Document and Entity Information
Document and Entity Information - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2020 | Apr. 29, 2020 | |
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, 2020 | |
Document Fiscal Year Focus | 2020 | |
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 $1 per share | |
Trading Symbol | ITT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 86.3 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Revenue | $ 663.3 | $ 695.5 |
Costs of revenue | 453.9 | 476.7 |
Gross profit | 209.4 | 218.8 |
General and administrative expenses | 60.2 | 51.9 |
Sales and marketing expenses | 41.6 | 40.2 |
Research and development expenses | 22.7 | 23.5 |
Asbestos-related (benefit) costs, net | (40.7) | 12.6 |
Asset impairment charges | 16.3 | 0 |
Operating income | 109.3 | 90.6 |
Interest and non-operating expenses (income), net | 0.6 | (0.5) |
Income from continuing operations before income tax expense | 108.7 | 91.1 |
Income tax expense | 24.7 | 19.7 |
Income from continuing operations | 84 | 71.4 |
Income from discontinued operations, net of tax | 1.1 | 0 |
Net income | 85.1 | 71.4 |
Less: Income attributable to noncontrolling interests | 0.3 | 0.1 |
Net income attributable to ITT Inc. | 84.8 | 71.3 |
Amounts attributable to ITT Inc.: | ||
Income from continuing operations, net of tax | 83.7 | 71.3 |
Income from discontinued operations, net of tax | 1.1 | 0 |
Net income attributable to ITT Inc. | $ 84.8 | $ 71.3 |
Basic: | ||
Continuing operations | $ 0.96 | $ 0.81 |
Discontinued operations | 0.01 | 0 |
Net income | 0.97 | 0.81 |
Diluted: | ||
Continuing operations | 0.95 | 0.80 |
Discontinued operations | 0.01 | 0 |
Net income | $ 0.96 | $ 0.80 |
Weighted average common shares – basic | 87.4 | 87.6 |
Weighted average common shares – diluted | 88.2 | 88.6 |
CONSOLIDATED CONDENSED STATEM_2
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Tax (expense) benefit on income from discontinued operations | $ (0.4) | $ 0 |
CONSOLIDATED CONDENSED STATEM_3
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 85.1 | $ 71.4 |
Other comprehensive loss: | ||
Net foreign currency translation adjustment | (51.3) | (2.4) |
Net change in postretirement benefit plans, net of tax benefits of $0.3 and $0.2, respectively | 0.9 | 0.6 |
Other comprehensive loss | (50.4) | (1.8) |
Comprehensive income | 34.7 | 69.6 |
Less: Comprehensive income attributable to noncontrolling interests | 0.3 | 0.1 |
Comprehensive income attributable to ITT Inc. | 34.4 | 69.5 |
Reclassification adjustments (see Note 15): | ||
Amortization of prior service benefit, net of tax expense of $(0.3) and $(0.3), respectively | (0.9) | (0.8) |
Amortization of net actuarial loss, net of tax benefits of $0.6 and $0.5, respectively | 1.8 | 1.4 |
Net change in postretirement benefit plans, net of tax benefits of $0.3 and $0.2, respectively | $ 0.9 | $ 0.6 |
CONSOLIDATED CONDENSED STATEM_4
CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net change in postretirement benefit plans, Tax Benefits | $ 0.3 | $ 0.2 |
Amortization of prior service costs, Tax (Expense) Benefit | (0.3) | (0.3) |
Amortization of net actuarial loss, Tax Benefits | $ 0.6 | $ 0.5 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 839.9 | $ 612.1 |
Receivables, net | 573.9 | 578.4 |
Inventories, net | 382.4 | 392.9 |
Other current assets | 152 | 153.4 |
Total current assets | 1,948.2 | 1,736.8 |
Plant, property and equipment, net | 511.5 | 531.5 |
Goodwill | 914.4 | 927.2 |
Other intangible assets, net | 119.7 | 138 |
Asbestos-related assets | 353.6 | 319.6 |
Deferred income taxes | 124.8 | 138.1 |
Other non-current assets | 304.4 | 316.5 |
Total non-current assets | 2,328.4 | 2,370.9 |
Total assets | 4,276.6 | 4,107.7 |
Current liabilities: | ||
Short-term debt and current maturities of long-term debt | 386.8 | 86.5 |
Accounts payable | 323.9 | 332.4 |
Accrued liabilities | 396.3 | 430.8 |
Total current liabilities | 1,107 | 849.7 |
Asbestos-related liabilities | 718.5 | 731.6 |
Postretirement benefits | 211.9 | 213.9 |
Other non-current liabilities | 223.6 | 234.7 |
Total non-current liabilities | 1,154 | 1,180.2 |
Total liabilities | 2,261 | 2,029.9 |
Shareholders’ equity: | ||
Issued and outstanding – 86.3 shares and 87.8 shares, respectively | 86.3 | 87.8 |
Retained earnings | 2,361.8 | 2,372.4 |
