ITT (ITT) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

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

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenue	$ 698,400,000	$ 663,300,000
Costs of revenue	469,400,000	453,900,000
Gross profit	229,000,000	209,400,000
General and administrative expenses	52,100,000	57,100,000
Sales and marketing expenses	36,700,000	41,600,000
Research and development expenses	24,300,000	22,700,000
Asbestos-related costs (benefit), net	2,400,000	(40,700,000)
Restructuring costs	3,600,000	3,100,000
Asset impairment charges	0	16,300,000
Operating income	109,900,000	109,300,000
Interest and non-operating (income) expenses, net	(1,300,000)	600,000
Income from continuing operations before income tax expense	111,200,000	108,700,000
Income tax expense	24,700,000	24,700,000
Income from continuing operations	86,500,000	84,000,000
Income from discontinued operations, net of tax	0	1,100,000
Net income	86,500,000	85,100,000
Less: Income attributable to noncontrolling interests	300,000	300,000
Net income attributable to ITT Inc.	86,200,000	84,800,000
Amounts attributable to ITT Inc.:
Income from continuing operations, net of tax	86,200,000	83,700,000
Income from discontinued operations, net of tax	0	1,100,000
Net income attributable to ITT Inc.	$ 86,200,000	$ 84,800,000
Basic earnings per share:
Continuing operations	$ 1	$ 0.96
Discontinued operations	0	0.01
Net income	1	0.97
Diluted earnings per share:
Continuing operations	0.99	0.95
Discontinued operations	0	0.01
Net income	$ 0.99	$ 0.96
Weighted average common shares – basic	86.3	87.4
Weighted average common shares – diluted	86.9	88.2

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income from discontinued operations, net of tax expense of $0.0 and $0.4, respectively	$ 0	$ (400,000)

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 86.5	$ 85.1
Other comprehensive loss:
Net foreign currency translation adjustment	(30)	(51.3)
Net change in postretirement benefit plans, net of tax (expense) benefits of $(0.1) and $0.3, respectively	0	0.9
Other comprehensive loss	(30)	(50.4)
Comprehensive income	56.5	34.7
Less: Comprehensive income attributable to noncontrolling interests	0.3	0.3
Comprehensive income attributable to ITT Inc.	56.2	34.4
Reclassification adjustments (see Note 15):
Amortization of prior service benefit, net of tax expense of $(0.3) and $(0.3), respectively	(1)	(0.9)
Amortization of net actuarial loss, net of tax benefits of $0.2 and $0.6, respectively	1	1.8
Net change in postretirement benefit plans, net of tax (expense) benefits of $(0.1) and $0.3, respectively	$ 0	$ 0.9

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) (Parentheticals) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net change in postretirement benefit plans, Tax Benefits	$ (0.1)	$ 0.3
Amortization of prior service costs, Tax (Expense) Benefit	(0.3)	(0.3)
Amortization of net actuarial loss, Tax Benefits	$ 0.2	$ 0.6

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 780.2	$ 859.8
Receivables, net	546.3	507.5
Inventories, net	374.7	360.5
Other current assets	190.8	189.5
Total current assets	1,892	1,917.3
Plant, property and equipment, net	501.2	525.1
Goodwill	933.4	944.8
Other intangible assets, net	100.3	106.4
Asbestos-related assets	330.8	353.7
Deferred income taxes	156.3	158.3
Other non-current assets	265.7	272
Total non-current assets	2,287.7	2,360.3
Total assets	4,179.7	4,277.6
Current liabilities:
Commercial paper and current maturities of long-term debt	61.2	106.8
Accounts payable	327	306.8
Accrued liabilities	438.3	457.4
Total current liabilities	826.5	871
Asbestos-related liabilities	818.3	840.6
Postretirement benefits	222.8	227.5
Other non-current liabilities	204.2	210.6
Total non-current liabilities	1,245.3	1,278.7
Total liabilities	2,071.8	2,149.7
Shareholders’ equity:
Issued and outstanding – 86.1 shares and 86.5 shares, respectively	86.1	86.5
Retained earnings	2,329.4	2,319.3
Total accumulated other comprehensive loss	(309.4)	(279.4)
Total ITT Inc. shareholders’ equity	2,106.1	2,126.4
Noncontrolling interests	1.8	1.5
Total shareholders’ equity	2,107.9	2,127.9
Total liabilities and shareholders’ equity	$ 4,179.7	$ 4,277.6

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, shares authorized	250	250
Common stock, par value	$ 1	$ 1
Common stock, shares issued	86.1	86.5
Common stock, shares outstanding	86.1	86.5

CONSOLIDATED CONDENSED STATEM_5

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities
Income from continuing operations attributable to ITT Inc.	$ 86,200,000	$ 83,700,000
Adjustments to income from continuing operations:
Depreciation and amortization	28,500,000	27,400,000
Equity-based compensation	3,300,000	2,500,000
Asbestos-related costs (benefit), net	2,400,000	(40,700,000)
Asset impairment charges	0	16,300,000
Other non-cash charges, net	6,300,000	11,000,000
Asbestos-related payments, net	(1,600,000)	(6,100,000)
Changes in assets and liabilities:
Change in receivables	(50,100,000)	(13,400,000)
Change in inventories	(21,200,000)	600,000
Change in accounts payable	36,600,000	(6,400,000)
Change in accrued expenses	(14,500,000)	(25,200,000)
Change in income taxes	10,400,000	16,500,000
Other, net	(15,500,000)	(12,700,000)
Net Cash – Operating Activities	70,800,000	53,500,000
Investing Activities
Capital expenditures	(17,200,000)	(22,200,000)
Acquisitions, net of cash acquired	0	(4,700,000)
Other, net	100,000	700,000
Net Cash – Investing Activities	(17,100,000)	(26,200,000)
Financing Activities
Commercial paper, net borrowings	(42,600,000)	(82,700,000)
Short-term revolving loans, borrowings	0	378,300,000
Long-term debt, repayments	(100,000)	0
Repurchase of common stock	(61,000,000)	(83,400,000)
Proceeds from issuance of common stock	200,000	100,000
Dividends paid	(19,100,000)	(200,000)
Other, net	(200,000)	(100,000)
Net Cash – Financing Activities	(122,800,000)	212,000,000
Exchange rate effects on cash and cash equivalents	(10,400,000)	(11,700,000)
Net cash – operating activities of discontinued operations	(100,000)	200,000
Net change in cash and cash equivalents	(79,600,000)	227,800,000
Cash and cash equivalents – beginning of year (includes restricted cash of $0.8 and $0.8, respectively)	860,600,000	612,900,000
Cash and Cash Equivalents – End of Period (includes restricted cash of $0.8 and $0.8, respectively)	781,000,000	840,700,000
Cash paid during the year for:
Interest	200,000	2,300,000
Income taxes, net of refunds received	$ 13,400,000	$ 8,000,000

CONSOLIDATED CONDENSED STATEM_6

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Restricted Cash	$ 0.8	$ 0.8	$ 0.8	$ 0.8

CONSOLIDATED CONDENSED STATEM_7

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock [Member]	Retained Earnings [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]
Common Stock Outstanding (Shares)			87.8
Common Stock Outstanding (Dollars)			$ 87.8
Retained earnings				$ (2,372.4)
Total accumulated other comprehensive loss	$ (385.3)					$ (385.3)
Noncontrolling interests							$ 2.9
Total shareholders' equity	2,077.8
Net income	85.1		$ 0	84.8		0	0.3
Activity from stock incentive plans, shares			0.4
Activity from stock incentive plans	2.6		$ 0.4	2.2		0	0
Share repuchases, shares			(1.9)
Share repurchases	(83.4)		$ (1.9)	(81.5)		0	0
Cumulative adjustment for accounting change		$ (1.2)			$ (1.2)
Dividends declared	(14.9)		0	(14.9)		0	0
Other Comprehensive Income (Loss), Net of Tax	(50.4)		$ 0	0		(50.4)	0
Common Stock Outstanding (Shares)			86.3
Common Stock Outstanding (Dollars)			$ 86.3
Retained earnings				(2,361.8)
Total accumulated other comprehensive loss	(435.7)					(435.7)
Noncontrolling interests							3.2
Total shareholders' equity	$ 2,015.6
Common Stock Outstanding (Shares)	86.5		86.5
Common Stock Outstanding (Dollars)	$ 86.5		$ 86.5
Retained earnings	(2,319.3)			(2,319.3)
Total accumulated other comprehensive loss	(279.4)					(279.4)
Noncontrolling interests	1.5						1.5
Total shareholders' equity	2,127.9
Net income	86.5		$ 0	86.2		0	0.3
Activity from stock incentive plans, shares			0.3
Activity from stock incentive plans	3.5		$ 0.3	3.2		0	0
Share repuchases, shares			(0.7)
Share repurchases	(61)		$ (0.7)	(60.3)		0	0
Dividends declared	(19)		0	(19)		0	0
Other Comprehensive Income (Loss), Net of Tax	$ (30)		$ 0	0		(30)	0
Common Stock Outstanding (Shares)	86.1		86.1
Common Stock Outstanding (Dollars)	$ 86.1		$ 86.1
Retained earnings	(2,329.4)			$ (2,329.4)
Total accumulated other comprehensive loss	(309.4)					$ (309.4)
Noncontrolling interests	1.8						$ 1.8
Total shareholders' equity	$ 2,107.9

CONSOLIDATED CONDENSED STATEM_8

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Dividends declared per share	$ 0.22	$ 0.169

OTHER CURRENT AND NON-CURRENT A

OTHER CURRENT AND NON-CURRENT ASSETS - Components of Other Current and Non-Current Assets - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Asbestos-related assets	$ 91	$ 91
Advance payments and other prepaid expenses	46.9	39.6
Current contract assets, net	17.9	19.1
Prepaid income taxes	22.7	29
Other	12.3	10.8
Other current assets	190.8	189.5
Other employee benefit-related assets	115.3	113.9
Operating lease right-of-use assets	83.1	87.3
Capitalized software costs	22.2	23.9
Environmental-related assets	8.5	10.6
Equity method investments	11.8	11.7
Other	24.8	24.6
Other non-current assets	$ 265.7	$ 272

LONG-TERM INCENTIVE EMPLOYEE CO

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Employee Compensation Costs - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Equity-based awards	$ 3.3	$ 2.5
Liability-based awards	0.8	(0.6)
Total share-based compensation expense	$ 4.1	$ 1.9

