Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Apr. 23, 2014 |
Document Documentand Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
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 | ' | 91.7 |
CONSOLIDATED_CONDENSED_INCOME_
CONSOLIDATED CONDENSED INCOME STATEMENTS (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Revenue | $674.50 | $608.20 |
Costs of revenue | 459.7 | 417.7 |
Gross profit | 214.8 | 190.5 |
Sales and marketing expenses | 55.3 | 51.8 |
General and administrative expenses | 77.7 | 69.1 |
Research and development expenses | 17.7 | 16.4 |
Asbestos Related Costs Net | 15.8 | 16 |
Operating income | 48.3 | 37.2 |
Interest and non-operating expenses, net | 1.1 | 2.7 |
Income from continuing operations before income tax expense | 47.2 | 34.5 |
Income tax expense | 13 | 15 |
Income from continuing operations | 34.2 | 19.5 |
Income (loss) from discontinued operations, including tax expense (benefit) of $0.5 and $(0.5), respectively | -1 | 1.7 |
Net income | 33.2 | 21.2 |
Less: Income attributable to noncontrolling interests | 1 | 0.4 |
Net income attributable to ITT Corporation | 32.2 | 20.8 |
Amounts attributable to ITT Corporation: | ' | ' |
Income from continuing operations, net of tax | 33.2 | 19.1 |
Income (loss) from discontinued operations, including tax expense (benefit) of $0.5 and $(0.5), respectively | -1 | 1.7 |
Net income attributable to ITT Corporation | $32.20 | $20.80 |
Basic: | ' | ' |
Continuing operations (usd per share) | $0.36 | $0.21 |
Discontinued operations (usd per share) | ($0.01) | $0.02 |
Net income (usd per share) | $0.35 | $0.23 |
Diluted: | ' | ' |
Continuing operations (usd per share) | $0.36 | $0.20 |
Discontinued operations (usd per share) | ($0.01) | $0.02 |
Net income (usd per share) | $0.35 | $0.22 |
Weighted average common shares - basic | 91.4 | 92 |
Weighted average common shares - diluted | 92.8 | 93.2 |
Cash dividends declared per common share | $0.11 | $0.10 |
CONSOLIDATED_CONDENSED_INCOME_1
CONSOLIDATED CONDENSED INCOME STATEMENTS (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Tax expense (benefit) on income from discontinued operations | $0.50 | ($0.50) |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Partners' Capital [Abstract] | ' | ' |
Net income | $33.20 | $21.20 |
Other comprehensive income: | ' | ' |
Net foreign currency translation adjustment | -2.5 | -26 |
Net change in postretirement benefit plans, net of tax | 0.6 | 2.8 |
Other comprehensive loss | -1.9 | -23.2 |
Comprehensive income (loss) | 31.3 | -2 |
Income attributable to noncontrolling interest | 1 | 0.4 |
Comprehensive income (loss) attributable to ITT Corporation | 30.3 | -2.4 |
Disclosure of reclassification and other adjustments to postretirement benefit plans | ' | ' |
Amortization of prior service costs, net of tax | -0.8 | 0.1 |
Amortization of net actuarial loss, net of tax | 1.4 | 3.7 |
Unrealized change in net actuarial loss, net of tax | 0 | -1 |
Net change in postretirement benefit plans, net of tax | $0.60 | $2.80 |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) (Parentheticals) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent | $0.40 | $0 |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax | -0.5 | 0 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | 0.9 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | $0 | $0 |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Current assets: | ' | ' | |
Cash and cash equivalents | $515.10 | $507.30 | |
Receivables, net | 597.5 | 496.7 | |
Inventories, net | 289.8 | 315.9 | |
Other current assets | 312 | 345.6 | |
Total current assets | 1,714.40 | 1,665.50 | |
Plant, property and equipment, net | 434.6 | 426.2 | |
Goodwill - December 31, 2013 | 660.7 | 659.8 | |
Other intangible assets, net | 104.8 | 106.9 | |
Asbestos-related assets | 425 | 433.3 | |
Deferred income taxes | 299.3 | 303.6 | |
Other non-current assets | 144.9 | 144.9 | |
Total non-current assets | 2,069.30 | 2,074.70 | |
Total assets | 3,783.70 | 3,740.20 | [1] |
Current liabilities: | ' | ' | |
Accounts payable | 344.2 | 332.7 | |
Accrued and other current liabilities | 489.9 | 499.9 | |
Total current liabilities | 834.1 | 832.6 | |
Asbestos-related liabilities | 1,185 | 1,179.60 | |
Postretirement benefits | 242.8 | 243.3 | |
Other non-current liabilities | 282.2 | 277.8 | |
Total non-current liabilities | 1,710 | 1,700.70 | |
Total liabilities | 2,544.10 | 2,533.30 | |
Shareholders’ equity: | ' | ' | |
Common stock | 91.7 | 91 | |
Retained earnings | 1,356.10 | 1,320.30 | |
Total accumulated other comprehensive loss | -212.2 | -210.3 | |
Total ITT Corporation shareholders' equity | 1,235.60 | 1,201 | |
Noncontrolling interests | 4 | 5.9 | |
Total shareholders' equity | 1,239.60 | 1,206.90 | |
Total liabilities and shareholders' equity | $3,783.70 | $3,740.20 | |
[1] | Amounts reflect balances as of December 31, 2013. |
CONSOLIDATED_CONDENSED_BALANCE1
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Common stock, shares authorized | 250 | 250 |
Common stock, par value | $1 | $1 |
Common stock, shares issued | 104.2 | 104 |
Common stock, shares outstanding | 91.7 | 91 |
Unvested restricted common stock including in shares issued and outstanding | 0 | 0 |
CONSOLIDATED_CONDENSED_STATEME2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Activities | ' | ' |
Net income | $33.20 | $21.20 |
Income (loss) from discontinued operations | -1 | 1.7 |
Less: Income attributable to noncontrolling interests | 1 | 0.4 |
Net income from continuing operations attributable to ITT Corporation | 33.2 | 19.1 |
Adjustments to income (loss) from continuing operations: | ' | ' |
Depreciation and amortization | 21.1 | 24.5 |
Stock-based compensation | 3.3 | 3 |
Asbestos-related costs, net | 15.8 | 16 |
Asbestos-related payments, net | -2.5 | -3.4 |
Changes in assets and liabilities: | ' | ' |
Change in receivables | -100 | -72.5 |
Change in inventories | 25.6 | -15.4 |
Change in accounts payable | 1.8 | 0.9 |
Change in accrued expenses | -9.5 | -2 |
Change in accrued and deferred income taxes | -1.7 | 12.4 |
Other, net | -0.3 | 5.1 |
Net Cash - Operating activities | -13.2 | -12.3 |
Investing Activities | ' | ' |
Capital expenditures | -19 | -16.7 |
Purchases of investments | -49 | -31.7 |
Maturities of investments | 97.2 | 13.2 |
Other, net | -2.7 | 0.5 |
Net Cash - Investing activities | 26.5 | -34.7 |
Financing Activities | ' | ' |
Short-term debt, net | -11 | 28.3 |
Long-term debt, repaid | -0.3 | -2.6 |
Repurchase of common stock | -4.8 | -48.2 |
Issuance of common stock | 9 | 14 |
Excess tax benefit from equity compensation activity | 5.2 | 2.4 |
Other, net | -1.5 | -1.8 |
Net Cash - Financing activities | -3.4 | -7.9 |
Exchange rate effects on cash and cash equivalents | -1.7 | -6.1 |
Discontinued operations: | ' | ' |
Net Cash - Discontinued operations | -0.4 | -0.4 |
Net change in cash and cash equivalents | 7.8 | -61.4 |
Cash and cash equivalents – beginning of year | 507.3 | 544.5 |
Cash and cash equivalents – end of period | 515.1 | 483.1 |
Cash paid (received) during the year for: | ' | ' |
Interest paid, net of interest received | 0.1 | 0.2 |
Income taxes, net of refunds received | $8.70 | ($0.60) |
CONSOLIDATED_CONDENSED_STATEME3
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREDHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
In Millions, unless otherwise specified | |||||
Unrealized loss on investment securities, beginning balance at Dec. 31, 2012 | ' | ' | ' | ($0.30) | ' |
Noncontrolling interests, beginning balance at Dec. 31, 2012 | ' | ' | ' | ' | 0 |
Total shareholders' equity, beginning balance at Dec. 31, 2012 | 703.2 | ' | ' | ' | ' |
Cumulative translation adjustment, beginning balance at Dec. 31, 2012 | ' | ' | ' | -91.7 | ' |
Common stock, beginning balance at Dec. 31, 2012 | ' | 91.9 | ' | ' | ' |
Retained earnings, beginning balance at Dec. 31, 2012 | ' | ' | 898.8 | ' | ' |
Postretirement benefit plans, beginning balance at Dec. 31, 2012 | ' | ' | ' | -195.5 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Activity from stock incentive plans | ' | 1.1 | 18.3 | ' | ' |
Share repurchases | -45.6 | -1.8 | -46.4 | ' | ' |
Net income attributable to ITT Corporation | 20.8 | ' | ' | ' | ' |
Dividends declared | ' | ' | -9.3 | ' | ' |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | ' | ' | 0 | ' | 0 |
Net change in postretirement benefit plans, net of tax | 2.8 | ' | ' | 2.8 | ' |
Net cumulative translation adjustment | ' | ' | ' | -26 | ' |
Total accumulated other comprehensive loss | ' | ' | ' | -310.7 | ' |
Reclassification of noncontrolling interest | ' | ' | ' | ' | 3.9 |
Income attributable to noncontrolling interest | 0.4 | ' | ' | ' | 0.4 |
Net change in common stock | -0.7 | ' | ' | ' | ' |
Net change in retained earnings | -16.6 | ' | ' | ' | ' |
Net change in accumulated other comprehensive loss | -23.2 | ' | ' | ' | ' |
Net change in noncontrolling interests | ' | ' | ' | ' | 4.3 |
Unrealized loss on investment securities, ending balance at Mar. 31, 2013 | ' | ' | ' | -0.3 | ' |
Noncontrolling interests, ending balance at Mar. 31, 2013 | ' | ' | ' | ' | 4.3 |
Total shareholders' equity, ending balance at Mar. 31, 2013 | 667 | ' | ' | ' | ' |
Cumulative translation adjustment, ending balance at Mar. 31, 2013 | ' | ' | ' | -117.7 | ' |
Common stock, ending balance at Mar. 31, 2013 | ' | 91.2 | ' | ' | ' |
Retained earnings, ending balance at Mar. 31, 2013 | ' | ' | 882.2 | ' | ' |
Postretirement benefit plans, ending balance at Mar. 31, 2013 | ' | ' | ' | -192.7 | ' |
Unrealized loss on investment securities, beginning balance at Dec. 31, 2013 | ' | ' | ' | -0.3 | ' |
Noncontrolling interests, beginning balance at Dec. 31, 2013 | 5.9 | ' | ' | ' | 5.9 |
Total shareholders' equity, beginning balance at Dec. 31, 2013 | 1,206.90 | ' | ' | ' | ' |
Cumulative translation adjustment, beginning balance at Dec. 31, 2013 | ' | ' | ' | -80.8 | ' |
Common stock, beginning balance at Dec. 31, 2013 | 91 | 91 | ' | ' | ' |
Retained earnings, beginning balance at Dec. 31, 2013 | 1,320.30 | ' | 1,320.30 | ' | ' |
Postretirement benefit plans, beginning balance at Dec. 31, 2013 | ' | ' | ' | -129.2 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Activity from stock incentive plans | ' | 0.8 | 16.8 | ' | ' |
Share repurchases | ' | -0.1 | -4.7 | ' | ' |
Net income attributable to ITT Corporation | 32.2 | ' | ' | ' | ' |
Dividends declared | ' | ' | -10.1 | ' | ' |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | ' | ' | 1.6 | ' | -2.9 |
Net change in postretirement benefit plans, net of tax | 0.6 | ' | ' | 0.6 | ' |
Net cumulative translation adjustment | ' | ' | ' | -2.5 | ' |
Total accumulated other comprehensive loss | -212.2 | ' | ' | -212.2 | ' |
Reclassification of noncontrolling interest | ' | ' | ' | ' | 0 |
Income attributable to noncontrolling interest | 1 | ' | ' | ' | 1 |
Net change in common stock | 0.7 | ' | ' | ' | ' |
Net change in retained earnings | 35.8 | ' | ' | ' | ' |
Net change in accumulated other comprehensive loss | -1.9 | ' | ' | ' | ' |
Net change in noncontrolling interests | ' | ' | ' | ' | -1.9 |
