 360.7	$ 1,184.9	$ 1,102.1
Gross profit	168.8	155.2	515.4	499.3
Sales and marketing expenses	42.6	43.6	137.7	128.9
General and administrative expenses	58.2	28.0	150.1	120.5
Operating income (loss)	36.9	(11.3)	131.1	25.6
Income (loss) from continuing operations before income tax expense	42.0	(33.8)	131.2	(40.5)
Income tax (benefit) expense	(18.8)	(4.3)	43.5	(8.2)
Income (loss) from continuing operations	60.8	(29.5)	87.7	(32.3)
Income (loss) from discontinued operations	12.2	138.0	5.3	431.8
Net income	$ 73.0	108.5	$ 93.0	399.5
As Previously Reported with Reclassification for Discontinued Operations [Member]
Cost of sales		358.3		1,099.3
Gross profit		157.6		502.1
Sales and marketing expenses		42.3		127.5
General and administrative expenses		41.8		133.9
Operating income (loss)		(21.4)		16.4
Income (loss) from continuing operations before income tax expense		(43.9)		(49.7)
Income tax (benefit) expense		(2.7)		(6.2)
Income (loss) from continuing operations		(41.2)		(43.5)
Income (loss) from discontinued operations		119.0		413.0
Net income		77.8		369.5
Adjustments [Member]
Cost of sales		2.4		2.8
Gross profit		(2.4)		(2.8)
Sales and marketing expenses		1.3		1.4
General and administrative expenses		(13.8)		(13.4)
Operating income (loss)		10.1		9.2
Income (loss) from continuing operations before income tax expense		10.1		9.2
Income tax (benefit) expense		(1.6)		(2.0)
Income (loss) from continuing operations		11.7		11.2
Income (loss) from discontinued operations		19.0		18.8
Net income		30.7		30.0
As Adjusted and with Reclassification for Discontinued Operations [Member]
Cost of sales		360.7		1,102.1
Gross profit		155.2		499.3
Sales and marketing expenses		43.6		128.9
General and administrative expenses		28.0		120.5
Operating income (loss)		(11.3)		25.6
Income (loss) from continuing operations before income tax expense		(33.8)		(40.5)
Income tax (benefit) expense		(4.3)		(8.2)
Income (loss) from continuing operations		(29.5)		(32.3)
Income (loss) from discontinued operations		138.0		431.8
Net income		$ 108.5		$ 399.5

Subsequent Events - Additional Information (Detail) € in Millions, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	Sep. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	Dec. 31, 2012 EUR (€) Employees
Subsequent Events [Line Items]
Approximate revenue reported \| $	$ 555.9	$ 515.9	$ 1,700.3	$ 1,601.4
Bornemann Pumps [Member]
Subsequent Events [Line Items]
Approximate revenue reported					€ 115
Number of employees \| Employees					550
Purchase price to be funded with cash on hand					€ 200
Liabilities assumed					€ 30