CAPITAL STOCK - Additional Info

CAPITAL STOCK - Additional Information - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity, Class of Treasury Stock [Line Items]
Aggregate cost of repurchase	$ 61	$ 83.4
Number of shares repurchased under settlement of employee tax withholding obligations	0.1	0.2
Shares repurchased aggregate value under settlement of employee tax withholding obligations	$ 11	$ 10.2
2006 Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase of shares of common stock	1.4
Aggregate cost of repurchase		$ 61.9
2019 Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Share repurchase program	$ 500
Repurchase of shares of common stock	0.6
Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase of shares of common stock		1.7
Aggregate cost of repurchase	$ 50	$ 73.2

DESCRIPTION OF BUSINESS, BASIS

DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND UPDATES TO SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business ITT Inc. is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. Unless the context otherwise indicates, references herein to “ITT,” “the Company,” and such words as “we,” “us,” and “our” include ITT Inc. and its subsidiaries. ITT operates through three segments: Motion Technologies (MT), consisting of friction and shock and vibration equipment; Industrial Process (IP), consisting of industrial flow equipment and services; and Connect & Control Technologies (CCT), consisting of electronic connectors, fluid handling, motion control, composite materials and noise and energy absorption products. Financial information for our segments is presented in Note 3, Segment Information . In March 2020, the World Health Organization declared the outbreak of the novel coronavirus (COVID-19) a pandemic, resulting in certain local government-mandated site closures. While most of our businesses were deemed essential, we experienced disruption in our operations due to decreased customer demand, temporary plant closures, and elevated safety standards to keep our employees safe. The Company continues to face certain risks and uncertainties resulting from COVID-19, including the severity of a resurgence of COVID-19 or new strains of the virus, as well as the speed of distribution of the COVID-19 vaccines and people’s attitudes towards receiving the vaccines. Due to these uncertainties, the severity and extent of future impacts from COVID-19 or any new strains of the virus cannot be reasonably estimated at this time. Basis of Presentation The unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions) necessary to state fairly the financial position, results of operations, and cash flows for the periods presented. The Consolidated Condensed Balance Sheet as of December 31, 2020, presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K ( 2020 Annual Report ) for the year ended December 31, 2020 but does not include all disclosures required by GAAP. We consistently applied the accounting policies described in the 2020 Annual Report in preparing these unaudited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2020 Annual Report. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available and may be impacted by the duration and severity of the pandemic. 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 assets, allowance for credit losses and inventory valuation. Actual results could differ from these estimates. In the third quarter of 2020 we extended the measurement period over which we estimate our asbestos liability to include unasserted claims through 2052, which is the full time period over which we currently expect claims to be filed against us. Refer to Note 19, Commitments and Contingencies , for further information. ITT’s quarterly financial periods end on the Saturday that is closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year, which ends on December 31st. For ease of presentation, the quarterly financial statements included herein are described as ending on the last day of the calendar quarter. Certain prior year amounts have been reclassified to conform to the current year presentation.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2021
Recent Accounting Pronouncements [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS The Company considers the applicability and impact of all accounting standard updates (ASUs). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations. Recent Accounting Pronouncements Not Yet Adopted: In March 2020 and January 2021, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01, Reference Rate Reform (Topic 848): Scope , respectively. Together, the ASUs provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance was effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. We do not expect this guidance to have a significant impact on our operating results, financial position, or cash flows; however, we will continue to monitor the potential impact, if adopted.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company’s segments are reported on the same basis used by our Chief Executive Officer, who is also our chief operating decision maker, for evaluating performance and for allocating resources. Our three reportable segments are referred to as: Motion Technologies, Industrial Process, and Connect & Control Technologies. Motion Technologies manufactures brake components and specialized sealing solutions, shock absorbers and damping technologies primarily for the global automotive, truck and trailer, public bus and rail transportation markets. Industrial Process manufactures engineered fluid process equipment serving a diversified mix of customers in global industries such as chemical, oil and gas, mining, and other industrial process markets and is a provider of plant optimization and efficiency solutions and aftermarket services and parts. Connect & Control Technologies manufactures harsh-environment connector solutions, critical energy absorption, flow control components, and composite materials for the aerospace and defense, general industrial, medical, and oil and gas markets. Corporate and Other consists of corporate office expenses including compensation, benefits, occupancy, depreciation, and other administrative costs, as well as charges related to certain matters, such as asbestos and environmental liabilities, that are managed at a corporate level and are not included in segment results when evaluating performance or allocating resources. Assets of the segments exclude general corporate assets, which principally consist of cash, investments, asbestos-related receivables, deferred taxes, and certain property, plant and equipment. Revenue Operating Income Operating Margin For the Three Months Ended March 31 2021 2020 2021 2020 2021 2020 Motion Technologies $ 369.1 $ 297.9 $ 76.0 $ 53.1 20.6 % 17.8 % Industrial Process 202.3 227.3 31.0 8.9 15.3 % 3.9 % Connect & Control Technologies 127.3 138.7 11.8 15.9 9.3 % 11.5 % Total segment results 698.7 663.9 118.8 77.9 17.0 % 11.7 % Asbestos-related (costs) benefit, net — — (2.4) 40.7 — — Eliminations / Other Corporate costs (0.3) (0.6) (6.5) (9.3) — — Total Eliminations / Corporate and other costs (0.3) (0.6) (8.9) 31.4 — — Total $ 698.4 $ 663.3 $ 109.9 $ 109.3 15.7 % 16.5 % As of and for the Three Months Ended March 31 Total Assets Capital Depreciation & 2021 2020 (a) 2021 2020 2021 2020 Motion Technologies $ 1,244.6 $ 1,202.3 $ 13.5 $ 14.8 $ 15.7 $ 14.5 Industrial Process 1,036.4 1,069.6 1.6 2.5 5.6 6.6 Connect & Control Technologies 723.8 720.5 1.9 4.3 5.5 5.7 Corporate 1,174.9 1,285.2 0.2 0.6 1.7 0.6 Total $ 4,179.7 $ 4,277.6 $ 17.2 $ 22.2 $ 28.5 $ 27.4 (a) Amounts reflect balances as of December 31, 2020.

REVENUE REVENUE

REVENUE REVENUE	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue Footnote	REVENUE The following table represents our revenue disaggregated by end market for the three months ended March 31, 2021 and 2020. For the Three Months Ended March 31, 2021 Motion Technologies Industrial Process Connect & Control Technologies Eliminations Total Auto and rail $ 364.0 $ — $ — $ — $ 364.0 Chemical and industrial pumps — 159.7 — — 159.7 Aerospace and defense 1.6 — 60.2 — 61.8 Oil and gas — 42.6 8.5 — 51.1 General industrial 3.5 — 58.6 (0.3) 61.8 Total $ 369.1 $ 202.3 $ 127.3 $ (0.3) $ 698.4 For the Three Months Ended March 31, 2020 Motion Technologies Industrial Process Connect & Control Technologies Eliminations Total Auto and rail $ 292.4 $ — $ — $ (0.1) $ 292.3 Chemical and industrial pumps — 161.5 — — 161.5 Aerospace and defense 2.9 — 86.1 — 89.0 Oil and gas — 65.8 7.8 — 73.6 General industrial 2.6 — 44.8 (0.5) 46.9 Total $ 297.9 $ 227.3 $ 138.7 $ (0.6) $ 663.3 Contract Assets and Liabilities Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings, net of allowances for credit losses. Contract assets are included in other current assets and other non-current assets in our Consolidated Condensed Balance Sheet. Contract liabilities consist of advance payments and billings in excess of revenue recognized. Contract liabilities are included in accrued liabilities and other non-current liabilities in our Consolidated Condensed Balance Sheet. The following table represents our net contract assets and liabilities as of March 31, 2021 and December 31, 2020. March 31, December 31, Current contract assets, net $ 17.9 $ 19.1 Non-current contract assets, net 0.3 — Current contract liabilities (48.0) (56.2) Non-current contract liabilities (4.5) (0.1) Net contract liabilities $ (34.3) $ (37.2) During the three months ended March 31, 2021, we recognized revenue of $21.9, related to contract liabilities as of December 31, 2020. The aggregate amount of the transaction price allocated to unsatisfied or

RESTRUCTURING ACTIONS RESTRUCTU

RESTRUCTURING ACTIONS RESTRUCTURING ACTIONS	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
RESTRUCTURING ACTIONS	RESTRUCTURING ACTIONS We have initiated various restructuring actions throughout our businesses during the past two years, including the 2020 Global Restructuring Plan described below. There were no other restructuring actions considered individually significant. The following table summarizes the total restructuring costs presented separately in our Consolidated Condensed Statements of Operations for the three months ended March 31, 2021 and 2020. For the Three Months Ended March 31 2021 2020 Severance and other employee-related $ 2.4 $ 3.1 Asset write-offs 0.6 — Other 0.6 — Total restructuring costs $ 3.6 $ 3.1 By segment: Motion Technologies $ — $ — Industrial Process 0.9 0.1 Connect & Control Technologies 2.4 1.5 Corporate and Other 0.3 1.5 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, 2021 and 2020. 2021 2020 Beginning balance - January 1 $ 19.1 $ 7.5 Restructuring costs 4.0 3.1 Reversal of prior accruals (0.4) — Cash payments (4.8) (3.2) Asset write-offs (0.6) — Foreign exchange translation and other (0.4) (0.2) Ending balance - March 31 $ 16.9 $ 7.2 By accrual type: Severance and other employee-related $ 16.7 $ 6.9 Other 0.2 0.3 2020 Global Restructuring Plan During 2020, we initiated an organizational-wide restructuring plan to reduce the overall cost structure of the Company primarily in response to a reduction in demand from the COVID-19 pandemic. Through March 31, 2021, we have recognized restructuring charges of $45.1, including $43.8 in 2020, which are primarily related to involuntary severance costs. We expect to incur additional restructuring charges of approximately $3 during the remainder of 2021 to complete this action. Cash payments during the three months ended March 31, 2021 were $4.5. The restructuring liability as of March 31, 2021 was $12.8, which we expect to be substantially paid during 2021, and is presented on our Consolidated Condensed Balance Sheet within accrued liabilities.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the Three Months Ended March 31 2021 2020 Change Income tax expense $ 24.7 $ 24.7 — % Effective tax rate 22.2 % 22.7 % (50) bp The lower effective tax rate during the first quarter of 2021 was primarily driven by favorable permanent benefits in both foreign and U.S. jurisdictions, partially offset by higher tax expense of $3.9 on future distributions of foreign earnings. On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (ARPA), a $1.9 trillion COVID-19 stimulus legislation to accelerate the United States' recovery from the economic and health effects of the COVID-19 pandemic. ARPA builds upon many of the measures in the CARES Act from March 2020 and the Consolidated Appropriations Act from December 2020. The Act extends the employee retention credit through the end of 2021 and maintains the credit per employee per quarter initially included in the Consolidated Appropriations Act. During the three months ended March 31, 2021, the Company recognized a benefit of $2.4 from the employee retention credit. The benefit was recorded in operating income and related to the employer portion of payroll taxes. Certain non-U.S. jurisdictions have enacted similar stimulus measures. We continue to monitor any effects that may result from the CARES Act or other similar legislation globally.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE DATA The following table provides a reconciliation of the data used in the calculation of basic and diluted earnings per share from continuing operations attributable to ITT for the three months ended March 31, 2021 and 2020. For the Three Months Ended March 31 2021 2020 Basic weighted average common shares outstanding 86.3 87.4 Add: Dilutive impact of outstanding equity awards 0.6 0.8 Diluted weighted average common shares outstanding 86.9 88.2 There were 0.2 and 0.1 anti-dilutive shares related to equity stock unit awards excluded from the computation of diluted earnings per share for the three months ended March 31, 2021 and 2020, respectively.