Unrealized loss on investment securities, ending balance at Mar. 31, 2014 | ' | ' | ' | -0.3 | ' |
Noncontrolling interests, ending balance at Mar. 31, 2014 | 4 | ' | ' | ' | 4 |
Total shareholders' equity, ending balance at Mar. 31, 2014 | 1,239.60 | ' | ' | ' | ' |
Cumulative translation adjustment, ending balance at Mar. 31, 2014 | ' | ' | ' | -83.3 | ' |
Common stock, ending balance at Mar. 31, 2014 | 91.7 | 91.7 | ' | ' | ' |
Retained earnings, ending balance at Mar. 31, 2014 | 1,356.10 | ' | 1,356.10 | ' | ' |
Postretirement benefit plans, ending balance at Mar. 31, 2014 | ' | ' | ' | ($128.60) | ' |
DESCRIPTION_OF_BUSINESS_AND_BA
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | ' |
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 for the energy, transportation, and industrial markets. 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 handling, motion control and vibration and shock isolation products. Financial information for our segments is presented in Note 17, “Segment Information.” | |
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 2013 Annual Report on Form 10-K (2013 Annual Report) in preparing these unaudited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2013 Annual Report. | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, asbestos-related liabilities and recoveries from insurers, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, accounting for business combinations, goodwill and other intangible asset impairment testing, environmental liabilities and recoveries from insurers, allowance for doubtful accounts and inventory valuation. Actual results could differ from these estimates. | |
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. | |
Summary of Significant Accounting Policies | |
Due to an increase in the number and size of complex long-term industrial pump design and build contracts, an update to the revenue recognition accounting policy disclosed in the 2013 Annual Report is provided below: | |
Revenue Recognition | |
We recognize revenue for certain long-term design and build projects using the percentage-of-completion method, based upon the percentage of costs incurred to total projected costs. Revenue and profit recognized under the percentage-of-completion method are based on management’s estimates. Amounts invoiced to customers in excess of revenue recognized are recorded as deferred revenue, until the revenue recognition criteria are satisfied. Revenue that is earned and recognized in excess of amounts invoiced is recorded as a component of receivables, net. During the performance of long-term sales contracts, estimated final contract prices and costs are reviewed periodically and revisions are made as required and recorded in income in the period in which they are determined. Provisions for estimated losses on uncompleted long-term sales contracts are made in the period in which such losses are determined and are recorded as a component of costs of revenue. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | |
Recently Adopted Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (FASB) issued guidance eliminating diversity in practice surrounding the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The new guidance requires entities to net an unrecognized tax benefit with a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if the carryforward would be used to settle additional tax due upon disallowance of a tax position. The adoption of this amendment on January 1, 2014 did not have a material effect on ITT's financial statements. | |
In March 2013, the FASB clarified that, when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity, the parent is required to release any related cumulative translation adjustment into net income. The cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The FASB also clarified that if a business combination is achieved in stages related to a previously held equity method investment (step-acquisition) that is a foreign entity, the amount of accumulated other comprehensive income that is reclassified and included in the calculation of gain or loss as of the acquisition date shall include any foreign currency translation adjustment related to that previously held investment. The adoption of these amendments on January 1, 2014 did not have a material impact to ITT's financial statements. | |
In February 2013, the FASB issued guidance requiring an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the amount the entity agreed to pay for the arrangement between them and the other entities that are also obligated to the liability and any additional amount the entity expects to pay on behalf of the other entities. The adoption of this guidance on January 1, 2014 did not have a material impact to ITT's financial statements. | |
Accounting Pronouncements Not Yet Adopted | |
In April 2014, the FASB issued guidance that raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and other disposals that do not meet the definition of a discontinued operations. The new guidance defines a discontinued operation as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. The new guidance is effective on January 1, 2015, with early adoption permitted. While we do not expect a material impact on ITT’s financial statements upon adoption, the effects on future periods will depend upon the nature and significance of future disposals. |
RESTRUCTURING_ACTIONS_RESTRUCT
RESTRUCTURING ACTIONS RESTRUCTURING ACTIONS | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||
RESTRUCTURING ACTIONS | ' | |||||||
RESTRUCTURING ACTIONS | ||||||||
The table below summarizes the restructuring costs presented within general and administrative expenses in our Consolidated Condensed Income Statements for the three months ended March 31, 2014 and 2013. | ||||||||
For the Three Months Ended March 31 | 2014 | 2013 | ||||||
Severance costs | $ | 15.3 | $ | 5.4 | ||||
Other restructuring costs | — | 0.1 | ||||||
Total restructuring costs | $ | 15.3 | $ | 5.5 | ||||
By segment: | ||||||||
Industrial Process | $ | 0.9 | $ | 0.4 | ||||
Motion Technologies | — | 0.4 | ||||||
Interconnect Solutions | 14.4 | 4.4 | ||||||
Control Technologies | — | — | ||||||
Corporate and Other | — | 0.3 | ||||||
The following table displays a rollforward of the restructuring accruals, presented on our Consolidated Condensed Balance Sheet within accrued liabilities, for the three months ended March 31, 2014 and 2013. | ||||||||
For the Three Months Ended March 31 | 2014 | 2013 | ||||||
Restructuring accruals - 1/1 | $ | 14.7 | $ | 7.8 | ||||
Restructuring costs | 15.3 | 5.5 | ||||||
Cash payments | (5.8 | ) | (5.4 | ) | ||||
Foreign exchange translation and other | (0.1 | ) | (0.2 | ) | ||||
Restructuring accrual - 3/31 | $ | 24.1 | $ | 7.7 | ||||
By accrual type: | ||||||||
Severance accrual | $ | 22.7 | $ | 7.7 | ||||
Facility carrying and other costs accrual | 1.4 | — | ||||||
Interconnect Solutions Turnaround Activities | ||||||||
In 2013, we initiated a comprehensive restructuring plan to improve the overall cost structure of our Interconnect Solutions (ICS) segment. The costs incurred during the three months ended March 31, 2014 of $14.4 primarily relate to employee severance for approximately 250 planned headcount reductions associated with an action to move certain production lines from one location to another existing lower cost manufacturing site. We expect to incur further restructuring costs of approximately $5.0 over the next twelve months related to this action. The costs incurred during the three months ending March 31, 2013 of $4.4 primarily related to 63 headcount reductions across our global operating locations. To date, we have incurred $32.5 under the ICS turnaround plan. The following table provides a rollforward of the restructuring accrual associated with the ICS turnaround activities. | ||||||||
For the Three Months Ended March 31 | 2014 | |||||||
Restructuring accruals - 1/1 | $ | 8 | ||||||
Restructuring costs | 14.4 | |||||||
Cash payments | (4.1 | ) | ||||||
Restructuring accruals - 3/31 | $ | 18.3 | ||||||
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
For the three months ended March 31, 2014, the Company recognized income tax expense of $13.0 representing an effective tax rate of 27.5% compared to income tax expense of $15.0, and an effective tax rate of 43.5%, for the three months ended March 31, 2013. The tax rate for 2014 is lower than the prior year due to the absence of a valuation allowance that was recorded in 2013 against U.S. deferred tax assets as well as an increase in income during 2014 that is eligible for the tax holiday in Korea. | |
The Company's tax expense for three months ended March 31, 2014 reflects the impact of changes in the New York State income tax law enacted on March 31, 2014. The Company is eligible for a tax rate of 0% as a qualified New York manufacturer. The application of the newly enacted tax rate to existing net deferred tax assets resulted in an increase in tax expense of $1.9 million. | |
The Company operates in various tax jurisdictions and is subject to examination by tax authorities in these jurisdictions. The Company is currently under examination in several jurisdictions including Germany, Italy, Korea, the United Kingdom and the U.S. The settlement of an examination could result in changes in amounts attributable to us through the Tax Matters Agreement entered into with Exelis, Inc. and Xylem, Inc. Over the next twelve months, the net amount of the tax liability for unrecognized tax benefits in foreign and domestic jurisdictions could change by approximately $87.0 million due to changes in audit status, expiration of statutes of limitations and other events. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
EARNINGS PER SHARE | ' | |||||||
EARNINGS PER SHARE | ||||||||
The following table provides a reconciliation of the data used in the calculation of basic and diluted earnings per share from continuing operations attributable to ITT Corporation for the three months ended March 31, 2014 and 2013. | ||||||||
For the Three Months Ended March 31 | 2014 | 2013 | ||||||
Weighted average common shares outstanding | 91.4 | 91.9 | ||||||
Add: Weighted average restricted stock awards outstanding(a) | — | 0.1 | ||||||
Basic weighted average common shares outstanding | 91.4 | 92 | ||||||
Add: Dilutive impact of stock options and restricted stock units | 1.4 | 1.2 | ||||||
Diluted weighted average common shares outstanding | 92.8 | 93.2 | ||||||
(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 per share for the three months ended March 31, 2014 and 2013 because they were anti-dilutive. | ||||||||
For the Three Months Ended March 31 | 2014 | 2013 | ||||||
Anti-dilutive stock options | 0.2 | 0.4 | ||||||
Average exercise price | $ | 43.52 | $ | 23.81 | ||||
Year(s) of expiration | 2024 | 2022-2023 | ||||||
In addition, 0.2 of outstanding employee return on invested capital (ROIC) awards were excluded from the computation of diluted earnings per share for the three months ended March 31, 2014, as the three-year performance metric related to the ROIC awards has not yet been achieved. |