Total accumulated other comprehensive loss | (435.7) | (385.3) |
Total ITT Inc. shareholders’ equity | 2,012.4 | 2,074.9 |
Noncontrolling interests | 3.2 | 2.9 |
Total shareholders’ equity | 2,015.6 | 2,077.8 |
Total liabilities and shareholders’ equity | $ 4,276.6 | $ 4,107.7 |
CONSOLIDATED CONDENSED BALANC_2
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 250 | 250 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares issued | 86.3 | 87.8 |
Common stock, shares outstanding | 86.3 | 87.8 |
CONSOLIDATED CONDENSED STATEM_5
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Activities | ||
Income from continuing operations attributable to ITT Inc. | $ 83.7 | $ 71.3 |
Adjustments to income from continuing operations: | ||
Depreciation and amortization | 27.4 | 26.4 |
Equity-based compensation | 2.5 | 4.5 |
Asbestos-related (benefit) costs, net | (40.7) | 12.6 |
Asset impairment charges | 16.3 | 0 |
Other non-cash charges, net | 11 | 7.9 |
Asbestos-related payments, net | (6.1) | (9.9) |
Changes in assets and liabilities: | ||
Change in receivables | (13.4) | (47.1) |
Change in inventories | 0.6 | (17.3) |
Change in accounts payable | (6.4) | 18.8 |
Change in accrued expenses | (25.2) | (35.6) |
Change in income taxes | 16.5 | 9.5 |
Other, net | (12.7) | 1 |
Net Cash – Operating activities | 53.5 | 42.1 |
Investing Activities | ||
Capital expenditures | (22.2) | (29.2) |
Acquisitions, net of cash acquired | (4.7) | 0 |
Other, net | 0.7 | 0.4 |
Net Cash – Investing activities | (26.2) | (28.8) |
Financing Activities | ||
Commercial paper, net repayments | (82.7) | 0 |
Short-term revolving loans, borrowings | 378.3 | 0 |
Long-term debt, issued | 0 | 7.1 |
Long-term debt, repayments | 0 | (0.2) |
Repurchase of common stock | (83.4) | (19.9) |
Proceeds from issuance of common stock | 0.1 | 5.1 |
Dividends paid | (0.2) | (13.2) |
Other, net | (0.1) | 0.1 |
Net Cash – Financing activities | 212 | (21) |
Exchange rate effects on cash and cash equivalents | (11.7) | 0.7 |
Net Cash – Operating activities of discontinued operations | 0.2 | (0.4) |
Net change in cash and cash equivalents | 227.8 | (7.4) |
Cash and cash equivalents – beginning of year (includes restricted cash of $0.8 and $1.0, respectively) | 612.9 | 562.2 |
Cash and cash equivalents – end of period (includes restricted cash of $0.8 and $0.8, respectively) | 840.7 | 554.8 |
Cash paid during the year for: | ||
Interest | 2.3 | 1 |
Income taxes, net of refunds received | $ 8 | $ 9.3 |
CONSOLIDATED CONDENSED STATEM_6
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Restricted Cash | $ 0.8 | $ 0.8 | $ 0.8 | $ 1 |
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 | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] |
Common Stock Outstanding (Shares) | 87.6 | ||||
Common Stock Outstanding (Dollars) | $ 87.6 | ||||
Retained earnings | $ 2,110.3 | ||||
Total accumulated other comprehensive loss | (375.5) | $ (375.5) | |||
Noncontrolling interests | $ 2.5 | ||||
Total shareholders' equity | 1,824.9 | ||||
Net Income | 71.4 | $ 0 | $ 71.3 | 0 | (0.1) |
Activity from stock incentive plans, shares | 0.6 | ||||
Activity from stock incentive plans | $ 9.5 | $ 0.6 | 8.9 | 0 | 0 |
Share repuchases, shares | (0.2) | (0.4) | |||
Share repuchases | $ (19.9) | $ (0.4) | (19.5) | 0 | 0 |
Dividends declared | (12.9) | 0 | (12.9) | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | (1.8) | 0 | 0 | (1.8) | 0 |
Other | $ 0.1 | 0 | 0 | 0 | 0.1 |
Common Stock Outstanding (Shares) | 87.8 | ||||
Common Stock Outstanding (Dollars) | 87.8 | ||||
Retained earnings | 2,158.1 | ||||
Total accumulated other comprehensive loss | $ (377.3) | (377.3) | |||
Noncontrolling interests | 2.7 | ||||
Total shareholders' equity | $ 1,871.3 | ||||
Common Stock Outstanding (Shares) | 87.8 | ||||
Common Stock Outstanding (Dollars) | $ 87.8 | 87.8 | |||
Retained earnings | 2,372.4 | ||||
Total accumulated other comprehensive loss | (385.3) | (385.3) | |||
Noncontrolling interests | 2.9 | 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 | (1.7) | (1.9) | |||
Share repuchases | $ (83.4) | $ (1.9) | (81.5) | 0 | 0 |
Cumulative adjustment for accounting change | (1.2) | 0 | (1.2) | 0 | 0 |
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 | $ 86.3 | |||
Retained earnings | 2,361.8 | $ 2,361.8 | |||
Total accumulated other comprehensive loss | (435.7) | $ (435.7) | |||