RECEIVABLES, NET

RECEIVABLES, NET	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
RECEIVABLES, NET	RECEIVABLES, NET March 31, December 31, Trade accounts receivable $ 532.1 $ 492.5 Notes receivable 12.3 11.0 Other 16.6 19.1 Receivables, gross 561.0 522.6 Less: Allowance for credit losses - receivables (14.7) (15.1) Receivables, net $ 546.3 $ 507.5 Allowance for Credit Losses Our allowance for credit losses includes our estimate of the impact of the COVID-19 pandemic and will be adjusted in subsequent periods as circumstances develop and we continue to gain insight into the future impacts of the pandemic. We believe these events may impact our ability to collect from certain customers depending on the end market we serve and customer profile. The following table displays our allowance for credit losses for receivables and contract assets. March 31, December 31, Allowance for credit losses - receivables $ 14.7 $ 15.1 Allowance for credit losses - contract assets 0.5 0.5 Total allowance for credit losses $ 15.2 $ 15.6 The following table displays a rollforward of the total allowance for credit losses. 2021 2020 Total allowance for credit losses - January 1 $ 15.6 $ 12.8 Impact of adoption of ASU 2016-13 — 1.7 Charges to income (0.2) 3.3 Write-offs (0.1) (1.7) Foreign currency and other (0.1) (0.3) Total allowance for credit losses - March 31 $ 15.2 $ 15.8

INVENTORIES, NET

INVENTORIES, NET	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
INVENTORIES, NET	INVENTORIES, NET March 31, December 31, Finished goods $ 58.8 $ 63.1 Work in process 82.9 77.5 Raw materials 233.0 219.9 Inventories, net $ 374.7 $ 360.5

OTHER CURRENT AND NON-CURRENT_2

OTHER CURRENT AND NON-CURRENT ASSETS	3 Months Ended
	Mar. 31, 2021
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, Asbestos-related assets $ 91.0 $ 91.0 Advance payments and other prepaid expenses 46.9 39.6 Current contract assets, net 17.9 19.1 Prepaid income taxes 22.7 29.0 Other 12.3 10.8 Other current assets $ 190.8 $ 189.5 Other employee benefit-related assets $ 115.3 $ 113.9 Operating lease right-of-use assets 83.1 87.3 Capitalized software costs 22.2 23.9 Environmental-related assets 8.5 10.6 Equity method investments 11.8 11.7 Other 24.8 24.6 Other non-current assets $ 265.7 $ 272.0

PLANT, PROPERTY AND EQUIPMENT,

PLANT, PROPERTY AND EQUIPMENT, NET	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
PLANT, PROPERTY AND EQUIPMENT, NET	PLANT, PROPERTY AND EQUIPMENT, NET Useful life March 31, December 31, Machinery and equipment 2 - 10 $ 1,187.4 $ 1,205.7 Buildings and improvements 5 - 40 269.0 273.9 Furniture, fixtures and office equipment 3 - 7 79.6 82.0 Construction work in progress 37.0 44.7 Land and improvements 33.6 34.6 Other 4.7 5.0 Plant, property and equipment, gross 1,611.3 1,645.9 Less: Accumulated depreciation (1,110.1) (1,120.8) Plant, property and equipment, net $ 501.2 $ 525.1 Depreciation expense of $21.4 and $20.5 was recognized in the three months ended March 31, 2021 and 2020, respectively. During the first quarter of 2020, we recorded an impairment of $4.0 for a business within IP due to challenging economic conditions in the upstream oil and gas market combined with impacts associated with the COVID-19 pandemic. Long-lived assets of the business, with a carrying value of $14.0, primarily building and improvements, machinery and equipment, were reduced to their current estimated fair value of $10.0. The estimate of fair value, categorized within Level 3 of the fair value hierarchy, was determined based on a market approach estimating the net proceeds that would be received for the sale of the assets. Significant additional adverse changes to the economic environment or future cash flows of our businesses could cause us to record additional impairment charges in future periods, which may be material.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS, NET	3 Months Ended
	Mar. 31, 2021
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, 2021 by segment. Motion Industrial Connect & Control Total Goodwill - December 31, 2020 $ 298.1 $ 365.4 $ 281.3 $ 944.8 Foreign exchange translation (3.4) (7.1) (0.9) (11.4) Goodwill - March 31, 2021 $ 294.7 $ 358.3 $ 280.4 $ 933.4 Other Intangible Assets, Net Information regarding our other intangible assets is as follows: March 31, 2021 December 31, 2020 Gross Accumulated Amortization Net Intangibles Gross Accumulated Amortization Net Intangibles Customer relationships $ 162.4 $ (104.5) $ 57.9 $ 163.3 $ (101.7) $ 61.6 Proprietary technology 46.4 (24.2) 22.2 46.7 (23.4) 23.3 Patents and other 16.2 (12.6) 3.6 16.2 (11.5) 4.7 Finite-lived intangible total 225.0 (141.3) 83.7 226.2 (136.6) 89.6 Indefinite-lived intangibles 16.6 — 16.6 16.8 — 16.8 Other intangible assets $ 241.6 $ (141.3) $ 100.3 $ 243.0 $ (136.6) $ 106.4 As a result of the global COVID-19 pandemic combined with a decline in the upstream oil and gas market, during the first quarter of 2020, we determined that certain intangible assets within the IP segment including an indefinite-lived trademark, customer relationships and proprietary technology, would not be recoverable resulting in an impairment of $12.3. Significant additional adverse changes to the economic environment or future cash flows of our businesses could cause us to record additional impairment charges in future periods, which may be material. Amortization expense related to finite-lived intangible assets was $5.1 and $4.8 for the three months ended March 31, 2021 and 2020, respectively.

ACCRUED AND OTHER CURRENT LIABI

ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES	3 Months Ended
	Mar. 31, 2021
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, Compensation and other employee-related benefits $ 122.9 $ 137.3 Asbestos-related liability 91.6 91.4 Contract liabilities and other customer-related liabilities 67.7 73.7 Accrued income taxes and other tax-related liabilities 39.8 36.9 Accrued warranty costs 24.1 23.1 Operating lease liabilities 19.3 19.8 Environmental liabilities and other legal matters 18.7 19.1 Accrued restructuring costs 16.9 19.1 Other 37.3 37.0 Accrued liabilities $ 438.3 $ 457.4 Operating lease liabilities $ 68.8 $ 72.4 Environmental liabilities 48.0 50.1 Deferred income taxes and other tax-related liabilities 12.2 11.9 Compensation and other employee-related benefits 29.0 29.4 Non-current maturities of long-term debt 12.5 13.0 Other 33.7 33.8 Other non-current liabilities $ 204.2 $ 210.6

DEBT Debt (Notes)

DEBT Debt (Notes)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt [Text Block]	DEBT March 31, December 31, Commercial paper $ 58.8 $ 104.3 Current maturities of long-term debt and finance leases 2.4 2.5 Commercial paper and current maturities of long-term debt 61.2 106.8 Non-current maturities of long-term debt 12.5 13.0 Total debt and finance leases $ 73.7 $ 119.8 Commercial Paper Commercial paper outstanding as of March 31, 2021 and December 31, 2020 was $58.8 and $104.3, respectively, with a weighted average negative interest rate of (0.34)% and (0.06)%, respectively. Commercial paper was issued entirely under our Euro program and had maturity terms less than three months from the date of issuance. Short-term Loans On November 25, 2014, we entered into a competitive advance and revolving credit facility agreement (the Revolving Credit Agreement) with a consortium of third party lenders including JPMorgan Chase Bank, N.A., as administrative agent, and Citibank, N.A., as syndication agent. During 2019, we extended the Revolving Credit Agreement maturity date to November 25, 2022. The Revolving Credit Agreement provides for an aggregate principal amount of up to $500 of (i) revolving extensions of credit (the revolving loans) outstanding at any time, (ii) competitive advance borrowing option which will be provided on an uncommitted competitive advance basis through an auction mechanism (the competitive advances), and (iii) letters of credit for a face amount up to $100 at any time outstanding. Subject to certain conditions, we are permitted to terminate permanently the total commitments and reduce commitments in minimum amounts of $10. Borrowings under the credit facility are available in U.S. dollars, Euros or British pound sterling. We are permitted to request that lenders increase the commitments under the facility by up to $200 for a maximum aggregate principal amount of $700, however this is subject to certain conditions and therefore may not be available to us. The interest rate per annum on the Revolving Credit Agreement is based on the LIBOR rate of the currency we borrow in, adjusted for statutory reserve requirements, plus a margin of 1.1%. As of March 31, 2021 and December 31, 2020, we had no outstanding obligations under the credit facility. There is a 0.15% fee per annum applicable to the commitments under the Revolving Credit Agreement. The fees and margin are subject to adjustment should the Company’s credit ratings change. The Revolving Credit Agreement contains customary affirmative and negative covenants that, among other things, will limit or restrict our ability to: incur additional debt or issue guarantees; create liens; enter into certain sale and lease-back transactions; merge or consolidate with another person; sell, transfer, lease or otherwise dispose of assets; liquidate or dissolve; and enter into restrictive covenants. Additionally, the Revolving Credit Agreement requires us not to permit the ratio of consolidated total indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) (leverage ratio) to exceed 3.00 to 1.00 at any time, or the ratio of consolidated EBITDA to consolidated interest expense (interest coverage ratio) to be less than 3.00 to 1.00. In the event of certain ratings downgrades of the Company to a level below investment grade, the direct and indirect significant U.S. subsidiaries of the Company would be required to guarantee the obligations under the credit facility. On April 29, 2020, we entered into two 364-day term revolving credit agreements totaling $200 (the Incremental Revolving Credit Agreements) which provide the Company with additional liquidity in excess of the Revolving Credit Agreement. Borrowings are available in U.S. dollars and the interest rate per annum is based on the LIBOR rate, adjusted for statutory reserve requirements, plus a margin of up to 1.55%. The Incremental Revolving Credit Agreements are subject to fees of up to 0.35% per annum. The fees and margin are subject to adjustment should the Company’s credit ratings change. All other key provisions of the Incremental Revolving Credit Agreements mirror those of the Revolving Credit Agreement described above, including all covenants. In addition, the Incremental Revolving Credit Agreements did not violate any negative covenants associated with the existing Revolving Credit Agreement. There were no outstanding borrowings under the Incremental Revolving Credit Agreements as of March 31, 2021. The credit agreements expired in April 2021 and we did not renew the agreements. As of March 31, 2021, our interest coverage ratio and leverage ratios associated with short-term loans were within the prescribed thresholds.