RECEIVABLES_NET
RECEIVABLES, NET | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Receivables [Abstract] | ' | |||||||||
RECEIVABLES, NET | ' | |||||||||
RECEIVABLES, NET | ||||||||||
March 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
Trade accounts receivable | $ | 570.3 | $ | 463.9 | ||||||
Notes receivable | 5.6 | 6.3 | ||||||||
Other | 32.5 | 39.1 | ||||||||
Receivables, gross | 608.4 | 509.3 | ||||||||
Less: Allowance for doubtful accounts | 10.9 | 12.6 | ||||||||
Receivables, net | $ | 597.5 | $ | 496.7 | ||||||
INVENTORIES_NET
INVENTORIES, NET | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||
INVENTORIES, NET | ' | |||||||||
INVENTORIES, NET | ||||||||||
March 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
Finished goods | $ | 54 | $ | 49.9 | ||||||
Work in process | 70.8 | 94.8 | ||||||||
Raw materials | 171.2 | 166.7 | ||||||||
Inventoried costs related to long-term contracts | 72.9 | 85.4 | ||||||||
Total inventory before progress payments | 368.9 | 396.8 | ||||||||
Less: Progress payments | (79.1 | ) | (80.9 | ) | ||||||
Inventories, net | $ | 289.8 | $ | 315.9 | ||||||
OTHER_CURRENT_AND_NONCURRENT_A
OTHER CURRENT AND NON-CURRENT ASSETS | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||||
OTHER CURRENT AND NON-CURRENT ASSETS | ' | |||||||||
OTHER CURRENT AND NON-CURRENT ASSETS | ||||||||||
March 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
Short-term investments | $ | 64.1 | $ | 112.9 | ||||||
Asbestos-related current assets | 84.4 | 84.5 | ||||||||
Prepaid income taxes | 42.2 | 23.6 | ||||||||
Current deferred income taxes | 59.4 | 59.5 | ||||||||
Other | 61.9 | 65.1 | ||||||||
Other current assets | $ | 312 | $ | 345.6 | ||||||
Other employee benefit-related assets | $ | 95.9 | $ | 95.5 | ||||||
Capitalized software costs | 13.9 | 14.6 | ||||||||
Environmental-related assets | 11.7 | 11.7 | ||||||||
Equity method investments | 4.7 | 4.7 | ||||||||
Other | 18.7 | 18.4 | ||||||||
Other non-current assets | $ | 144.9 | $ | 144.9 | ||||||
PLANT_PROPERTY_AND_EQUIPMENT_N
PLANT, PROPERTY AND EQUIPMENT, NET | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
PLANT, PROPERTY AND EQUIPMENT, NET | ' | |||||||||
PLANT, PROPERTY AND EQUIPMENT, NET | ||||||||||
March 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
Land and improvements | $ | 27.1 | $ | 26.8 | ||||||
Machinery and equipment | 851.9 | 834.5 | ||||||||
Buildings and improvements | 214.1 | 211.6 | ||||||||
Furniture, fixtures and office equipment | 75.5 | 74.6 | ||||||||
Construction work in progress | 61.8 | 59.8 | ||||||||
Other | 8.5 | 8.5 | ||||||||
Plant, property and equipment, gross | 1,238.90 | 1,215.80 | ||||||||
Less: Accumulated depreciation | (804.3 | ) | (789.6 | ) | ||||||
Plant, property and equipment, net | $ | 434.6 | $ | 426.2 | ||||||
Depreciation expense of $17.0 and $15.6 was recognized in the three months ended March 31, 2014 and 2013, respectively. |
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | ' | |||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
The following table provides a rollforward of the carrying amount of goodwill for the three months ended March 31, 2014 by segment. | ||||||||||||||||||||||||
Industrial | Motion | Interconnect | Control | Total | ||||||||||||||||||||
Process | Technologies | Solutions | Technologies | |||||||||||||||||||||
Goodwill - December 31, 2013 | $ | 351 | $ | 49.8 | $ | 73.9 | $ | 185.1 | $ | 659.8 | ||||||||||||||
Goodwill acquired | 1 | — | — | — | 1 | |||||||||||||||||||
Foreign currency | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||
Goodwill - March 31, 2014 | $ | 352 | $ | 49.8 | $ | 73.8 | $ | 185.1 | $ | 660.7 | ||||||||||||||
Other Intangible Assets, Net | ||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net Intangibles | Gross | Accumulated Amortization | Net Intangibles | |||||||||||||||||||
Carrying | Carrying | |||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Customer relationships | $ | 85.9 | $ | (33.8 | ) | $ | 52.1 | $ | 84.9 | $ | (31.9 | ) | $ | 53 | ||||||||||
Proprietary technology | 30.2 | (8.3 | ) | 21.9 | 30.3 | (7.6 | ) | 22.7 | ||||||||||||||||
Patents and other | 16.5 | (13.5 | ) | 3 | 16.4 | (13.0 | ) | 3.4 | ||||||||||||||||
Finite-lived intangible total | 132.6 | (55.6 | ) | 77 | 131.6 | (52.5 | ) | 79.1 | ||||||||||||||||
Indefinite-lived intangibles | 27.8 | — | 27.8 | 27.8 | — | 27.8 | ||||||||||||||||||
Other Intangible Assets | $ | 160.4 | $ | (55.6 | ) | $ | 104.8 | $ | 159.4 | $ | (52.5 | ) | $ | 106.9 | ||||||||||
Amortization expense related to finite-lived intangible assets was $3.0 and $7.6 for the three months ended March 31, 2014 and 2013, respectively. |
ACCRUED_AND_OTHER_CURRENT_LIAB
ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Payables and Accruals [Abstract] | ' | |||||||||
ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES | ' | |||||||||
ACCRUED LIABILITIES AND OTHER NON-CURRENT LIABILITIES | ||||||||||
March 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
Compensation and other employee-related benefits | $ | 153.8 | $ | 178.5 | ||||||
Asbestos-related liabilities | 84.6 | 85.1 | ||||||||
Short-term loans and current maturities of long-term debt | 28.8 | 39.8 | ||||||||
Accrued income taxes and other tax-related liabilities | 42.7 | 29.8 | ||||||||
Customer-related liabilities | 62.4 | 55.6 | ||||||||
Environmental liabilities and other legal matters | 37.8 | 38.5 | ||||||||
Accrued warranty costs | 28.5 | 28.6 | ||||||||
Other accrued liabilities | 51.3 | 44 | ||||||||
Accrued and other current liabilities | $ | 489.9 | $ | 499.9 | ||||||
Deferred income taxes and other tax-related accruals | $ | 118.4 | $ | 116.2 | ||||||
Environmental liabilities | 83.5 | 85.1 | ||||||||
Compensation and other employee-related benefits | 41 | 43.8 | ||||||||
Other | 39.3 | 32.7 | ||||||||
Other non-current liabilities | $ | 282.2 | $ | 277.8 | ||||||
DEBT
DEBT | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Debt Disclosure [Abstract] | ' | |||||||||
DEBT | ' | |||||||||
DEBT | ||||||||||
March 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
Commercial Paper | $ | 27 | $ | 38 | ||||||
Current maturities of long-term debt | 1.3 | 1.3 | ||||||||
Current capital leases | 0.5 | 0.5 | ||||||||
Short-term loans and current maturities of long-term debt | 28.8 | 39.8 | ||||||||
Non-current maturities of long-term debt | 7.4 | 7.6 | ||||||||
Non-current capital leases | 1.4 | 1.5 | ||||||||
Long-term debt and capital leases | 8.8 | 9.1 | ||||||||
Total debt and capital leases | $ | 37.6 | $ | 48.9 | ||||||
Our outstanding commercial paper as of March 31, 2014 had a weighted average interest rate of 0.45% and maturity terms less than one month from the date of issuance. |
POSTRETIREMENT_BENEFIT_PLANS
POSTRETIREMENT BENEFIT PLANS | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
POSTRETIREMENT BENEFIT PLANS | ' | |||||||||||||||||||||||
POSTRETIREMENT BENEFIT PLANS | ||||||||||||||||||||||||
The following tables provide the components of net periodic benefit cost for pension plans and other employee-related benefit plans for the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Three Months Ended March 31 | Pension | Other | Total | Pension | Other | Total | ||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Net periodic benefit cost: | ||||||||||||||||||||||||
Service cost | $ | 1.2 | $ | 0.5 | $ | 1.7 | $ | 1.8 | $ | 0.7 | $ | 2.5 | ||||||||||||
Interest cost | 3.9 | 2 | 5.9 | 3.6 | 2.1 | 5.7 | ||||||||||||||||||
Expected return on plan assets | (5.2 | ) | (0.2 | ) | (5.4 | ) | (4.9 | ) | (0.1 | ) | (5.0 | ) | ||||||||||||
Amortization of prior service cost (benefit) | 0.2 | (1.5 | ) | (1.3 | ) | 0.2 | (0.1 | ) | 0.1 | |||||||||||||||
Amortization of net actuarial loss | 1.6 | 0.7 | 2.3 | 2.4 | 1.3 | 3.7 | ||||||||||||||||||
Net periodic benefit cost | $ | 1.7 | $ | 1.5 | $ | 3.2 | $ | 3.1 | $ | 3.9 | $ | 7 | ||||||||||||
During the fourth quarter of 2013, management approved changes to certain of our defined benefit pension and postretirement plans, including the merging of plans and the elimination of future benefit accruals for plan participants as of December 31, 2013. | ||||||||||||||||||||||||
During the three months ended March 31, 2014 and 2013, we made contributions to our global postretirement plans of $2.1 and $2.6, respectively. We do not expect to make material contributions to our global pension plans during the remainder of 2014. | ||||||||||||||||||||||||
During the three months ended March 31, 2014 and 2013, we amortized $0.6 and $3.8, net of tax, respectively, from accumulated other comprehensive income into earnings related to prior service cost and net actuarial loss. No other reclassifications from accumulated other comprehensive income into earnings were recognized during the presented periods. |
LONGTERM_INCENTIVE_EMPLOYEE_CO
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION | ' | |||||||
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION | ||||||||
Our long-term incentive plan (LTIP) is comprised of three components: non-qualified stock options (NQOs), restricted stock units (RSUs), and performance units (PSUs). The majority of RSUs settle in shares; however RSUs granted to international employees settle in cash. The PSU awards are accounted for as two distinct awards based on both a relative total shareholder return (TSR) metric component and a return on invested capital (ROIC) metric component. Each component is equally weighted and settled in shares dependent upon the performance achieved following a three-year performance period. TSR awards granted prior to 2013 settle in cash. | ||||||||
LTIP 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 months ended March 31, 2014 and 2013. | ||||||||
For the Three Months Ended March 31 | 2014 | 2013 | ||||||
Equity-based awards | $ | 3.3 | $ | 3 | ||||
Liability-based awards | 0.1 | 0.9 | ||||||
Total share-based compensation expense | $ | 3.4 | $ | 3.9 | ||||
At March 31, 2014, there was $29.8 of estimated unrecognized compensation cost related to unvested equity-based awards that is expected to be recognized ratably over a weighted-average period of 2.5 years. Total estimated unrecognized compensation cost projected to be incurred for unvested liability-based awards as of March 31, 2014 was $4.3; this is expected to be recognized ratably over a weighted-average period of 1.9 years. | ||||||||
Year-to-Date 2014 LTIP Activity | ||||||||
The majority of our LTIP activity occurs during the first quarter of each year. On March 4, 2014, we granted the following LTIP awards as provided in the table below: | ||||||||
# of Awards Granted | Grant Date Fair Value | |||||||
NQOs | 0.2 | $ | 11.93 | |||||
RSUs | 0.2 | $ | 43.52 | |||||
TSR | 0.1 | $ | 48.78 | |||||
ROIC | 0.1 | $ | 42.2 | |||||
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. RSUs, TSR awards, and ROIC awards vest on the completion of a three-year service period. | ||||||||