Noncontrolling interests | 3.2 | $ 3.2 | |||
Total shareholders' equity | $ 2,015.6 |
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, 2020 | Mar. 31, 2019 | |
Dividends declared per share | $ 0.169 | $ 0.147 |
DESCRIPTION OF BUSINESS, BASIS
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND UPDATES TO SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2020 | |
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 oil and gas 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, consisting of friction and shock and vibration equipment; Industrial Process, consisting of industrial flow equipment and services; and Connect & Control Technologies, consisting of electronic connectors, fluid handling, motion control, composite materials and noise and energy absorption products. Financial information for our segments is presented in Note 3 , Segment Information . In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) pandemic, which has spread throughout the world. While most of our businesses are deemed essential, we have experienced certain local government-mandated site closures. The Company continues to face certain risks resulting from COVID-19 including disruption of our operations due to decreased customer demand, temporary plant closures, and elevated standards to keep our employees safe, along with increased risk of customer or supplier bankruptcy and potential challenges in accessing capital markets. All of these may have a material adverse impact on the Company. While the disruption is currently expected to be temporary, there is uncertainty around the duration of these impacts. Therefore, while we expect this matter to negatively impact our business, results of operations, and financial position, the extent of certain future impacts cannot be reasonably estimated at this time. Refer to the section titled “ Impact of COVID-19 on our Business ” within Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. 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, 2019 , presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K ( 2019 Annual Report ) for the year ended December 31, 2019 but does not include all disclosures required by GAAP. We consistently applied the accounting policies described in the 2019 Annual Report in preparing these unaudited financial statements, other than those related to new accounting standards adopted during the period. Refer to Note 2 , Recent Accounting Pronouncements for further information. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2019 Annual Report. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, asbestos-related liabilities and recoveries from insurers, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, accounting for business combinations, goodwill and other intangible asset impairment testing, environmental liabilities and assets, allowance for credit losses and inventory valuation. Actual results could differ from these estimates. 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, 2020 | |
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. Accounting Pronouncements Recently Adopted Measurement of Credit Losses on Financial Instruments (ASU 2016-13) In June 2016, the FASB issued updated guidance that requires entities to use a current expected credit loss model to measure credit-related impairments for financial instruments held at amortized cost, including trade receivables. The current expected credit loss model is based on relevant information about past events, including historical experience, conditions at the date of measurement, and reasonable and supportable forecasts that affect collectability. Current expected credit losses, and subsequent adjustments, represent an estimate of lifetime expected credit losses that are recorded as an allowance deducted from the amortized cost of the financial instrument. The updated guidance was effective for the Company beginning on January 1, 2020 and was adopted using a modified retrospective transition approach, resulting in an increase in our allowance for credit losses related to receivables and contract assets. Refer to Note 8, Receivables, Net for additional information. The cumulative effect of the changes made to our consolidated January 1, 2020 balance sheet related to the adoption of ASU 2016-13 is as follows: December 31, 2019 Cumulative Effect of Adoption January 1, 2020 Receivables, net $ 578.4 $ (1.6 ) $ 576.8 Other current assets 153.4 (0.1 ) 153.3 Deferred income taxes 138.1 0.5 138.6 Retained earnings 2,372.4 (1.2 ) 2,371.2 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2020 | |