POSTRETIREMENT BENEFIT PLANS

POSTRETIREMENT BENEFIT PLANS	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
POSTRETIREMENT BENEFIT PLANS	POSTRETIREMENT BENEFIT PLANS In the fourth quarter of 2020, the Company terminated its U.S. qualified pension plan by purchasing a group annuity contract from MassMutual Life Insurance Company (MassMutual), which fully assumed the responsibility for paying and administering pension benefits to approximately five thousand plan participants and their beneficiaries. In connection with the plan termination, the Company settled all future obligations under the plan by providing lump sum payments to eligible participants who elected to receive them, and by transferring the remaining projected benefit obligation to the insurance company. The termination was funded with plan assets of approximately $320 and cash of $8.4. The following table provides the components of net periodic benefit cost for pension plans and other employee-related benefit plans for the three months ended March 31, 2021 and 2020. 2021 2020 For the Three Months Ended March 31 Pension Other Total Pension Other Total Service cost $ 0.4 $ 0.2 $ 0.6 $ 0.3 $ 0.2 $ 0.5 Interest cost 0.2 0.5 0.7 2.3 0.7 3.0 Expected return on plan assets — — — (2.2) — (2.2) Amortization of prior service benefit — (1.3) (1.3) — (1.2) (1.2) Amortization of net actuarial loss 0.5 0.7 1.2 1.8 0.6 2.4 Total net periodic benefit cost $ 1.1 $ 0.1 $ 1.2 $ 2.2 $ 0.3 $ 2.5 We made contributions to our global postretirement plans of $2.9 and $2.2 during the three months ended March 31, 2021 and 2020, respectively. We expect to make contributions of approximately $10 to $14 during the remainder of 2021, principally related to our other employee-related benefit plans. Amortization from accumulated other comprehensive income into earnings related to prior service cost and net actuarial loss was zero and $0.9, net of tax, during the three months ended March 31, 2021 and 2020, respectively. No other reclassifications from accumulated other comprehensive income into earnings were recognized during any of the presented periods.

LONG-TERM INCENTIVE EMPLOYEE _2

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION	LONG-TERM INCENTIVE EMPLOYEE COMPENSATION Our long-term incentive plan (LTIP) costs are primarily recorded within general and administrative expenses. The following table provides the components of LTIP costs for the three months ended March 31, 2021 and 2020. For the Three Months Ended March 31 2021 2020 Equity-based awards $ 3.3 $ 2.5 Liability-based awards 0.8 (0.6) Total share-based compensation expense $ 4.1 $ 1.9 The change in share-based compensation expense for equity-based awards was primarily driven by the likelihood of achieving certain performance targets. The change in share-based compensation expense for liability-based awards is driven by the change in ITT’s stock price. At March 31, 2021, there was $32.8 of total unrecognized compensation cost related to non-vested equity awards. This cost is expected to be recognized ratably over a weighted-average period of 2.2 years. Additionally, unrecognized compensation cost related to liability-based awards was $2.3, which is expected to be recognized ratably over a weighted-average period of 2.4 years. Year-to-Date 2021 LTIP Activity The majority of our LTIP awards are granted during the first quarter of each year and vest on the completion of a three-year service period. During the three months ended March 31, 2021, we granted the following LTIP awards as provided in the table below: # of Awards Granted Weighted Average Grant Date Fair Value Per Share Restricted stock units (RSUs) 0.1 $ 84.10 Performance stock units (PSUs) 0.1 $ 84.27 During the three months ended March 31, 2021 and 2020, a nominal amount of non-qualified stock options were exercised resulting in proceeds of $0.2 and $0.1, respectively. During the three months ended March 31, 2021 and 2020, RSUs of 0.1 and 0.2, respectively, vested and were issued. During the three months ended March 31, 2021 and 2020, PSUs of 0.2 that vested on December 31, 2020 and 2019, respectively, were issued.

CAPITAL STOCK

CAPITAL STOCK	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCK On October 27, 2006, our Board of Directors approved a three-year, $1 billion share repurchase program (the 2006 Plan), which it modified in 2008 to make the term indefinite. On October 30, 2019, the Board of Directors approved a new indefinite term $500 share repurchase program (the 2019 Plan). During the first quarter of 2020, we completed the 2006 Plan and commenced repurchases under the 2019 Plan. During the three months ended March 31, 2021 and 2020, we repurchased and retired 0.6 and 1.7 shares of common stock for $50.0 and $73.2, respectively, under these programs, including 1.4 shares and $61.9 in 2020 under the 2006 plan, which fully exhausted the 2006 Plan.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2021
Statement of Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Loss	ACCUMULATED OTHER COMPREHENSIVE LOSS Postretirement Benefit Plans Cumulative Translation Adjustment Accumulated Other Comprehensive Loss December 31, 2020 $ (55.9) $ (223.5) $ (279.4) Net change during period — (30.0) (30.0) March 31, 2021 (55.9) (253.5) (309.4) December 31, 2019 $ (133.3) $ (252.0) $ (385.3) Net change during period 0.9 (51.3) (50.4) March 31, 2020 $ (132.4) $ (303.3) $ (435.7)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
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 business. Some of these proceedings allege damages relating to asbestos and environmental exposures, intellectual property matters, copyright infringement, personal injury claims, employment and employee benefit matters, government contract issues and commercial or contractual disputes and acquisitions or divestitures. We will continue to defend vigorously against all claims. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including our assessment of the merits of the particular claim, as well as our current reserves and insurance coverage, we do not expect that such legal proceedings will have a material adverse impact on our financial statements, unless otherwise noted below. Asbestos Matters Subsidiaries of ITT, including ITT LLC and Goulds Pumps LLC, have been sued, along with many other companies in product liability lawsuits alleging personal injury due to asbestos exposure. These claims generally allege that certain products sold by our subsidiaries prior to 1985 contained a part manufactured by a third party ( e.g. , a gasket) which contained asbestos. To the extent these third-party parts may have contained asbestos, it was encapsulated in the gasket (or other) material and was non-friable. As of March 31, 2021, there were approximately 26 thousand pending claims against ITT subsidiaries, including Goulds Pumps LLC, 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: Claims data presented in thousands Pending claims – Beginning 25.3 New claims 1.0 Settlements (0.2) Dismissals (0.5) Pending claims – Ending 25.6 Frequently, plaintiffs are unable to identify any ITT LLC or Goulds Pumps LLC products as a source of asbestos exposure. Our experience to date is that a majority of resolved claims are dismissed without any payment from ITT subsidiaries. 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 a 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. 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, including uncertainty related to asbestos claims and estimated costs arising from the long latency period prior to the manifestation of an asbestos-related disease, changes in available medical treatments and changes in medical costs, changes in plaintiff behavior resulting from bankruptcies of other companies that are or could be co-defendants, uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case and the impact of potential legislative or judicial changes. Additionally, future insurance insolvencies or settlement agreements with insurers could impact the overall recoverability of our asbestos-related asset. 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, it is difficult 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 in estimating our liability and expected recoveries could have a material adverse effect on our financial statements. Settlement Agreements The Company periodically enters into settlement agreements with insurers to settle responsibility for insurance claims. Under the terms of the settlements, the insurers agree to a payment or specified series of payments to a Qualified Settlement Fund for past costs and/or agree to provide coverage for certain future asbestos claims on specified terms and conditions. In March 2020, we finalized a settlement agreement with a group of insurers to settle responsibility for claims under certain insurance policies for a lump sum payment of $66.4, resulting in a benefit of $52.5. Asbestos-Related Costs (Benefit), Net In the third quarter of 2020, we extended the measurement period over which we estimate our asbestos liability to include pending claims and claims estimated to be filed through 2052, including legal fees, reflecting the full time period over which we currently expect claims to be filed against us. Previous estimates included pending claims and claims expected to be filed over the next 10 years. The following table provides a rollforward of the estimated asbestos liability and related assets for the three months ended March 31, 2021 and 2020. 2021 2020 For the Three Months Ended March 31 Liability Asset Net Liability Asset Net Beginning balance $ 932.0 $ 444.7 $ 487.3 $ 817.6 $ 386.8 $ 430.8 Asbestos provision (a) 1.4 (1.0) 2.4 14.5 2.7 11.8 Insurance settlement agreements — — — — 52.5 (52.5) Net cash activity (a) (23.5) (21.9) (1.6) (27.3) (21.2) (6.1) Ending balance $ 909.9 $ 421.8 $ 488.1 $ 804.8 $ 420.8 $ 384.0 Current portion $ 91.6 $ 91.0 $ 86.3 $ 67.2 Noncurrent portion $ 818.3 $ 330.8 $ 718.5 $ 353.6 (a) Includes certain administrative costs such as legal-related costs for insurance asset recoveries. The asbestos provision in the first quarter of 2020 includes amounts to maintain a rolling 10-year provision prior to the transition to a full horizon estimate. Environmental Matters In the ordinary course of business, we are subject to federal, state, local, and foreign environmental laws and regulations. We are responsible, or are alleged to be responsible, for ongoing environmental investigation and site remediation. These sites are in various stages of investigation or remediation and in many of these proceedings our liability is considered de minimis. We have received notification from the U.S. Environmental Protection Agency, and from similar state and foreign environmental agencies, that a number of sites formerly or currently owned or operated by ITT, and other properties or water supplies that may be or have been impacted from those operations, contain disposed or recycled materials or wastes and require environmental investigation or remediation. These sites include instances where we have been identified as a potentially responsible party under federal and state environmental laws and regulations. The following table provides a rollforward of the estimated environmental liability for the three months ended March 31, 2021 and 2020. For the Three Months Ended March 31 2021 2020 Environmental liability - beginning balance $ 58.3 $ 61.9 Change in estimates for pre-existing accruals: Continuing operations (0.1) — Discontinued operations — (1.6) Payments (2.0) (1.6) Foreign currency (0.1) (0.2) Environmental liability - ending balance $ 56.1 $ 58.5 Environmental-related assets, including a Qualified Settlement Fund and estimated recoveries from insurance providers and other third parties, were $16.5 and $22.2 as of March 31, 2021 and 2020, respectively. We are currently involved with 27 active environmental investigation and remediation sites. As of March 31, 2021, we have estimated the potential high-end liability range of environmental-related matters to be $96.8. As actual costs incurred at identified sites in future periods may vary from our current estimates given the inherent uncertainties in evaluating environmental exposures, management believes it is possible that the outcome of these uncertainties may have a material adverse effect on our financial statements.