During the three months ended March 31, 2014 and 2013, 0.5 and 0.8 stock options were exercised resulting in proceeds of $9.0 and $14.0, respectively, and restrictions on 0.3 and 0.3 shares of restricted stock units vested and were issued, respectively. | ||||||||
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 for the March 4, 2014 NQO grants. | ||||||||
Dividend yield | 1 | % | ||||||
Expected volatility | 29.6 | % | ||||||
Expected life | 5.8 years | |||||||
Risk-free rates | 1.8 | % | ||||||
Grant date fair value | $ | 11.93 | ||||||
Expected volatility for NQOs granted during 2014 were determined using a combination of ITT's implied volatility and the average historical volatility over a ten year period for a peer group of companies that most closely align to ITT. Historical data is used 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 interest rate is based on the U.S. Treasury yield curve in effect at the time of option grant. | ||||||||
The fair value of RSUs corresponds to the closing price of ITT common stock on the date of grant. | ||||||||
The fair value of the ROIC awards was based on the closing price of ITT common stock on the date of grant less the present value of expected dividend payments during the vesting period. A dividend yield of 1.0% was assumed based on ITT's annualized dividend payment of $0.44 per share and the March 4, 2014 closing stock price of $43.52. The fair value of the ROIC award is fixed on the grant date; however, a probability assessment is performed each reporting period to estimate the likelihood of achieving the ROIC targets and the amount of compensation to be recognized. The ROIC award payout is subject to a payout factor which includes a maximum and minimum payout. | ||||||||
The fair value of the TSR award was measured using a Monte Carlo simulation, measuring potential total shareholder return for ITT relative to the other companies in the S&P 400 Capital Goods Index (the TSR Performance Group). The expected volatility of ITT's stock price was based on the historical volatility of a peer group while expected volatility for the other companies in the TSR Performance Group was based on their own stock price history. All volatility and correlation measures were based on three years of daily historical price data through March 4, 2014, corresponding to the three-year performance period of the award. The TSR award payout is subject to a multiplier which includes a maximum and minimum payout. As the grant date occurred after the beginning of the performance period, actual TSR performance between the beginning of the performance period (December 2013 average closing stock price) and the grant date was reflected in the valuation. A dividend yield of 1.0% was assumed based on ITT's annualized dividend payment of $0.44 per share and the March 4, 2014 closing stock price of $43.52. | ||||||||
The fair value of TSR awards granted prior to 2013 is remeasured 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 400 Capital Goods Index, 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. |
CAPITAL_STOCK
CAPITAL STOCK | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
CAPITAL STOCK | ' |
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. We repurchased 1.7 shares of common stock for $45.6 during the three months ended March 31, 2013. We did not repurchase any shares under the 2006 Share Repurchase Program during three months ended March 31, 2014. To date, under the 2006 Share Repurchase Program, the Company has repurchased 15.3 shares for $629.3. | |
Separate from the 2006 Share Repurchase Program, the Company repurchased 0.1 shares and 0.1 shares for an aggregate price of $4.8 and $2.6, during the three months ended March 31, 2014 and 2013, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock units. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
COMMITMENTS AND CONTINGENCIES | ' | |||||||||||
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 employee benefit matters, government contract issues and commercial or contractual disputes and acquisitions or divestitures. We will continue to aggressively defend all such claims. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information including our assessment of the merits of the particular claim, as well as our current reserves and insurance coverage, we do not expect that such legal proceedings will have a material adverse impact on our financial statements, unless otherwise noted below. | ||||||||||||
Asbestos Matters | ||||||||||||
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 former 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 March 31, 2014, there were approximately 51 thousand pending active 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 Three Months Ended March 31 (in thousands) | 2014 | 2013 | ||||||||||
Pending claims – Beginning | 79 | 96 | ||||||||||
New claims | 1 | 1 | ||||||||||
Settlements | (2 | ) | (2 | ) | ||||||||
Dismissals(a) | (9 | ) | (5 | ) | ||||||||
Pending claims – Ending | 69 | 90 | ||||||||||
Pending inactive claims(a) | 18 | 26 | ||||||||||
Pending active claims | 51 | 64 | ||||||||||
(a) | The 2013 dismissals reported in the table above include the dismissal of approximately 4 thousand claims that were considered pending inactive claims. No pending inactive claims were dismissed during the first quarter of 2014. Inactive claims represent pending claims in Mississippi filed prior to 2004, which have been excluded from our asbestos measurement because the plaintiffs cannot demonstrate a significant compensable loss. As such, management believes these claims have little-to-no value. | |||||||||||
Frequently, plaintiffs are unable to identify any ITT or Goulds Pumps product as a source of asbestos exposure. Our experience to date is that a majority 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 can fluctuate significantly from period to period. ITT expects more asbestos-related suits will be filed in the future, and ITT will continue to aggressively defend or seek a reasonable resolution, as appropriate. | ||||||||||||
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. | ||||||||||||
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 each year, we conduct our annual asbestos measurement with the assistance of outside consultants to review and update the underlying assumptions used in our asbestos liability and related asset estimates. In each remeasurement, the underlying assumptions are updated based on our actual experience since our previous annual remeasurement and we reassess the appropriate reference period used in determining each assumption and our expectations regarding future conditions, including inflation. As part of our ongoing review of our net asbestos exposure, each quarter we assess the most recent qualitative and quantitative data available for the key inputs and assumptions, comparing the data to the expectations on which the most recent annual liability and asset estimates were based. Based on this evaluation, the Company determined that no change in the estimate was warranted for the period ended March 31, 2014 other than the incremental accrual to maintain a rolling 10-year forecast period. The net asbestos charge for the three months ended March 31, 2014 and 2013 was $15.8 and $16.0, respectively. | ||||||||||||
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 $760.2 and $746.9 as of March 31, 2014 and December 31, 2013, respectively. The following table provides a rollforward of the estimated asbestos liability and related assets for the three months ended March 31, 2014. | ||||||||||||
Liability | Asset | Net | ||||||||||
Balance as of December 31, 2013 | $ | 1,264.70 | $ | 517.8 | $ | 746.9 | ||||||
Asbestos provision | 18.2 | 2.4 | 15.8 | |||||||||
Net cash activity | (13.3 | ) | (10.8 | ) | (2.5 | ) | ||||||
Balance as of March 31, 2014 | $ | 1,269.60 | $ | 509.4 | $ | 760.2 | ||||||
Current portion | $ | 84.6 | $ | 84.4 | ||||||||
Noncurrent portion | $ | 1,185.00 | $ | 425 | ||||||||
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 three months ended March 31, 2014. | ||||||||||||
Liability | Asset | Net | ||||||||||
Balance as of December 31, 2013 | $ | 94.6 | $ | 11.7 | $ | 82.9 | ||||||
Change in estimates for pre-existing accruals: | ||||||||||||
Continuing operations | 1.2 | 0.1 | 1.1 | |||||||||
Discontinued operations | 0.6 | — | 0.6 | |||||||||
Accruals added during the period for new matters | 0.1 | — | 0.1 | |||||||||
Net cash activity | (3.4 | ) | (0.1 | ) | (3.3 | ) | ||||||
Balance as of March 31, 2014 | $ | 93.1 | $ | 11.7 | $ | 81.4 | ||||||
The following table illustrates the reasonably possible range of estimated liability, and number of active sites for environmental matters, at March 31, 2014. | ||||||||||||
Low-end estimate | $ | 72 | ||||||||||
High end estimate | $ | 163.9 | ||||||||||
Number of active environmental investigation and remediation sites | 56 | |||||||||||
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. | ||||||||||||
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 Employers Insurance Company et al, Sup. Ct., Los Angeles County, we are seeking recovery of costs related to property damage losses due to environmental issues. Discovery, procedural matters, changes in California law, and various appeals have prolonged this case. The Company continues to seek appropriate resolution with the various defendants in the case. | ||||||||||||
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 from the same coverage referenced above but related to asbestos product liability losses. 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 suit in federal court in Connecticut 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), (Fed Dist Ct, D. Conn., CA NO.3:12-cv-00038-RN)), alleging that Travelers is unilaterally reinterpreting language contained in older Aetna policies so as to avoid paying on asbestos claims. This action was stayed pending a decision by the Superior Court of Los Angeles County in the Cannon action on interpretation of policy language. On January 29, 2014, the Superior Court issued its opinion upholding the Goulds Pumps’ claims that it is entitled to receive reimbursement from Traveler’s for asbestos claims. The Connecticut Court has now lifted the Stay and allowed the case to proceed. In 2013, the Company finalized a settlement with its insurer PEIC that resolves all outstanding issues between the Company and PEIC related to the primary policies issued by PEIC during the period from 1977 to 1985. PEIC has agreed to make structured payments overtime to a Qualified Settlement Fund (QSF) to be used for asbestos related costs. The Company continues to engage other defendants in settlement negotiations as appropriate. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||||||||||||
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 a provider of plant optimization and efficiency solutions and aftermarket services and parts. | ||||||||||||||||||||||||
Motion Technologies manufactures brake pads, 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 the aerospace and defense, industrial and transportation, oil & gas markets, and medical markets. | ||||||||||||||||||||||||