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, environmental-related assets, deferred taxes, and certain property, plant and equipment. Revenue Operating Income Operating Margin For the Three Months Ended March 31 2020 2019 2020 2019 2020 2019 Motion Technologies $ 297.9 $ 315.2 $ 53.1 $ 60.9 17.8 % 19.3 % Industrial Process 227.3 215.7 8.9 22.2 3.9 % 10.3 % Connect & Control Technologies 138.7 165.0 15.9 27.4 11.5 % 16.6 % Total segment results 663.9 695.9 77.9 110.5 11.7 % 15.9 % Asbestos-related benefit (costs), net — — 40.7 (12.6 ) — — Eliminations / Other corporate costs (0.6 ) (0.4 ) (9.3 ) (7.3 ) — — Total Eliminations / Corporate and Other costs (0.6 ) (0.4 ) 31.4 (19.9 ) — — Total $ 663.3 $ 695.5 $ 109.3 $ 90.6 16.5 % 13.0 % Total Assets Capital Expenditures Depreciation & Amortization As of and for the Three Months Ended March 31 2020 2019 (a) 2020 2019 2020 2019 Motion Technologies $ 1,167.9 $ 1,178.2 $ 14.8 $ 20.2 $ 14.5 $ 14.2 Industrial Process 1,062.0 1,137.8 2.5 3.5 6.6 6.3 Connect & Control Technologies 764.2 755.6 4.3 4.8 5.7 5.2 Corporate and Other 1,282.5 1,036.1 0.6 0.7 0.6 0.7 Total $ 4,276.6 $ 4,107.7 $ 22.2 $ 29.2 $ 27.4 $ 26.4 (a) Amounts reflect balances as of December 31, 2019 . |
REVENUE REVENUE
REVENUE REVENUE | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE The following table represents our revenue disaggregated by end market for the three months ended March 31, 2020 and 2019 . 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 For the Three Months Ended March 31, 2019 Motion Technologies Industrial Process Connect & Control Technologies Eliminations Total Auto and rail $ 310.0 $ — $ — $ — $ 310.0 Chemical and industrial pumps — 161.5 — — 161.5 Aerospace and defense 2.3 — 99.5 — 101.8 Oil and gas — 54.2 8.5 — 62.7 General industrial 2.9 — 57.0 (0.4 ) 59.5 Total $ 315.2 $ 215.7 $ 165.0 $ (0.4 ) $ 695.5 Contract Assets and Liabilities Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings, net of allowances for credit losses. Contract liabilities consist of advance payments and billings in excess of revenue recognized. The following table represents our net contract assets and liabilities as of March 31, 2020 and December 31, 2019 . March 31, December 31, Change Current contract assets, net $ 15.6 $ 18.0 (13.3 )% Current contract liabilities (51.2 ) (57.4 ) (10.8 )% Net contract liabilities $ (35.6 ) $ (39.4 ) (9.6 )% During the three months ended March 31, 2020 , we recognized revenue of $32.8 , related to contract liabilities as of December 31, 2019 . The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations as of March 31, 2020 was $841.0 . Of this amount, we expect to recognize approximately $695 to $715 of revenue during 2020. |
RESTRUCTURING ACTIONS RESTRUCTU
RESTRUCTURING ACTIONS RESTRUCTURING ACTIONS | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING ACTIONS | RESTRUCTURING ACTIONS The table below summarizes the restructuring costs presented within general and administrative expenses in our Consolidated Condensed Statements of Operations for the three months ended March 31, 2020 and 2019 . We have initiated various restructuring activities throughout our businesses during the past two years, however there were no restructuring activities considered individually significant, other than those announced subsequent to the end of the first quarter of 2020. For the Three Months Ended March 31 2020 2019 Severance and other employee-related $ 3.1 $ 1.0 Other — 0.1 Total restructuring costs $ 3.1 $ 1.1 By segment: Motion Technologies $ — $ 0.7 Industrial Process 0.1 0.3 Connect & Control Technologies 1.5 0.1 Corporate and Other 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, 2020 and 2019 . For the Three Months Ended March 31 2020 2019 Restructuring accruals - beginning balance $ 7.5 $ 6.7 Restructuring costs 3.1 1.1 Cash payments (3.2 ) (1.8 ) Foreign exchange translation and other (0.2 ) (0.4 ) Restructuring accrual - ending balance $ 7.2 $ 5.6 By accrual type: Severance and other employee-related $ 6.9 $ 5.3 Other 0.3 0.3 Subsequent to the