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Description of Business	Description of Business ITT Inc. is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. Unless the context otherwise indicates, references herein to “ITT,” “the Company,” and such words as “we,” “us,” and “our” include ITT Inc. and its subsidiaries. ITT operates through three segments: Motion Technologies (MT), consisting of friction and shock and vibration equipment; Industrial Process (IP), consisting of industrial flow equipment and services; and Connect & Control Technologies (CCT), consisting of electronic connectors, fluid handling, motion control, composite materials and noise and energy absorption products. Financial information for our segments is presented in Note 3, Segment Information . In March 2020, the World Health Organization declared the outbreak of the novel coronavirus (COVID-19) a pandemic, resulting in certain local government-mandated site closures. While most of our businesses were deemed essential, we experienced disruption in our operations due to decreased customer demand, temporary plant closures, and elevated safety standards to keep our employees safe. The Company continues to face certain risks and uncertainties resulting from COVID-19, including the severity of a resurgence of COVID-19 or new strains of the virus, as well as the speed of distribution of the COVID-19 vaccines and people’s attitudes towards receiving the vaccines. Due to these uncertainties, the severity and extent of future impacts from COVID-19 or any new strains of the virus cannot be reasonably estimated at this time.
Basis of Accounting	Basis of Presentation The unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions) necessary to state fairly the financial position, results of operations, and cash flows for the periods presented. The Consolidated Condensed Balance Sheet as of December 31, 2020, presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K ( 2020 Annual Report ) for the year ended December 31, 2020 but does not include all disclosures required by GAAP. We consistently applied the accounting policies described in the 2020 Annual Report in preparing these unaudited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2020 Annual Report. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available and may be impacted by the duration and severity of the pandemic. 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 assets, allowance for credit losses and inventory valuation. Actual results could differ from these estimates. In the third quarter of 2020 we extended the measurement period over which we estimate our asbestos liability to include unasserted claims through 2052, which is the full time period over which we currently expect claims to be filed against us. Refer to Note 19, Commitments and Contingencies , for further information. ITT’s quarterly financial periods end on the Saturday that is closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year, which ends on December 31st. For ease of presentation, the quarterly financial statements included herein are described as ending on the last day of the calendar quarter. Certain prior year amounts have been reclassified to conform to the current year presentation.

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2021
Recent Acconting Pronouncements [Abstract]
Recent Accounting Pronouncements No Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted: In March 2020 and January 2021, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01, Reference Rate Reform (Topic 848): Scope , respectively. Together, the ASUs provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance was effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. We do not expect this guidance to have a significant impact on our operating results, financial position, or cash flows; however, we will continue to monitor the potential impact, if adopted.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Reconciliation of Segment to Consolidated Results Table	Revenue Operating Income Operating Margin For the Three Months Ended March 31 2021 2020 2021 2020 2021 2020 Motion Technologies $ 369.1 $ 297.9 $ 76.0 $ 53.1 20.6 % 17.8 % Industrial Process 202.3 227.3 31.0 8.9 15.3 % 3.9 % Connect & Control Technologies 127.3 138.7 11.8 15.9 9.3 % 11.5 % Total segment results 698.7 663.9 118.8 77.9 17.0 % 11.7 % Asbestos-related (costs) benefit, net — — (2.4) 40.7 — — Eliminations / Other Corporate costs (0.3) (0.6) (6.5) (9.3) — — Total Eliminations / Corporate and other costs (0.3) (0.6) (8.9) 31.4 — — Total $ 698.4 $ 663.3 $ 109.9 $ 109.3 15.7 % 16.5 %
Schedule of Segment Reporting Information	As of and for the Three Months Ended March 31 Total Assets Capital Depreciation & 2021 2020 (a) 2021 2020 2021 2020 Motion Technologies $ 1,244.6 $ 1,202.3 $ 13.5 $ 14.8 $ 15.7 $ 14.5 Industrial Process 1,036.4 1,069.6 1.6 2.5 5.6 6.6 Connect & Control Technologies 723.8 720.5 1.9 4.3 5.5 5.7 Corporate 1,174.9 1,285.2 0.2 0.6 1.7 0.6 Total $ 4,179.7 $ 4,277.6 $ 17.2 $ 22.2 $ 28.5 $ 27.4

REVENUE Revenue (Tables)

REVENUE Revenue (Tables)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue by End Market Table	The following table represents our revenue disaggregated by end market for the three months ended March 31, 2021 and 2020. For the Three Months Ended March 31, 2021 Motion Technologies Industrial Process Connect & Control Technologies Eliminations Total Auto and rail $ 364.0 $ — $ — $ — $ 364.0 Chemical and industrial pumps — 159.7 — — 159.7 Aerospace and defense 1.6 — 60.2 — 61.8 Oil and gas — 42.6 8.5 — 51.1 General industrial 3.5 — 58.6 (0.3) 61.8 Total $ 369.1 $ 202.3 $ 127.3 $ (0.3) $ 698.4	For the Three Months Ended March 31, 2020 Motion Technologies Industrial Process Connect & Control Technologies Eliminations Total Auto and rail $ 292.4 $ — $ — $ (0.1) $ 292.3 Chemical and industrial pumps — 161.5 — — 161.5 Aerospace and defense 2.9 — 86.1 — 89.0 Oil and gas — 65.8 7.8 — 73.6 General industrial 2.6 — 44.8 (0.5) 46.9 Total $ 297.9 $ 227.3 $ 138.7 $ (0.6) $ 663.3
Net Contract Assets and Liabilities Table	The following table represents our net contract assets and liabilities as of March 31, 2021 and December 31, 2020. March 31, December 31, Current contract assets, net $ 17.9 $ 19.1 Non-current contract assets, net 0.3 — Current contract liabilities (48.0) (56.2) Non-current contract liabilities (4.5) (0.1) Net contract liabilities $ (34.3) $ (37.2)

RESTRUCTURING ACTIONS RESTRUC_2

RESTRUCTURING ACTIONS RESTRUCTURING ACTIONS (Tables)	3 Months Ended
	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Costs [Table Text Block]	For the Three Months Ended March 31 2021 2020 Severance and other employee-related $ 2.4 $ 3.1 Asset write-offs 0.6 — Other 0.6 — Total restructuring costs $ 3.6 $ 3.1 By segment: Motion Technologies $ — $ — Industrial Process 0.9 0.1 Connect & Control Technologies 2.4 1.5 Corporate and Other 0.3 1.5
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, 2021 and 2020. 2021 2020 Beginning balance - January 1 $ 19.1 $ 7.5 Restructuring costs 4.0 3.1 Reversal of prior accruals (0.4) — Cash payments (4.8) (3.2) Asset write-offs (0.6) — Foreign exchange translation and other (0.4) (0.2) Ending balance - March 31 $ 16.9 $ 7.2 By accrual type: Severance and other employee-related $ 16.7 $ 6.9 Other 0.2 0.3

INCOME TAXES Income Tax Expense

INCOME TAXES Income Tax Expense (Tables)	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Inome Tax Expense (Benefit) Table	For the Three Months Ended March 31 2021 2020 Change Income tax expense $ 24.7 $ 24.7 — % Effective tax rate 22.2 % 22.7 % (50) bp

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share Table	The following table provides a reconciliation of the data used in the calculation of basic and diluted earnings per share from continuing operations attributable to ITT for the three months ended March 31, 2021 and 2020. For the Three Months Ended March 31 2021 2020 Basic weighted average common shares outstanding 86.3 87.4 Add: Dilutive impact of outstanding equity awards 0.6 0.8 Diluted weighted average common shares outstanding 86.9 88.2

RECEIVABLES, NET (Tables)

RECEIVABLES, NET (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Receivables, Net by Type Table	March 31, December 31, Trade accounts receivable $ 532.1 $ 492.5 Notes receivable 12.3 11.0 Other 16.6 19.1 Receivables, gross 561.0 522.6 Less: Allowance for credit losses - receivables (14.7) (15.1) Receivables, net $ 546.3 $ 507.5
Allowance for Credit Losses Table	The following table displays our allowance for credit losses for receivables and contract assets. March 31, December 31, Allowance for credit losses - receivables $ 14.7 $ 15.1 Allowance for credit losses - contract assets 0.5 0.5 Total allowance for credit losses $ 15.2 $ 15.6
Allowance for Credit Losses Rollforward Table	The following table displays a rollforward of the total allowance for credit losses. 2021 2020 Total allowance for credit losses - January 1 $ 15.6 $ 12.8 Impact of adoption of ASU 2016-13 — 1.7 Charges to income (0.2) 3.3 Write-offs (0.1) (1.7) Foreign currency and other (0.1) (0.3) Total allowance for credit losses - March 31 $ 15.2 $ 15.8