Control Technologies manufactures specialized equipment, including actuation, valves, switches, vibration isolation, custom-energy absorption, and regulators for the aerospace and defense, 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, investments, asbestos-related receivables and certain property, plant and equipment. | ||||||||||||||||||||||||
Revenue | Operating Income | Operating Margin | ||||||||||||||||||||||
Three Months Ended March 31 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Industrial Process | $ | 285.5 | $ | 256.8 | $ | 24.3 | $ | 22.5 | 8.5 | % | 8.8 | % | ||||||||||||
Motion Technologies | 217.8 | 193.2 | 40.2 | 33 | 18.5 | % | 17.1 | % | ||||||||||||||||
Interconnect Solutions | 100 | 90.8 | (3.0 | ) | (1.3 | ) | (3.0 | )% | (1.4 | )% | ||||||||||||||
Control Technologies | 72.9 | 68.6 | 15.5 | 14.4 | 21.3 | % | 21 | % | ||||||||||||||||
Total segment results | 676.2 | 609.4 | 77 | 68.6 | 11.4 | % | 11.3 | % | ||||||||||||||||
Asbestos-related costs, net | — | — | (15.8 | ) | (16.0 | ) | — | — | ||||||||||||||||
Eliminations / Other corporate costs | (1.7 | ) | (1.2 | ) | (12.9 | ) | (15.4 | ) | — | — | ||||||||||||||
Total Eliminations / Corporate and Other costs | (1.7 | ) | (1.2 | ) | (28.7 | ) | (31.4 | ) | — | — | ||||||||||||||
Total | $ | 674.5 | $ | 608.2 | $ | 48.3 | $ | 37.2 | 7.2 | % | 6.1 | % | ||||||||||||
Total Assets | Capital | Depreciation & | ||||||||||||||||||||||
Expenditures | Amortization | |||||||||||||||||||||||
Three Months Ended March 31 | 2014 | 2013(a) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Industrial Process | $ | 1,157.20 | $ | 1,132.70 | $ | 8.2 | $ | 7 | $ | 7.2 | $ | 10.4 | ||||||||||||
Motion Technologies | 506.8 | 466.2 | 8.2 | 4.5 | 7.2 | 7.3 | ||||||||||||||||||
Interconnect Solutions | 373.1 | 364.6 | 1.2 | 2.4 | 2.8 | 2.5 | ||||||||||||||||||
Control Technologies | 351.6 | 344.7 | 0.8 | 0.7 | 2.5 | 2.4 | ||||||||||||||||||
Corporate and Other | 1,395.00 | 1,432.00 | 0.6 | 2.1 | 1.4 | 1.9 | ||||||||||||||||||
Total | $ | 3,783.70 | $ | 3,740.20 | $ | 19 | $ | 16.7 | $ | 21.1 | $ | 24.5 | ||||||||||||
(a) | Amounts reflect balances as of December 31, 2013. |
DESCRIPTION_OF_BUSINESS_AND_BA1
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Description of Business | ' |
Description of Business | |
ITT Corporation is a diversified manufacturer of highly engineered critical components and customized technology solutions for the energy, transportation, and industrial markets. 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 handling, motion control and vibration and shock isolation products. Financial information for our segments is presented in Note 17, “Segment Information.” | |
Recently Adopted Accounting Pronouncements | ' |
Recently Adopted Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (FASB) issued guidance eliminating diversity in practice surrounding the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The new guidance requires entities to net an unrecognized tax benefit with a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if the carryforward would be used to settle additional tax due upon disallowance of a tax position. The adoption of this amendment on January 1, 2014 did not have a material effect on ITT's financial statements. | |
In March 2013, the FASB clarified that, when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity, the parent is required to release any related cumulative translation adjustment into net income. The cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The FASB also clarified that if a business combination is achieved in stages related to a previously held equity method investment (step-acquisition) that is a foreign entity, the amount of accumulated other comprehensive income that is reclassified and included in the calculation of gain or loss as of the acquisition date shall include any foreign currency translation adjustment related to that previously held investment. The adoption of these amendments on January 1, 2014 did not have a material impact to ITT's financial statements. | |
In February 2013, the FASB issued guidance requiring an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the amount the entity agreed to pay for the arrangement between them and the other entities that are also obligated to the liability and any additional amount the entity expects to pay on behalf of the other entities. The adoption of this guidance on January 1, 2014 did not have a material impact to ITT's financial statements. | |
Accounting Pronouncement Not Yet Adopted | ' |
Accounting Pronouncements Not Yet Adopted | |
In April 2014, the FASB issued guidance that raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and other disposals that do not meet the definition of a discontinued operations. The new guidance defines a discontinued operation as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. The new guidance is effective on January 1, 2015, with early adoption permitted. While we do not expect a material impact on ITT’s financial statements upon adoption, the effects on future periods will depend upon the nature and significance of future disposals. |
RESTRUCTURING_ACTIONS_RESTRUCT1
RESTRUCTURING ACTIONS RESTRUCTURING ACTIONS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||
Restructuring and Related Activities [Abstract] | ' | |||||||
The table below summarizes the restructuring costs presented within general and administrative expenses in our Consolidated Condensed Income Statements for the three months ended March 31, 2014 and 2013. | ||||||||
For the Three Months Ended March 31 | 2014 | 2013 | ||||||
Severance costs | $ | 15.3 | $ | 5.4 | ||||
Other restructuring costs | — | 0.1 | ||||||
Total restructuring costs | $ | 15.3 | $ | 5.5 | ||||
By segment: | ||||||||
Industrial Process | $ | 0.9 | $ | 0.4 | ||||
Motion Technologies | — | 0.4 | ||||||
Interconnect Solutions | 14.4 | 4.4 | ||||||
Control Technologies | — | — | ||||||
Corporate and Other | — | 0.3 | ||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | |||||||
The following table displays a rollforward of the restructuring accruals, presented on our Consolidated Condensed Balance Sheet within accrued liabilities, for the three months ended March 31, 2014 and 2013. | ||||||||
For the Three Months Ended March 31 | 2014 | 2013 | ||||||
Restructuring accruals - 1/1 | $ | 14.7 | $ | 7.8 | ||||
Restructuring costs | 15.3 | 5.5 | ||||||
Cash payments | (5.8 | ) | (5.4 | ) | ||||
Foreign exchange translation and other | (0.1 | ) | (0.2 | ) | ||||
Restructuring accrual - 3/31 | $ | 24.1 | $ | 7.7 | ||||
By accrual type: | ||||||||
Severance accrual | $ | 22.7 | $ | 7.7 | ||||
Facility carrying and other costs accrual | 1.4 | — | ||||||
Interconnect Solutions [Member] | ' | |||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | |||||||
The following table provides a rollforward of the restructuring accrual associated with the ICS turnaround activities. | ||||||||
For the Three Months Ended March 31 | 2014 | |||||||
Restructuring accruals - 1/1 | $ | 8 | ||||||
Restructuring costs | 14.4 | |||||||
Cash payments | (4.1 | ) | ||||||
Restructuring accruals - 3/31 | $ | 18.3 | ||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Basic and Diluted Loss Per Share | ' | |||||||
The following table provides a reconciliation of the data used in the calculation of basic and diluted earnings per share from continuing operations attributable to ITT Corporation for the three months ended March 31, 2014 and 2013. | ||||||||
For the Three Months Ended March 31 | 2014 | 2013 | ||||||
Weighted average common shares outstanding | 91.4 | 91.9 | ||||||
Add: Weighted average restricted stock awards outstanding(a) | — | 0.1 | ||||||
Basic weighted average common shares outstanding | 91.4 | 92 | ||||||
Add: Dilutive impact of stock options and restricted stock units | 1.4 | 1.2 | ||||||
Diluted weighted average common shares outstanding | 92.8 | 93.2 | ||||||
(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. | |||||||
Number of Shares Underlying Stock Options Excluded from the Computation of Diluted Earnings | ' | |||||||
The following table provides the number of shares underlying stock options excluded from the computation of diluted earnings per share for the three months ended March 31, 2014 and 2013 because they were anti-dilutive. | ||||||||
For the Three Months Ended March 31 | 2014 | 2013 | ||||||
Anti-dilutive stock options | 0.2 | 0.4 | ||||||
Average exercise price | $ | 43.52 | $ | 23.81 | ||||
Year(s) of expiration | 2024 | 2022-2023 | ||||||
RECEIVABLES_NET_Tables
RECEIVABLES, NET (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Receivables [Abstract] | ' | |||||||||
RECEIVABLES, NET | ' | |||||||||
March 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
Trade accounts receivable | $ | 570.3 | $ | 463.9 | ||||||
Notes receivable | 5.6 | 6.3 | ||||||||
Other | 32.5 | 39.1 | ||||||||
Receivables, gross | 608.4 | 509.3 | ||||||||
Less: Allowance for doubtful accounts | 10.9 | 12.6 | ||||||||
Receivables, net | $ | 597.5 | $ | 496.7 | ||||||
INVENTORIES_NET_Tables
INVENTORIES, NET (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||
Inventories, Net | ' | |||||||||
March 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
Finished goods | $ | 54 | $ | 49.9 | ||||||
Work in process | 70.8 | 94.8 | ||||||||
Raw materials | 171.2 | 166.7 | ||||||||
Inventoried costs related to long-term contracts | 72.9 | 85.4 | ||||||||
Total inventory before progress payments | 368.9 | 396.8 | ||||||||
Less: Progress payments | (79.1 | ) | (80.9 | ) | ||||||
Inventories, net | $ | 289.8 | $ | 315.9 | ||||||
OTHER_CURRENT_AND_NONCURRENT_A1
OTHER CURRENT AND NON-CURRENT ASSETS (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||||
Other Current and Non Current Assets | ' | |||||||||
March 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
Short-term investments | $ | 64.1 | $ | 112.9 | ||||||
Asbestos-related current assets | 84.4 | 84.5 | ||||||||
Prepaid income taxes | 42.2 | 23.6 | ||||||||
Current deferred income taxes | 59.4 | 59.5 | ||||||||
Other | 61.9 | 65.1 | ||||||||
Other current assets | $ | 312 | $ | 345.6 | ||||||
Other employee benefit-related assets | $ | 95.9 | $ | 95.5 | ||||||
Capitalized software costs | 13.9 | 14.6 | ||||||||
Environmental-related assets | 11.7 | 11.7 | ||||||||
Equity method investments | 4.7 | 4.7 | ||||||||
Other | 18.7 | 18.4 | ||||||||
Other non-current assets | $ | 144.9 | $ | 144.9 | ||||||
PLANT_PROPERTY_AND_EQUIPMENT_N1
PLANT, PROPERTY AND EQUIPMENT, NET (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Plant, Property and Equipment, Net | ' | |||||||||
March 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
Land and improvements | $ | 27.1 | $ | 26.8 | ||||||
Machinery and equipment | 851.9 | 834.5 | ||||||||
Buildings and improvements | 214.1 | 211.6 | ||||||||
Furniture, fixtures and office equipment | 75.5 | 74.6 | ||||||||
Construction work in progress | 61.8 | 59.8 | ||||||||
Other | 8.5 | 8.5 | ||||||||
Plant, property and equipment, gross | 1,238.90 | 1,215.80 | ||||||||
Less: Accumulated depreciation | (804.3 | ) | (789.6 | ) | ||||||