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories, Net Table	March 31, December 31, Finished goods $ 58.8 $ 63.1 Work in process 82.9 77.5 Raw materials 233.0 219.9 Inventories, net $ 374.7 $ 360.5

OTHER CURRENT AND NON-CURRENT_3

OTHER CURRENT AND NON-CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current and Non Current Assets Table	March 31, December 31, Asbestos-related assets $ 91.0 $ 91.0 Advance payments and other prepaid expenses 46.9 39.6 Current contract assets, net 17.9 19.1 Prepaid income taxes 22.7 29.0 Other 12.3 10.8 Other current assets $ 190.8 $ 189.5 Other employee benefit-related assets $ 115.3 $ 113.9 Operating lease right-of-use assets 83.1 87.3 Capitalized software costs 22.2 23.9 Environmental-related assets 8.5 10.6 Equity method investments 11.8 11.7 Other 24.8 24.6 Other non-current assets $ 265.7 $ 272.0

PLANT, PROPERTY AND EQUIPMENT_2

PLANT, PROPERTY AND EQUIPMENT, NET (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Plant, Property and Equipment, Net Table	Useful life March 31, December 31, Machinery and equipment 2 - 10 $ 1,187.4 $ 1,205.7 Buildings and improvements 5 - 40 269.0 273.9 Furniture, fixtures and office equipment 3 - 7 79.6 82.0 Construction work in progress 37.0 44.7 Land and improvements 33.6 34.6 Other 4.7 5.0 Plant, property and equipment, gross 1,611.3 1,645.9 Less: Accumulated depreciation (1,110.1) (1,120.8) Plant, property and equipment, net $ 501.2 $ 525.1

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the Carrying Amount of Goodwill Table	Goodwill The following table provides a rollforward of the carrying amount of goodwill for the three months ended March 31, 2021 by segment. Motion Industrial Connect & Control Total Goodwill - December 31, 2020 $ 298.1 $ 365.4 $ 281.3 $ 944.8 Foreign exchange translation (3.4) (7.1) (0.9) (11.4) Goodwill - March 31, 2021 $ 294.7 $ 358.3 $ 280.4 $ 933.4
Other Intangible Assets Table	Other Intangible Assets, Net Information regarding our other intangible assets is as follows: March 31, 2021 December 31, 2020 Gross Accumulated Amortization Net Intangibles Gross Accumulated Amortization Net Intangibles Customer relationships $ 162.4 $ (104.5) $ 57.9 $ 163.3 $ (101.7) $ 61.6 Proprietary technology 46.4 (24.2) 22.2 46.7 (23.4) 23.3 Patents and other 16.2 (12.6) 3.6 16.2 (11.5) 4.7 Finite-lived intangible total 225.0 (141.3) 83.7 226.2 (136.6) 89.6 Indefinite-lived intangibles 16.6 — 16.6 16.8 — 16.8 Other intangible assets $ 241.6 $ (141.3) $ 100.3 $ 243.0 $ (136.6) $ 106.4

ACCRUED AND OTHER CURRENT LIA_2

ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Accrued Liabilities and Other Non-Current Liabilities	March 31, December 31, Compensation and other employee-related benefits $ 122.9 $ 137.3 Asbestos-related liability 91.6 91.4 Contract liabilities and other customer-related liabilities 67.7 73.7 Accrued income taxes and other tax-related liabilities 39.8 36.9 Accrued warranty costs 24.1 23.1 Operating lease liabilities 19.3 19.8 Environmental liabilities and other legal matters 18.7 19.1 Accrued restructuring costs 16.9 19.1 Other 37.3 37.0 Accrued liabilities $ 438.3 $ 457.4 Operating lease liabilities $ 68.8 $ 72.4 Environmental liabilities 48.0 50.1 Deferred income taxes and other tax-related liabilities 12.2 11.9 Compensation and other employee-related benefits 29.0 29.4 Non-current maturities of long-term debt 12.5 13.0 Other 33.7 33.8 Other non-current liabilities $ 204.2 $ 210.6

DEBT Debt (Tables)

DEBT Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt Table	March 31, December 31, Commercial paper $ 58.8 $ 104.3 Current maturities of long-term debt and finance leases 2.4 2.5 Commercial paper and current maturities of long-term debt 61.2 106.8 Non-current maturities of long-term debt 12.5 13.0 Total debt and finance leases $ 73.7 $ 119.8

POSTRETIREMENT BENEFIT PLANS (T

POSTRETIREMENT BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost Table	The following table provides the components of net periodic benefit cost for pension plans and other employee-related benefit plans for the three months ended March 31, 2021 and 2020. 2021 2020 For the Three Months Ended March 31 Pension Other Total Pension Other Total Service cost $ 0.4 $ 0.2 $ 0.6 $ 0.3 $ 0.2 $ 0.5 Interest cost 0.2 0.5 0.7 2.3 0.7 3.0 Expected return on plan assets — — — (2.2) — (2.2) Amortization of prior service benefit — (1.3) (1.3) — (1.2) (1.2) Amortization of net actuarial loss 0.5 0.7 1.2 1.8 0.6 2.4 Total net periodic benefit cost $ 1.1 $ 0.1 $ 1.2 $ 2.2 $ 0.3 $ 2.5

LONG-TERM INCENTIVE EMPLOYEE _3

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Long-Term Incentive Employee Compensation Costs Table	The following table provides the components of LTIP costs for the three months ended March 31, 2021 and 2020. For the Three Months Ended March 31 2021 2020 Equity-based awards $ 3.3 $ 2.5 Liability-based awards 0.8 (0.6) Total share-based compensation expense $ 4.1 $ 1.9
Summary of Long-Term Incentive Plan Award Grants Table	During the three months ended March 31, 2021, we granted the following LTIP awards as provided in the table below: # of Awards Granted Weighted Average Grant Date Fair Value Per Share Restricted stock units (RSUs) 0.1 $ 84.10 Performance stock units (PSUs) 0.1 $ 84.27

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2021
Statement of Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Postretirement Benefit Plans Cumulative Translation Adjustment Accumulated Other Comprehensive Loss December 31, 2020 $ (55.9) $ (223.5) $ (279.4) Net change during period — (30.0) (30.0) March 31, 2021 (55.9) (253.5) (309.4) December 31, 2019 $ (133.3) $ (252.0) $ (385.3) Net change during period 0.9 (51.3) (50.4) March 31, 2020 $ (132.4) $ (303.3) $ (435.7)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Product Liability Contingencies Table	As of March 31, 2021, there were approximately 26 thousand pending claims against ITT subsidiaries, including Goulds Pumps LLC, 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: Claims data presented in thousands Pending claims – Beginning 25.3 New claims 1.0 Settlements (0.2) Dismissals (0.5) Pending claims – Ending 25.6
Roll Forward of Asbestos Liability and Related Assets Table	he following table provides a rollforward of the estimated asbestos liability and related assets for the three months ended March 31, 2021 and 2020. 2021 2020 For the Three Months Ended March 31 Liability Asset Net Liability Asset Net Beginning balance $ 932.0 $ 444.7 $ 487.3 $ 817.6 $ 386.8 $ 430.8 Asbestos provision (a) 1.4 (1.0) 2.4 14.5 2.7 11.8 Insurance settlement agreements — — — — 52.5 (52.5) Net cash activity (a) (23.5) (21.9) (1.6) (27.3) (21.2) (6.1) Ending balance $ 909.9 $ 421.8 $ 488.1 $ 804.8 $ 420.8 $ 384.0 Current portion $ 91.6 $ 91.0 $ 86.3 $ 67.2 Noncurrent portion $ 818.3 $ 330.8 $ 718.5 $ 353.6 (a) Includes certain administrative costs such as legal-related costs for insurance asset recoveries. The asbestos provision in the first quarter of 2020 includes amounts to maintain a rolling 10-year provision prior to the transition to a full horizon estimate.
Rollforward of Environmental Liability and Related Assets Table	The following table provides a rollforward of the estimated environmental liability for the three months ended March 31, 2021 and 2020. For the Three Months Ended March 31 2021 2020 Environmental liability - beginning balance $ 58.3 $ 61.9 Change in estimates for pre-existing accruals: Continuing operations (0.1) — Discontinued operations — (1.6) Payments (2.0) (1.6) Foreign currency (0.1) (0.2) Environmental liability - ending balance $ 56.1 $ 58.5

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Segment Reporting Information by Segment Revenue (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)Segment	Mar. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments | Segment	3
Revenue	$ 698.4	$ 663.3
Operating income	$ 109.9	$ 109.3
Operating Margin	15.70%	16.50%
Total Segment Results [Member]
Segment Reporting Information [Line Items]
Revenue	$ 698.7	$ 663.9
Operating income	$ 118.8	$ 77.9
Operating Margin	17.00%	11.70%
Motion Technologies
Segment Reporting Information [Line Items]
Revenue	$ 369.1	$ 297.9
Operating income	$ 76	$ 53.1
Operating Margin	20.60%	17.80%
Industrial Process
Segment Reporting Information [Line Items]
Revenue	$ 202.3	$ 227.3
Operating income	$ 31	$ 8.9
Operating Margin	15.30%	3.90%
Connect & Control Technologies
Segment Reporting Information [Line Items]
Revenue	$ 127.3	$ 138.7
Operating income	$ 11.8	$ 15.9
Operating Margin	9.30%	11.50%
Total Eliminations / Corporate and Other costs
Segment Reporting Information [Line Items]
Revenue	$ (0.3)	$ (0.6)
Operating income	$ (8.9)	$ 31.4
Operating Margin	0.00%	0.00%
Asbestos-related (costs) benefit, net
Segment Reporting Information [Line Items]
Revenue	$ 0	$ 0
Operating income	$ (2.4)	$ 40.7
Operating Margin	0.00%	0.00%
Eliminations / Other Corporate costs
Segment Reporting Information [Line Items]
Revenue	$ (0.3)	$ (0.6)
Operating income	$ (6.5)	$ (9.3)
Operating Margin	0.00%	0.00%

SEGMENT INFORMATION - Schedul_2

SEGMENT INFORMATION - Schedule of Segment Reporting Information by Segment Assets (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total Assets	$ 4,179.7		$ 4,277.6
Capital Expenditures	17.2	$ 22.2
Depreciation & Amortization	28.5	27.4
Motion Technologies
Segment Reporting Information [Line Items]
Total Assets	1,244.6		1,202.3	[1]
Capital Expenditures	13.5	14.8
Depreciation & Amortization	15.7	14.5
Industrial Process
Segment Reporting Information [Line Items]
Total Assets	1,036.4		1,069.6	[1]
Capital Expenditures	1.6	2.5
Depreciation & Amortization	5.6	6.6
Connect & Control Technologies
Segment Reporting Information [Line Items]
Total Assets	723.8		720.5	[1]
Capital Expenditures	1.9	4.3
Depreciation & Amortization	5.5	5.7
Corporate and Other
Segment Reporting Information [Line Items]
Total Assets	1,174.9		$ 1,285.2	[1]
Capital Expenditures	0.2	0.6
Depreciation & Amortization	$ 1.7	$ 0.6
[1]	Amounts reflect balances as of December 31, 2020.

REVENUE Revenue (Details)

REVENUE Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 698.4	$ 663.3
Eliminations
Disaggregation of Revenue [Line Items]
Revenue	(0.3)	(0.6)
Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	364	292.3
Auto and rail | Eliminations
Disaggregation of Revenue [Line Items]
Revenue	0	(0.1)
Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	159.7	161.5
Chemical and industrial pumps | Eliminations
Disaggregation of Revenue [Line Items]
Revenue	0	0
Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	61.8	89
Aerospace and defense | Eliminations
Disaggregation of Revenue [Line Items]
Revenue	0	0
Oil and gas
Disaggregation of Revenue [Line Items]
Revenue	51.1	73.6
Oil and gas | Eliminations
Disaggregation of Revenue [Line Items]
Revenue	0	0
General industrial
Disaggregation of Revenue [Line Items]
Revenue	61.8	46.9
General industrial | Eliminations
Disaggregation of Revenue [Line Items]
Revenue	(0.3)	(0.5)
Motion Technologies
Disaggregation of Revenue [Line Items]
Revenue	369.1	297.9
Motion Technologies | Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	364	292.4
Motion Technologies | Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	0	0
Motion Technologies | Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	1.6	2.9
Motion Technologies | Oil and gas
Disaggregation of Revenue [Line Items]
Revenue	0	0
Motion Technologies | General industrial
Disaggregation of Revenue [Line Items]
Revenue	3.5	2.6
Industrial Process
Disaggregation of Revenue [Line Items]
Revenue	202.3	227.3
Industrial Process | Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	0	0
Industrial Process | Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	159.7	161.5
Industrial Process | Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	0	0
Industrial Process | Oil and gas
Disaggregation of Revenue [Line Items]
Revenue	42.6	65.8
Industrial Process | General industrial
Disaggregation of Revenue [Line Items]
Revenue	0	0
Connect & Control Technologies
Disaggregation of Revenue [Line Items]
Revenue	127.3	138.7
Connect & Control Technologies | Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	0	0
Connect & Control Technologies | Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	0	0
Connect & Control Technologies | Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	60.2	86.1
Connect & Control Technologies | Oil and gas
Disaggregation of Revenue [Line Items]
Revenue	8.5	7.8
Connect & Control Technologies | General industrial
Disaggregation of Revenue [Line Items]
Revenue	$ 58.6	$ 44.8

REVENUE Contract Assets and Lia

REVENUE Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Current contract assets, net	$ 17.9	$ 19.1
Non-current contract assets, net	0.3	0
Current contract liabilities	(48)	(56.2)
Non-current contract liabilities	(4.5)	(0.1)
Net Contract Liabilities	$ 34.3	$ 37.2

REVENUE Revenue Textuals (Detai

REVENUE Revenue Textuals (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Contract with Customer, Liability, Revenue Recognized	$ 21.9
Revenue, Remaining Performance Obligation, Amount	799.3
Remaining Current Fiscal Year [Member] | Minimum [Member]
Revenue, Remaining Performance Obligation, Amount	580
Remaining Current Fiscal Year [Member] | Maximum [Member]
Revenue, Remaining Performance Obligation, Amount	$ 600

RESTRUCTURING ACTIONS Restruc_3

RESTRUCTURING ACTIONS Restructuring Costs (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Severance and other employee-related	$ 2,400,000	$ 3,100,000
Asset write-offs	600,000	0
Other	600,000	0
Restructuring costs	3,600,000	3,100,000
Motion Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	0
Industrial Process
Restructuring Cost and Reserve [Line Items]
Restructuring costs	900,000	100,000
Connect & Control Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2,400,000	1,500,000
Corporate and Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 300,000	$ 1,500,000

RESTRUCTURING ACTIONS Restruc_4

RESTRUCTURING ACTIONS Restructuring Accrual Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Beginning balance - January 1	$ 19.1	$ 7.5
Restructuring costs	4	3.1
Reversal of prior accruals	(0.4)	0
Cash payments	(4.8)	(3.2)
Asset write-offs	0.6	0
Foreign exchange translation and other	(0.4)	(0.2)
Ending balance - March 31	16.9	$ 7.2
Severance and other employee-related
Restructuring Cost and Reserve [Line Items]
Beginning balance - January 1	6.9
Ending balance - March 31	16.7
Other
Restructuring Cost and Reserve [Line Items]
Beginning balance - January 1	0.3
Ending balance - March 31	$ 0.2

RESTRUCTURING ACTIONS 2020 Glob

RESTRUCTURING ACTIONS 2020 Global Restructuring Plan (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 16.9	$ 7.2	$ 16.9	$ 19.1	$ 7.5
Cash payments	(4.8)	$ (3.2)
2020 Global Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred			45.1	$ 43.8
Restructuring and Related Cost, Expected Cost	3		3
Restructuring Reserve	12.8		$ 12.8
Cash payments	$ (4.5)

INCOME TAXES Income Tax Expen_2

INCOME TAXES Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 24.7	$ 24.7
Income Tax Expense, Increase from Prior Year, Percent Change	0.00%
Effective income tax rate	22.20%	22.70%
Change in Effective Income Tax Rate, Basis Points Change	(0.0050)

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021USD ($)
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount	$ 3,900,000
American Rescue Plan Act Amount	1,900,000,000,000
Payroll Tax Benefit from CARES Act	2,400,000
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 17,000,000

EARNINGS PER SHARE DATA - Basic

EARNINGS PER SHARE DATA - Basic and Diluted Loss Per Share (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Weighted average common shares – basic	86.3	87.4
Add: Dilutive impact of outstanding equity awards	0.6	0.8
Diluted weighted average common shares outstanding	86.9	88.2

EARNINGS PER SHARE DATA - Anti-

EARNINGS PER SHARE DATA - Anti-Dilutive Equity Award Units Excluded from the Computation of Diluted Earnings (Loss) (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.2	0.1

RECEIVABLES, NET - (Detail)

RECEIVABLES, NET - (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade accounts receivable	$ 532.1	$ 492.5
Notes receivable	12.3	11
Other	16.6	19.1
Receivables, gross	561	522.6
Less: Allowance for credit losses - receivables	(14.7)	(15.1)
Receivables, net	$ 546.3	$ 507.5

RECEIVABLES, NET Allowance for

RECEIVABLES, NET Allowance for Credit Losses (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Credit Loss [Abstract]
Allowance for credit losses - receivables	$ 14.7	$ 15.1
Allowance for credit losses - contract assets	0.5	0.5
Total allowance for credit losses	$ 15.2	$ 15.6	$ 15.8	$ 12.8

RECEIVABLES, NET Allowance fo_2

RECEIVABLES, NET Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Credit Loss [Abstract]
Total allowance for credit losses - January 1	$ 15.6	$ 12.8
Impact of adoption of ASU 2016-13	0	1.7
Charges to income	(0.2)	3.3
Write-offs	(0.1)	(1.7)
Foreign currency and other	(0.1)	(0.3)
Total allowance for credit losses - March 31	$ 15.2	$ 15.8

INVENTORIES, NET - Components o

INVENTORIES, NET - Components of Inventories, Net (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 58.8	$ 63.1
Work in process	82.9	77.5
Raw materials	233	219.9
Inventories, net	$ 374.7	$ 360.5

PLANT, PROPERTY AND EQUIPMENT_3

PLANT, PROPERTY AND EQUIPMENT, NET - Components of Plant, Property and Equipment, Net (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Machinery and equipment	$ 1,187.4	$ 1,205.7
Buildings and improvements	269	273.9
Furniture, fixtures and office equipment	79.6	82
Construction work in progress	37	44.7
Land and improvements	33.6	34.6
Other	4.7	5
Plant, property and equipment, gross	1,611.3	1,645.9
Less: Accumulated depreciation	(1,110.1)	(1,120.8)
Plant, property and equipment, net	$ 501.2	$ 525.1

PLANT, PROPERTY AND EQUIPMENT_4

PLANT, PROPERTY AND EQUIPMENT, NET (Details) - Estimated Useful Lives	3 Months Ended
	Mar. 31, 2021
Minimum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	2
Minimum [Member] | Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	5
Minimum [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	3
Maximum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	10
Maximum [Member] | Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	40
Maximum [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	7

PLANT, PROPERTY AND EQUIPMENT_5

PLANT, PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 21.4	$ 20.5
Tangible Asset Impairment Charges		4
Carrying Value of Tangible Assets Written Down to Estimated Fair Value			$ 14
Fair Value of Impaired Tangible Assets		$ 10

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Changes in the Carrying Amount of Goodwill (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Goodwill [Roll Forward]
Goodwill - December 31, 2020	$ 944.8
Foreign exchange translation	(11.4)
Goodwill - March 31, 2021	933.4
Motion Technologies
Goodwill [Roll Forward]
Goodwill - December 31, 2020	298.1
Foreign exchange translation	(3.4)
Goodwill - March 31, 2021	294.7
Industrial Process
Goodwill [Roll Forward]
Goodwill - December 31, 2020	365.4
Foreign exchange translation	(7.1)
Goodwill - March 31, 2021	358.3
Connect & Control Technologies
Goodwill [Roll Forward]
Goodwill - December 31, 2020	281.3
Foreign exchange translation	(0.9)
Goodwill - March 31, 2021	$ 280.4