Plant, property and equipment, net | $ | 434.6 | $ | 426.2 | ||||||
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Changes in the Carrying Amount of Goodwill | ' | |||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
The following table provides a rollforward of the carrying amount of goodwill for the three months ended March 31, 2014 by segment. | ||||||||||||||||||||||||
Industrial | Motion | Interconnect | Control | Total | ||||||||||||||||||||
Process | Technologies | Solutions | Technologies | |||||||||||||||||||||
Goodwill - December 31, 2013 | $ | 351 | $ | 49.8 | $ | 73.9 | $ | 185.1 | $ | 659.8 | ||||||||||||||
Goodwill acquired | 1 | — | — | — | 1 | |||||||||||||||||||
Foreign currency | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||
Goodwill - March 31, 2014 | $ | 352 | $ | 49.8 | $ | 73.8 | $ | 185.1 | $ | 660.7 | ||||||||||||||
Other Intangible Assets | ' | |||||||||||||||||||||||
Other Intangible Assets, Net | ||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net Intangibles | Gross | Accumulated Amortization | Net Intangibles | |||||||||||||||||||
Carrying | Carrying | |||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Customer relationships | $ | 85.9 | $ | (33.8 | ) | $ | 52.1 | $ | 84.9 | $ | (31.9 | ) | $ | 53 | ||||||||||
Proprietary technology | 30.2 | (8.3 | ) | 21.9 | 30.3 | (7.6 | ) | 22.7 | ||||||||||||||||
Patents and other | 16.5 | (13.5 | ) | 3 | 16.4 | (13.0 | ) | 3.4 | ||||||||||||||||
Finite-lived intangible total | 132.6 | (55.6 | ) | 77 | 131.6 | (52.5 | ) | 79.1 | ||||||||||||||||
Indefinite-lived intangibles | 27.8 | — | 27.8 | 27.8 | — | 27.8 | ||||||||||||||||||
Other Intangible Assets | $ | 160.4 | $ | (55.6 | ) | $ | 104.8 | $ | 159.4 | $ | (52.5 | ) | $ | 106.9 | ||||||||||
ACCRUED_AND_OTHER_CURRENT_LIAB1
ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Payables and Accruals [Abstract] | ' | |||||||||
Accrued Liabilities and Other Non-Current Liabilities | ' | |||||||||
March 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
Compensation and other employee-related benefits | $ | 153.8 | $ | 178.5 | ||||||
Asbestos-related liabilities | 84.6 | 85.1 | ||||||||
Short-term loans and current maturities of long-term debt | 28.8 | 39.8 | ||||||||
Accrued income taxes and other tax-related liabilities | 42.7 | 29.8 | ||||||||
Customer-related liabilities | 62.4 | 55.6 | ||||||||
Environmental liabilities and other legal matters | 37.8 | 38.5 | ||||||||
Accrued warranty costs | 28.5 | 28.6 | ||||||||
Other accrued liabilities | 51.3 | 44 | ||||||||
Accrued and other current liabilities | $ | 489.9 | $ | 499.9 | ||||||
Deferred income taxes and other tax-related accruals | $ | 118.4 | $ | 116.2 | ||||||
Environmental liabilities | 83.5 | 85.1 | ||||||||
Compensation and other employee-related benefits | 41 | 43.8 | ||||||||
Other | 39.3 | 32.7 | ||||||||
Other non-current liabilities | $ | 282.2 | $ | 277.8 | ||||||
DEBT_DEBT_Tables
DEBT DEBT (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Debt Disclosure [Abstract] | ' | |||||||||
Outstanding Debt | ' | |||||||||
March 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
Commercial Paper | $ | 27 | $ | 38 | ||||||
Current maturities of long-term debt | 1.3 | 1.3 | ||||||||
Current capital leases | 0.5 | 0.5 | ||||||||
Short-term loans and current maturities of long-term debt | 28.8 | 39.8 | ||||||||
Non-current maturities of long-term debt | 7.4 | 7.6 | ||||||||
Non-current capital leases | 1.4 | 1.5 | ||||||||
Long-term debt and capital leases | 8.8 | 9.1 | ||||||||
Total debt and capital leases | $ | 37.6 | $ | 48.9 | ||||||
POSTRETIREMENT_BENEFIT_PLANS_T
POSTRETIREMENT BENEFIT PLANS (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Net Periodic Benefit Cost of Pension Plans and Other Employee Related Benefit Plans | ' | |||||||||||||||||||||||
The following tables provide the components of net periodic benefit cost for pension plans and other employee-related benefit plans for the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Three Months Ended March 31 | Pension | Other | Total | Pension | Other | Total | ||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Net periodic benefit cost: | ||||||||||||||||||||||||
Service cost | $ | 1.2 | $ | 0.5 | $ | 1.7 | $ | 1.8 | $ | 0.7 | $ | 2.5 | ||||||||||||
Interest cost | 3.9 | 2 | 5.9 | 3.6 | 2.1 | 5.7 | ||||||||||||||||||
Expected return on plan assets | (5.2 | ) | (0.2 | ) | (5.4 | ) | (4.9 | ) | (0.1 | ) | (5.0 | ) | ||||||||||||
Amortization of prior service cost (benefit) | 0.2 | (1.5 | ) | (1.3 | ) | 0.2 | (0.1 | ) | 0.1 | |||||||||||||||
Amortization of net actuarial loss | 1.6 | 0.7 | 2.3 | 2.4 | 1.3 | 3.7 | ||||||||||||||||||
Net periodic benefit cost | $ | 1.7 | $ | 1.5 | $ | 3.2 | $ | 3.1 | $ | 3.9 | $ | 7 | ||||||||||||
LONGTERM_INCENTIVE_EMPLOYEE_CO1
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Long-Term Incentive Employee Compensation Costs | ' | |||||||
The following table provides the components of these costs for the three months ended March 31, 2014 and 2013. | ||||||||
For the Three Months Ended March 31 | 2014 | 2013 | ||||||
Equity-based awards | $ | 3.3 | $ | 3 | ||||
Liability-based awards | 0.1 | 0.9 | ||||||
Total share-based compensation expense | $ | 3.4 | $ | 3.9 | ||||
Summary of Long-Term Incentive Plan Award Grants during year | ' | |||||||
On March 4, 2014, we granted the following LTIP awards as provided in the table below: | ||||||||
# of Awards Granted | Grant Date Fair Value | |||||||
NQOs | 0.2 | $ | 11.93 | |||||
RSUs | 0.2 | $ | 43.52 | |||||
TSR | 0.1 | $ | 48.78 | |||||
ROIC | 0.1 | $ | 42.2 | |||||
Weighted Average Grant Date Fair Value Assumptions | ' | |||||||
The following table details the weighted average assumptions used to measure fair value and the resulting grant date fair value for the March 4, 2014 NQO grants. | ||||||||
Dividend yield | 1 | % | ||||||
Expected volatility | 29.6 | % | ||||||
Expected life | 5.8 years | |||||||
Risk-free rates | 1.8 | % | ||||||
Grant date fair value | $ | 11.93 | ||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Environmental Matters Range Of Estimated Liability And Active Sites Numbers [Line Items] | ' | |||||||||||
Range Of Liability And Number Of Active Sites For Environmental Matters Table [Table Text Block] | ' | |||||||||||
The following table illustrates the reasonably possible range of estimated liability, and number of active sites for environmental matters, at March 31, 2014. | ||||||||||||
Low-end estimate | $ | 72 | ||||||||||
High end estimate | $ | 163.9 | ||||||||||
Number of active environmental investigation and remediation sites | 56 | |||||||||||
Product Liability Contingencies [Table Text Block] | ' | |||||||||||
As of March 31, 2014, there were approximately 51 thousand pending active 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 Three Months Ended March 31 (in thousands) | 2014 | 2013 | ||||||||||
Pending claims – Beginning | 79 | 96 | ||||||||||
New claims | 1 | 1 | ||||||||||
Settlements | (2 | ) | (2 | ) | ||||||||
Dismissals(a) | (9 | ) | (5 | ) | ||||||||
Pending claims – Ending | 69 | 90 | ||||||||||
Pending inactive claims(a) | 18 | 26 | ||||||||||
Pending active claims | 51 | 64 | ||||||||||
(a) | The 2013 dismissals reported in the table above include the dismissal of approximately 4 thousand claims that were considered pending inactive claims. No pending inactive claims were dismissed during the first quarter of 2014. Inactive claims represent pending claims in Mississippi filed prior to 2004, which have been excluded from our asbestos measurement because the plaintiffs cannot demonstrate a significant compensable loss. As such, management believes these claims have little-to-no value. | |||||||||||
Roll Forward of Asbestos Liability and Related Assets | ' | |||||||||||
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 $760.2 and $746.9 as of March 31, 2014 and December 31, 2013, respectively. The following table provides a rollforward of the estimated asbestos liability and related assets for the three months ended March 31, 2014. | ||||||||||||
Liability | Asset | Net | ||||||||||
Balance as of December 31, 2013 | $ | 1,264.70 | $ | 517.8 | $ | 746.9 | ||||||
Asbestos provision | 18.2 | 2.4 | 15.8 | |||||||||
Net cash activity | (13.3 | ) | (10.8 | ) | (2.5 | ) | ||||||
Balance as of March 31, 2014 | $ | 1,269.60 | $ | 509.4 | $ | 760.2 | ||||||
Current portion | $ | 84.6 | $ | 84.4 | ||||||||
Noncurrent portion | $ | 1,185.00 | $ | 425 | ||||||||
Rollforward of Environmental Liability and Related Assets | ' | |||||||||||
The following table provides a rollforward of the estimated environmental liability and related assets for the three months ended March 31, 2014. | ||||||||||||
Liability | Asset | Net | ||||||||||
Balance as of December 31, 2013 | $ | 94.6 | $ | 11.7 | $ | 82.9 | ||||||
Change in estimates for pre-existing accruals: | ||||||||||||
Continuing operations | 1.2 | 0.1 | 1.1 | |||||||||
Discontinued operations | 0.6 | — | 0.6 | |||||||||
Accruals added during the period for new matters | 0.1 | — | 0.1 | |||||||||
Net cash activity | (3.4 | ) | (0.1 | ) | (3.3 | ) | ||||||
Balance as of March 31, 2014 | $ | 93.1 | $ | 11.7 | $ | 81.4 | ||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Schedule of Segment Reporting Information by Segment Revenue | ' | |||||||||||||||||||||||
Revenue | Operating Income | Operating Margin | ||||||||||||||||||||||
Three Months Ended March 31 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Industrial Process | $ | 285.5 | $ | 256.8 | $ | 24.3 | $ | 22.5 | 8.5 | % | 8.8 | % | ||||||||||||
Motion Technologies | 217.8 | 193.2 | 40.2 | 33 | 18.5 | % | 17.1 | % | ||||||||||||||||
Interconnect Solutions | 100 | 90.8 | (3.0 | ) | (1.3 | ) | (3.0 | )% | (1.4 | )% | ||||||||||||||
Control Technologies | 72.9 | 68.6 | 15.5 | 14.4 | 21.3 | % | 21 | % | ||||||||||||||||
Total segment results | 676.2 | 609.4 | 77 | 68.6 | 11.4 | % | 11.3 | % | ||||||||||||||||
Asbestos-related costs, net | — | — | (15.8 | ) | (16.0 | ) | — | — | ||||||||||||||||
Eliminations / Other corporate costs | (1.7 | ) | (1.2 | ) | (12.9 | ) | (15.4 | ) | — | — | ||||||||||||||
Total Eliminations / Corporate and Other costs | (1.7 | ) | (1.2 | ) | (28.7 | ) | (31.4 | ) | — | — | ||||||||||||||
Total | $ | 674.5 | $ | 608.2 | $ | 48.3 | $ | 37.2 | 7.2 | % | 6.1 | % | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||||||
Total Assets | Capital | Depreciation & | ||||||||||||||||||||||
Expenditures | Amortization | |||||||||||||||||||||||
Three Months Ended March 31 | 2014 | 2013(a) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Industrial Process | $ | 1,157.20 | $ | 1,132.70 | $ | 8.2 | $ | 7 | $ | 7.2 | $ | 10.4 | ||||||||||||
Motion Technologies | 506.8 | 466.2 | 8.2 | 4.5 | 7.2 | 7.3 | ||||||||||||||||||
Interconnect Solutions | 373.1 | 364.6 | 1.2 | 2.4 | 2.8 | 2.5 | ||||||||||||||||||
Control Technologies | 351.6 | 344.7 | 0.8 | 0.7 | 2.5 | 2.4 | ||||||||||||||||||
Corporate and Other | 1,395.00 | 1,432.00 | 0.6 | 2.1 | 1.4 | 1.9 | ||||||||||||||||||