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS, NET Other Intangible Assets (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 225	$ 226.2
Indefinite-lived intangible assets, Gross/Net Carrying Amount	16.6	16.8
Other Intangible Assets, Gross Carrying Amount	241.6	243
Accumulated Amortization	(141.3)	(136.6)
Finite-live intangible asset, net of accumulated amortization	83.7	89.6
Other intangible assets, net	100.3	106.4
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Customer Relationships, Gross Carrying Amount	162.4	163.3
Accumulated Amortization	(104.5)	(101.7)
Finite-live intangible asset, net of accumulated amortization	57.9	61.6
Proprietary technology
Finite-Lived Intangible Assets [Line Items]
Proprietary Technology, Gross Carrying Amount	46.4	46.7
Accumulated Amortization	(24.2)	(23.4)
Finite-live intangible asset, net of accumulated amortization	22.2	23.3
Patents and other
Finite-Lived Intangible Assets [Line Items]
Patents and Other, Gross Carrying Amount	16.2	16.2
Accumulated Amortization	(12.6)	(11.5)
Finite-live intangible asset, net of accumulated amortization	$ 3.6	$ 4.7

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS, NET Intangibles Textuals (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Impairment of Intangible Assets (Excluding Goodwill)		$ 12.3
Amortization of Intangible Assets	$ 5.1	$ 4.8

ACCRUED AND OTHER CURRENT LIA_3

ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES - (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Payables and Accruals [Abstract]
Compensation and other employee-related benefits	$ 122.9	$ 137.3
Asbestos-related liability	91.6	91.4	$ 86.3
Contract liabilities and other customer-related liabilities	67.7	73.7
Accrued income taxes and other tax-related liabilities	39.8	36.9
Accrued warranty costs	24.1	23.1
Operating lease liabilities	19.3	19.8
Environmental liabilities and other legal matters	18.7	19.1
Accrued restructuring costs	16.9	19.1
Other	37.3	37
Accrued liabilities	438.3	457.4
Operating lease liabilities	68.8	72.4
Environmental liabilities	48	50.1
Deferred income taxes and other tax-related liabilities	12.2	11.9
Compensation and other employee-related benefits	29	29.4
Non-current maturities of long-term debt	12.5	13
Other	33.7	33.8
Other non-current liabilities	$ 204.2	$ 210.6

DEBT Debt (Details)

DEBT Debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Commercial paper	$ 58.8	$ 104.3
Current maturities of long-term debt and finance leases	2.4	2.5
Commercial paper and current maturities of long-term debt	61.2	106.8
Non-current maturities of long-term debt	12.5	13
Total debt and finance leases	$ 73.7	$ 119.8

DEBT Commercial Paper - Textual

DEBT Commercial Paper - Textuals (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Commercial paper	$ 58.8	$ 104.3
Commercial Paper [Member] | Europe [Member]
Short-term Debt [Line Items]
Weighted Average Interest Rate	(0.34%)	(0.06%)

DEBT Short-term Loans (Details)

DEBT Short-term Loans (Details) - USD ($) $ in Millions	Apr. 29, 2020	Mar. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Short-term Debt		$ 0	$ 0
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Aggregate Borrowing Capacity		500
Line of Credit Facility, Letters of Credit Face Amount Maximum		100
Line of Credit Facility, Commitment Reduction Minimum Amount		10
Line of Credit Facility, Incremental Borrowing Capacity Maximum		200
Line of Credit Facility, Maximum Borrowing Capacity		$ 700
Line of Credit Facility, Interest Margin Above LIBOR		1.10%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.15%
Incremental Revolving Credit Agreement [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 200
Line of Credit Facility, Interest Margin Above LIBOR	1.55%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.35%

POSTRETIREMENT BENEFIT PLANS -

POSTRETIREMENT BENEFIT PLANS - Net Periodic Benefit Cost of Pension Plans and Other Employee Related Benefit Plans (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.6	$ 0.5
Interest cost	0.7	3
Expected return on plan assets	0	(2.2)
Amortization of prior service (benefit) cost	(1.3)	(1.2)
Amortization of net actuarial loss	1.2	2.4
Total net periodic benefit cost	1.2	2.5
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.4	0.3
Interest cost	0.2	2.3
Expected return on plan assets	0	(2.2)
Amortization of prior service (benefit) cost	0	0
Amortization of net actuarial loss	0.5	1.8
Total net periodic benefit cost	1.1	2.2
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.2	0.2
Interest cost	0.5	0.7
Expected return on plan assets	0	0
Amortization of prior service (benefit) cost	(1.3)	(1.2)
Amortization of net actuarial loss	0.7	0.6
Total net periodic benefit cost	$ 0.1	$ 0.3

POSTRETIREMENT BENEFIT PLANS Po

POSTRETIREMENT BENEFIT PLANS Postretirement Textuals (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ (2.9)	$ (2.2)
Reclassification of Postretirement Costs from AOCI, Net of Tax	0	$ 0.9
US. Qualified Pension Plan Termination [Member]
Defined Benefit Plan, Plan Assets, Payment for Settlement			$ 320
Defined Benefit Plan, Benefit Obligation, Payment for Settlement			$ 8.4
Minimum [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	10
Maximum [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	$ 14

LONG-TERM INCENTIVE EMPLOYEE _4

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Summary of Long-Term Incentive Plan Awards (Detail) shares in Millions	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Awards Granted | shares	0.1
Grant Date Fair Value | $ / shares	$ 84.10
Performance Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Awards Granted | shares	0.1
Grant Date Fair Value | $ / shares	$ 84.27

LONG-TERM INCENTIVE EMPLOYEE _5

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from the exercise of stock options	$ 0.2	$ 0.1
Equity Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 32.8
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 2 months 12 days
Liability Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 2.3
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 4 months 24 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vested during period	0.1	0.2
Performance Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vested during period	0.2	0.2

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
AOCI - Postretirement Benefits	$ (55.9)	$ 132.4	$ (55.9)	$ (133.3)
AOCI - Cumulative Translation Adjustment	(253.5)	(303.3)	(223.5)	(252)
Net change during period - AOCI Postretirement Benefits	0	0.9
Net change during period - AOCI Cumulative Translation Adjustment	(30)	(51.3)
Total other comprehensive loss, net of tax	(30)	(50.4)
Total accumulated other comprehensive loss	$ (309.4)	$ (435.7)	$ (279.4)	$ (385.3)

COMMITMENTS AND CONTINGENCIES R

COMMITMENTS AND CONTINGENCIES Rollforward of Asbestos Claims (Detail) - Asbestos Issue [Member]	3 Months Ended
	Mar. 31, 2021Claim
Asbestos Claims [Rollforward]
Pending claims – Beginning	25,300
New claims	1,000
Settlements	(200)
Dismissals	(500)
Pending claims – Ending	25,600

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES Roll Forward of Asbestos Liability and Related Assets (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Net Asbestos Liability Rollforward [Line Items]
Beginning balance		$ (487.3)	$ (430.8)
Asbestos provision(a)	[1]	2.4	11.8
Insurance settlement agreements		0	(52.5)
Net cash activity(a)	[1]	(1.6)	(6.1)
Ending balance		(488.1)	(384)
Asbestos-related liabilities Current		91.6	86.3	$ 91.4
Asbestos-related liabilities Non-Current		818.3	718.5	840.6
Asbestos-related assets Current		91	67.2	91
Asbestos-related assets Non-Current		330.8	353.6	$ 353.7
Liability [Member]
Net Asbestos Liability Rollforward [Line Items]
Beginning balance		(932)	(817.6)
Asbestos provision(a)		1.4	14.5
Insurance settlement agreements		0	0
Net cash activity(a)		(23.5)	(27.3)
Ending balance		(909.9)	(804.8)
Assets [Member]
Net Asbestos Liability Rollforward [Line Items]
Beginning balance		444.7	386.8
Asbestos provision(a)		1	(2.7)
Insurance settlement agreements		0	(52.5)
Net cash activity(a)		21.9	21.2
Ending balance		$ 421.8	$ 420.8
[1]	Includes certain administrative costs such as legal-related costs for insurance asset recoveries. The asbestos provision in the first quarter of 2020 includes amounts to maintain a rolling 10-year provision prior to the transition to a full horizon estimate.

COMMITMENTS AND CONTINGENCIES A

COMMITMENTS AND CONTINGENCIES Asbestos Matters Textuals (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)Claim	Mar. 31, 2020USD ($)	Dec. 31, 2020Claim
Asbestos Related Contingencies [Line Items]
Asbestos Related Costs (Benefit), Settlement Agreement	$ 0	$ (52.5)
Asbestos Issue [Member]
Asbestos Related Contingencies [Line Items]
Pending Asbestos Claims | Claim	25,600		25,300
Assets [Member]
Asbestos Related Contingencies [Line Items]
Asbestos Related Costs (Benefit), Settlement Agreement	$ 0	(52.5)
Liability [Member]
Asbestos Related Contingencies [Line Items]
Asbestos Related Costs (Benefit), Settlement Agreement	$ 0	0
Asbestos Issue [Member]
Asbestos Related Contingencies [Line Items]
Asbestos Settlement Agreement Cash Proceeds		66.4
Asbestos Related Costs (Benefit), Settlement Agreement		$ 52.5

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES Rollforward of Environmental Liability and Related Assets (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Loss Contingency Accrual [Roll Forward]
Environmental liability - beginning balance	$ 58.3	$ 61.9
Payments	(2)	(1.6)
Foreign currency	(0.1)	(0.2)
Environmental liability - ending balance	56.1	58.5
Continuing Operations [Member]
Loss Contingency Accrual [Roll Forward]
Changes In Pre-Existing Environmental Accruals	(0.1)	0
Discontinued Operations [Member]
Loss Contingency Accrual [Roll Forward]
Changes In Pre-Existing Environmental Accruals	$ 0	$ (1.6)

COMMITMENTS AND CONTINGENCIES E

COMMITMENTS AND CONTINGENCIES Environmental Matters Textuals (Details) $ in Millions	Mar. 31, 2021USD ($)site	Mar. 31, 2020USD ($)
Site Contingency [Line Items]
Environmental-related assets	$ 16.5	$ 22.2
Environmental Related Matters [Member]
Site Contingency [Line Items]
Number Of Active Environmental Investigation And Remediation Sites | site	27
Maximum [Member] | Environmental Related Matters [Member]
Site Contingency [Line Items]
Loss Contingency, Range of Possible Loss, Maximum	$ 96.8