Total | $ | 3,783.70 | $ | 3,740.20 | $ | 19 | $ | 16.7 | $ | 21.1 | $ | 24.5 | ||||||||||||
RESTRUCTURING_ACTIONS_Addition
RESTRUCTURING ACTIONS - Additional Information (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Reserve | $24.10 | $7.70 | $14.70 | $7.80 |
Severance Costs | 15.3 | 5.4 | ' | ' |
Other Restructuring Costs | 0 | 0.1 | ' | ' |
Restructuring Charges | 15.3 | 5.5 | ' | ' |
Restructuring and Related Cost, Expected Cost Remaining | 5 | ' | ' | ' |
Payments for Restructuring | -5.8 | -5.4 | ' | ' |
Restructuring Reserve, Translation Adjustment | -0.1 | -0.2 | ' | ' |
Industrial Process [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 0.9 | 0.4 | ' | ' |
Motion Technologies [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 0 | 0.4 | ' | ' |
Interconnect Solutions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Reserve | 18.3 | ' | 8 | ' |
Restructuring Charges | 14.4 | 4.4 | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | 32.5 | ' | ' | ' |
Payments for Restructuring | -4.1 | ' | ' | ' |
Control Technologies [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 0 | 0 | ' | ' |
Corporate and Other [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 0 | 0.3 | ' | ' |
Interconnect Solutions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 14.4 | 4.4 | ' | ' |
Restructuring and Related Cost, Number of Positions Eliminated | 250 | 63 | ' | ' |
Employee Severance [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Reserve | 22.7 | 7.7 | ' | ' |
Facility Closing [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Reserve | $1.40 | $0 | ' | ' |
INCOME_TAXES_Additional_Inform
INCOME TAXES - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $87 | ' |
Income tax expense | 13 | 15 |
Effective income tax rate | 27.50% | 43.50% |
Change in Enacted New York State Tax Rate | $1.90 | ' |
EARNINGS_PER_SHARE_Basic_and_D
EARNINGS PER SHARE - Basic and Diluted Loss Per Share (Detail) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income from continuing operations attributable to ITT Corporation | $33.20 | $19.10 |
Weighted average common shares outstanding | 91.4 | 91.9 |
Add: Weighted average restricted stock awards outstanding(a) | 0 | 0.1 |
Basic weighted average common shares outstanding | 91.4 | 92 |
Add: Dilutive impact of stock options and restricted stock units | 1.4 | 1.2 |
Diluted weighted average common shares outstanding | 92.8 | 93.2 |
Basic earnings per share | $0.36 | $0.21 |
Diluted earnings per share | $0.36 | $0.20 |
EARNINGS_PER_SHARE_Number_of_S
EARNINGS PER SHARE - Number of Shares Underlying Stock Options Excluded from the Computation of Diluted Earnings (Loss) (Detail) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive stock options | 0.2 | 0.4 |
Average exercise price | $43.52 | $23.81 |
Years of expiration | '2024 | ' |
Minimum [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Years of expiration | ' | '2022 |
Maximum [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Years of expiration | ' | '2023 |
Performance Shares [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive stock options | 0.2 | ' |
RECEIVABLES_NET_Detail
RECEIVABLES, NET - (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Trade accounts receivable | $570.30 | $463.90 |
Notes receivable | 5.6 | 6.3 |
Other | 32.5 | 39.1 |
Receivables, gross | 608.4 | 509.3 |
Allowance for doubtful accounts | -10.9 | -12.6 |
Receivables, net | $597.50 | $496.70 |
INVENTORIES_NET_Components_of_
INVENTORIES, NET - Components of Inventories, Net (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $54 | $49.90 |
Work in process | 70.8 | 94.8 |
Raw materials | 171.2 | 166.7 |
Inventoried costs related to long-term contracts | 72.9 | 85.4 |
Total inventory before progress payments | 368.9 | 396.8 |
Less - progress payments | -79.1 | -80.9 |
Inventories, net | $289.80 | $315.90 |
OTHER_CURRENT_AND_NONCURRENT_A2
OTHER CURRENT AND NON-CURRENT ASSETS - Components of Other Current and Non-Current Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Short-term Investments | $64.10 | $112.90 |
Asbestos-related current assets | 84.4 | 84.5 |
Prepaid income taxes | 42.2 | 23.6 |
Current deferred income taxes | 59.4 | 59.5 |
Other | 61.9 | 65.1 |
Other current assets | 312 | 345.6 |
Other employee benefit-related assets | 95.9 | 95.5 |
Capitalized software costs | 13.9 | 14.6 |
Environmental Related Assets | 11.7 | 11.7 |
Equity Method Investments | 4.7 | 4.7 |
Other | 18.7 | 18.4 |
Other non-current assets | $144.90 | $144.90 |
PLANT_PROPERTY_AND_EQUIPMENT_N2
PLANT, PROPERTY AND EQUIPMENT, NET - Components of Plant, Property and Equipment, Net (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Land and improvements | $27.10 | $26.80 |
Machinery and equipment | 851.9 | 834.5 |
Buildings and improvements | 214.1 | 211.6 |
Furniture, fixtures and office equipment | 75.5 | 74.6 |
Construction work in progress | 61.8 | 59.8 |
Other | 8.5 | 8.5 |
Plant, property and equipment, gross | 1,238.90 | 1,215.80 |
Less - accumulated depreciation | -804.3 | -789.6 |
Plant, property and equipment, net | $434.60 | $426.20 |
PLANT_PROPERTY_AND_EQUIPMENT_N3
PLANT, PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' |
Depreciation expense | $17 | $15.60 |
GOODWILL_AND_OTHER_INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Changes in the Carrying Amount of Goodwill (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Goodwill [Roll Forward] | ' |
Goodwill - December 31, 2013 | $659.80 |
Goodwill acquired | 1 |
Foreign currency | -0.1 |
Goodwill - March 31, 2014 | 660.7 |
Control Technologies [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill - December 31, 2013 | 185.1 |
Goodwill acquired | 0 |
Foreign currency | 0 |
Goodwill - March 31, 2014 | 185.1 |
Interconnect Solutions [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill - December 31, 2013 | 73.9 |
Goodwill acquired | 0 |
Foreign currency | -0.1 |
Goodwill - March 31, 2014 | 73.8 |
Motion Technologies [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill - December 31, 2013 | 49.8 |
Goodwill acquired | 0 |
Foreign currency | 0 |
Goodwill - March 31, 2014 | 49.8 |
Industrial Process [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill - December 31, 2013 | 351 |
Goodwill acquired | 1 |
Foreign currency | 0 |
Goodwill - March 31, 2014 | $352 |
GOODWILL_AND_OTHER_INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Amortization expense related to finite-lived intangible assets | $3 | $7.60 |
GOODWILL_AND_OTHER_INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Other Intangible Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | $132.60 | $131.60 |
Indefinite-lived intangible assets, Gross/Net Carrying Amount | 27.8 | 27.8 |
Other Intangible Assets, Gross Carrying Amount | 160.4 | 159.4 |
Accumulated Amortization | -55.6 | -52.5 |
Finite-live intangible asset, net of accumulated amortization | 77 | 79.1 |
Other intangible assets, net | 104.8 | 106.9 |
Customer relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Customer Relationships, Gross Carrying Amount | 85.9 | 84.9 |
Accumulated Amortization | -33.8 | -31.9 |
Finite-live intangible asset, net of accumulated amortization | 52.1 | 53 |
Proprietary technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Proprietary Technology, Gross Carrying Amount | 30.2 | 30.3 |
Accumulated Amortization | -8.3 | -7.6 |
Finite-live intangible asset, net of accumulated amortization | 21.9 | 22.7 |
Patents and other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Patents and Other, Gross Carrying Amount | 16.5 | 16.4 |
Accumulated Amortization | -13.5 | -13 |
Finite-live intangible asset, net of accumulated amortization | $3 | $3.40 |
ACCRUED_AND_OTHER_CURRENT_LIAB2
ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES - (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Compensation and other employee-related benefits | $153.80 | $178.50 |
Asbestos-related liability | 84.6 | 85.1 |
Short-term loans and current maturities of long-term debt | 28.8 | 39.8 |
Accrued income taxes | 42.7 | 29.8 |
Customer-related liabilities | 62.4 | 55.6 |
Environmental Liabilities and other legal matters | 37.8 | 38.5 |
Accrued warranty costs | 28.5 | 28.6 |
Other accrued liabilities | 51.3 | 44 |
Accrued and other current liabilities | 489.9 | 499.9 |
Deferred income taxes and other tax-related accruals | 118.4 | 116.2 |
Environmental liabilities | 83.5 | 85.1 |
Compensation and other employee-related benefits | 41 | 43.8 |
Other | 39.3 | 32.7 |
Other non-current liabilities | $282.20 | $277.80 |
DEBT_Outstanding_Debt_Detail
DEBT - Outstanding Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Commercial Paper | $27 | $38 |
Current maturities of long-term debt | 1.3 | 1.3 |
Current capital leases | 0.5 | 0.5 |
Short-term loans and current maturities of long-term debt | 28.8 | 39.8 |
Non-current maturities of long-term debt | 7.4 | 7.6 |
Non-current capital leases | 1.4 | 1.5 |
Long-term debt and capital leases | 8.8 | 9.1 |
Total debt and capital leases | $37.60 | $48.90 |
Commercial Paper, Weighted Average Interest Rate | 0.45% | ' |
POSTRETIREMENT_BENEFIT_PLANS_N
POSTRETIREMENT BENEFIT PLANS - Net Periodic Benefit Cost of Pension Plans and Other Employee Related Benefit Plans (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net periodic benefit cost: | ' | ' |
Service cost | $1.70 | $2.50 |
Interest cost | 5.9 | 5.7 |
Expected return on plan assets | -5.4 | -5 |
Amortization of prior service cost (benefit) | -1.3 | 0.1 |
Amortization of net actuarial loss | 2.3 | 3.7 |
Net periodic benefit cost | 3.2 | 7 |
Pension [Member] | ' | ' |
Net periodic benefit cost: | ' | ' |
Service cost | 1.2 | 1.8 |
Interest cost | 3.9 | 3.6 |
Expected return on plan assets | -5.2 | -4.9 |
Amortization of prior service cost (benefit) | 0.2 | 0.2 |
Amortization of net actuarial loss | 1.6 | 2.4 |
Net periodic benefit cost | 1.7 | 3.1 |
Others Benefits [Member] | ' | ' |
Net periodic benefit cost: | ' | ' |
Service cost | 0.5 | 0.7 |
Interest cost | 2 | 2.1 |
Expected return on plan assets | -0.2 | -0.1 |
Amortization of prior service cost (benefit) | -1.5 | -0.1 |
Amortization of net actuarial loss | 0.7 | 1.3 |
Net periodic benefit cost | $1.50 | $3.90 |
POSTRETIREMENT_BENEFIT_PLANS_A
POSTRETIREMENT BENEFIT PLANS - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Contributions made to pension plans | $2.10 | $2.60 |
Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | $0.60 | $3.80 |
LONGTERM_INCENTIVE_EMPLOYEE_CO2
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Employee Compensation Costs (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Share-based compensation expense, equity-based awards | $3.30 | $3 |
Share-based compensation expense, liability-based awards | 0.1 | 0.9 |
Total share-based compensation expense in operating income (loss) | $3.40 | $3.90 |
LONGTERM_INCENTIVE_EMPLOYEE_CO3
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Additional Information (Detail) (USD $) | 3 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 04, 2013 |
Equity Based Awards [Member] | Liability Based Awards [Member] | TSR [Member] | TSR [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost not yet recognized | ' | ' | $29.80 | $4.30 | ' | ' |
Unrecognized compensation cost weighted-average period | ' | ' | '2 years 6 months 6 days | '1 year 10 months 12 days | ' | ' |
Stock option exercised | 0.5 | 0.8 | ' | ' | ' | ' |
Proceeds from stock option exercised | $9 | $14 | ' | ' | ' | ' |
Restricted stock lapsed | 0.3 | 0.3 | ' | ' | ' | ' |
Fair value dividend yield | ' | ' | ' | ' | 1.00% | ' |
Annualized Dividend Assumption per share | ' | ' | ' | ' | $0.44 | ' |
Company Closing Stock Price | ' | ' | ' | ' | ' | $43.52 |
Performance period | ' | ' | ' | ' | '3 years | ' |
LONGTERM_INCENTIVE_EMPLOYEE_CO4
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Summary of Long-Term Incentive Plan Awards (Detail) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 04, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Grant Date Fair Value | ' | $11.93 |
NQOs [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of Awards Granted | 0.2 | ' |
Grant Date Fair Value | ' | $11.93 |
Restricted Stock Unit [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of Awards Granted | 0.2 | ' |
Grant Date Fair Value | ' | $43.52 |
TSR [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of Awards Granted | 0.1 | ' |
Grant Date Fair Value | ' | $48.78 |
ROIC [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of Awards Granted | 0.1 | ' |
Grant Date Fair Value | ' | $42.20 |
LONGTERM_INCENTIVE_EMPLOYEE_CO5
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Weighted Average Assumptions (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 04, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Expected volatility | 29.60% | ' |
Expected life (in years) | '5 years 9 months 6 days | ' |
Risk-free rates | 1.80% | ' |
Grant Date Fair Value | ' | $11.93 |
CAPITAL_STOCK_Additional_Infor
CAPITAL STOCK - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 83 Months Ended | |
Share data in Millions, unless otherwise specified | Oct. 27, 2006 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 |
2006 Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' |
Term of repurchase program | '3 years | ' | ' | ' |
Share repurchase program | $1,000,000,000 | ' | ' | ' |
Repurchase of shares of common stock | ' | ' | 1.7 | 15.3 |
Aggregate cost of repurchase | ' | ' | -45,600,000 | -629,300,000 |
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 | ' | $4,800,000 | $2,600,000 | ' |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES Rollforward of Asbestos Claims (Detail) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | |||
Claim | Claim | |||
Schedule Of Activities Related To Claims Filed [Line Items] | ' | ' | ||
Inactive dismissed claims | 0 | 4,000 | ||
Asbestos Issue [Member] | ' | ' | ||
Asbestos Claims [Rollforward] | ' | ' | ||
Pending claims - Beginning | 79,000 | 96,000 | ||
New claims | 1,000 | 1,000 | ||
Settlements | -2,000 | -2,000 | ||
Dismissals(a) | -9,000 | [1] | -5,000 | [1] |
Pending claims - Ending | 69,000 | 90,000 | ||
Asbestos Issue [Member] | Inactive [Member] | ' | ' | ||
Asbestos Claims [Rollforward] | ' | ' | ||
Pending claims - Ending | 18,000 | [1] | 26,000 | [1] |
Asbestos Issue [Member] | Active [Member] | ' | ' | ||
Asbestos Claims [Rollforward] | ' | ' | ||
Pending claims - Ending | 51,000 | 64,000 | ||
[1] | (a)The 2013 dismissals reported in the table above include the dismissal of approximately 4 thousand claims that were considered pending inactive claims. No pending inactive claims were dismissed during the first quarter of 2014. Inactive claims represent pending claims in Mississippi filed prior to 2004, which have been excluded from our asbestos measurement because the plaintiffs cannot demonstrate a significant compensable loss. As such, management believes these claims have little-to-no value. |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES Asbestos Related Expenses (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Asbestos Related Contingencies [Line Items] | ' | ' |
Asbestos Provision For Liability And Related Assets Net | $15.80 | ($16) |
Asbestos Related Costs Net | $15.80 | $16 |
Asbestos Liability Measurement Periods for Claims Pending and Estimated to be Filed | '10 years | ' |
COMMITMENTS_AND_CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES Roll Forward of Asbestos Liability and Related Assets (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Net Asbestos Liability Rollforward [Line Items] | ' | ' | ' |
Asbestos Provision For Liability And Related Assets Net | $15.80 | ($16) | ' |
Increase Decrease Net Cash Activity | 2.5 | ' | ' |
Asbestos Liability Gross Current And Noncurrent | ' | ' | 1,264.70 |
Asbestos Liability And Related Assets Net Current And Noncurrent | 760.2 | ' | 746.9 |
Asbestos-related liabilities | -1,185 | ' | -1,179.60 |
Asbestos-related assets | 425 | ' | 433.3 |
Liability [Member] | ' | ' | ' |
Net Asbestos Liability Rollforward [Line Items] | ' | ' | ' |
Asbestos Provision For Liability | 18.2 | ' | ' |
Increase Decrease Net Cash Activity | 13.3 | ' | ' |
Asbestos Liability Gross Current And Noncurrent | 1,269.60 | ' | ' |
Loss Contingency, Accrual, Current | 84.6 | ' | ' |
Asset [Member] | ' | ' | ' |
Net Asbestos Liability Rollforward [Line Items] | ' | ' | ' |
Asbestos Provision For Related Assets | 2.4 | ' | ' |
Increase Decrease Net Cash Activity | -10.8 | ' | ' |
Asbestos Asset Gross Current And Noncurrent | 509.4 | ' | 517.8 |
Loss Contingency, Receivable, Current | 84.4 | ' | ' |
Asbestos-related liabilities | $425 | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES Rollforward of Environmental Liability and Related Assets (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Loss Contingency Accrual [Roll Forward] | ' |
Environmental liability - Beginning balance | ($82.90) |
Accruals added during the period for new matters, Liability | 0.1 |
Net Cash Activity | -3.3 |
Environmental liability - Ending balance | -81.4 |
Liability [Member] | ' |
Loss Contingency Accrual [Roll Forward] | ' |
Environmental liability - Beginning balance | -94.6 |
Accruals added during the period for new matters, Liability | 0.1 |
Net Cash Activity | -3.4 |
Environmental liability - Ending balance | -93.1 |
Assets [Member] | ' |
Loss Contingency Accrual [Roll Forward] | ' |
Environmental liability - Beginning balance | 11.7 |
Accruals added during the period for new matters, Liability | ' |
Net Cash Activity | 0.1 |
Environmental liability - Ending balance | 11.7 |
Continuing Operations [Member] | ' |
Environmental Liability And Related Assets [Line items] | ' |
Changes In Pre-Existing Environmental Accruals | 1.1 |
Continuing Operations [Member] | Liability [Member] | ' |
Environmental Liability And Related Assets [Line items] | ' |
Changes In Pre-Existing Environmental Accruals | 1.2 |
Continuing Operations [Member] | Assets [Member] | ' |
Environmental Liability And Related Assets [Line items] | ' |
Changes In Pre-Existing Environmental Accruals | -0.1 |
Discontinued Operations [Member] | ' |
Environmental Liability And Related Assets [Line items] | ' |
Changes In Pre-Existing Environmental Accruals | 0.6 |
Discontinued Operations [Member] | Liability [Member] | ' |
Environmental Liability And Related Assets [Line items] | ' |
Changes In Pre-Existing Environmental Accruals | 0.6 |
Discontinued Operations [Member] | Assets [Member] | ' |
Environmental Liability And Related Assets [Line items] | ' |
Changes In Pre-Existing Environmental Accruals | $0 |
COMMITMENTS_AND_CONTINGENCIES_5
COMMITMENTS AND CONTINGENCIES Range of Environmental Liability and Number of Active Sites (Details) (Environmental Related Matters [Member], USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | site |
Environmental Related Matters [Member] | ' |
Site Contingency [Line Items] | ' |
Loss Contingency, Range of Possible Loss, Minimum | $72 |
Loss Contingency, Range of Possible Loss, Maximum | $163.90 |
Number Of Active Environmental Investigation And Remediation Sites | 56 |
SEGMENT_INFORMATION_Additional
SEGMENT INFORMATION - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 4 |
SEGMENT_INFORMATION_Schedule_o
SEGMENT INFORMATION - Schedule of Segment Reporting Information by Segment Revenue (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | $674.50 | $608.20 |
Operating Income | 48.3 | 37.2 |
Operating Margin | 7.20% | 6.10% |
Total Segment Results [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 676.2 | 609.4 |
Operating Income | 77 | 68.6 |
Operating Margin | 11.40% | 11.30% |
Industrial Process [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 285.5 | 256.8 |
Operating Income | 24.3 | 22.5 |
Operating Margin | 8.50% | 8.80% |
Motion Technologies [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 217.8 | 193.2 |
Operating Income | 40.2 | 33 |
Operating Margin | 18.50% | 17.10% |
Interconnect Solutions [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 100 | 90.8 |
Operating Income | -3 | -1.3 |
Operating Margin | -3.00% | -1.40% |
Control Technologies [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 72.9 | 68.6 |
Operating Income | 15.5 | 14.4 |
Operating Margin | 21.30% | 21.00% |
Total eliminations / corporate and other costs [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | -1.7 | -1.2 |
Operating Income | -28.7 | -31.4 |
Operating Margin | 0.00% | 0.00% |
Asbestos Related Costs Net [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 0 | 0 |
Operating Income | -15.8 | -16 |
Operating Margin | 0.00% | 0.00% |
Eliminations / Other corporate costs [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | -1.7 | -1.2 |
Operating Income | ($12.90) | ($15.40) |
Operating Margin | 0.00% | 0.00% |
SEGMENT_INFORMATION_Schedule_o1
SEGMENT INFORMATION - Schedule of Segment Reporting Information by Segment Assets (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | |
Total Assets | $3,783.70 | ' | $3,740.20 | [1] |
Capital Expenditures | 19 | 16.7 | ' | |
Depreciation & Amortization | 21.1 | 24.5 | ' | |
Industrial Process [Member] | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | |
Total Assets | 1,157.20 | ' | 1,132.70 | [1] |
Capital Expenditures | 8.2 | 7 | ' | |
Depreciation & Amortization | 7.2 | 10.4 | ' | |
Motion Technologies [Member] | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | |
Total Assets | 506.8 | ' | 466.2 | [1] |
Capital Expenditures | 8.2 | 4.5 | ' | |
Depreciation & Amortization | 7.2 | 7.3 | ' | |
Interconnect Solutions [Member] | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | |
Total Assets | 373.1 | ' | 364.6 | [1] |
Capital Expenditures | 1.2 | 2.4 | ' | |
Depreciation & Amortization | 2.8 | 2.5 | ' | |
Control Technologies [Member] | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | |
Total Assets | 351.6 | ' | 344.7 | [1] |
Capital Expenditures | 0.8 | 0.7 | ' | |
Depreciation & Amortization | 2.5 | 2.4 | ' | |
Corporate and Other [Member] | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | |
Total Assets | 1,395 | ' | 1,432 | [1] |
Capital Expenditures | 0.6 | 2.1 | ' | |
Depreciation & Amortization | $1.40 | $1.90 | ' | |
[1] | Amounts reflect balances as of December 31, 2013. |