end of the first quarter of 2020, the Company finalized an organizational-wide restructuring plan to reduce the overall cost structure of the Company primarily in response to an anticipated reduction in demand from the COVID-19 pandemic. The Company expects to incur pre-tax cash costs of approximately $45 to $55 , principally involuntary severance costs. The Company anticipates to substantially complete these actions in 2020. The benefits from these actions, after full implementation, are expected to yield annual pre-tax cash savings to the Company of approximately $70 . |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For the Three Months Ended March 31 2020 2019 Change Income tax expense $ 24.7 $ 19.7 25.4 % Effective tax rate 22.7 % 21.6 % 110bp The higher effective tax rate during the first quarter of 2020 was primarily due to an increase in unbenefited tax losses in Germany partially offset by foreign exchange losses on distributions resulting in a tax benefit of $2.0 . In response to COVID-19, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was signed into law on March 27, 2020. The CARES Act provides numerous tax provisions and other stimulus measures, including temporary changes regarding the prior and future utilization of net operating losses, temporary suspension of certain payment requirements for the employer portion of Social Security taxes, technical corrections from prior tax legislation for tax depreciation of certain qualified improvement property, and the creation of certain refundable employee retention credits. In addition, certain non-U.S. jurisdictions have also enacted similar measures. The Company is currently evaluating the impact of these measures on its consolidated financial statements. If these measures are determined to be applicable to the Company, they may result in cash refunds and an income tax benefit recorded in the Consolidated Statement of Operations. Our financial condition and results of operations have been and are expected to continue to be adversely affected by the COVID-19 pandemic and the governmental and market reactions to COVID-19. The impacts on earnings have already and will continue to have an impact on the Company’s overall effective tax rate throughout the year. The Company operates in various tax jurisdictions and is subject to examination by tax authorities in these jurisdictions. The Company is currently under examination in several jurisdictions including the Czech Republic, Germany, Hong Kong, India, Italy, the U.S. and Venezuela. The estimated tax liability calculation for unrecognized tax benefits considers uncertainties in the application of complex tax laws and regulations in various tax jurisdictions. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the unrecognized tax benefit. Over the next 12 months, the net amount of the tax liability for unrecognized tax benefits in foreign and domestic jurisdictions could change by approximately $14 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE DATA The following table provides a reconciliation of the data used in the calculation of basic and diluted earnings per share from continuing operations attributable to ITT for the three months ended March 31, 2020 and 2019 . For the Three Months Ended March 31 2020 2019 Basic weighted average common shares outstanding 87.4 87.6 Add: Dilutive impact of outstanding equity awards 0.8 1.0 Diluted weighted average common shares outstanding 88.2 88.6 There were no anti-dilutive shares underlying stock options excluded from the computation of diluted earnings per share for the three months ended March 31, 2020 and 2019 . |
RECEIVABLES, NET
RECEIVABLES, NET | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
RECEIVABLES, NET | RECEIVABLES, NET March 31, December 31, Trade accounts receivable $ 562.3 $ 562.3 Notes receivable 9.1 6.2 Other 18.2 21.2 Receivables, gross 589.6 589.7 Less: Allowance for credit losses - receivables (15.7 ) (11.3 ) Receivables, net $ 573.9 $ 578.4 Allowance for Credit Losses We determine our allowance for credit losses using a combination of factors to reduce our trade receivables and contract asset balances to the net amount expected to be collected. The allowance was based on a variety of factors including the length of time receivables were past due, macroeconomic trends and conditions, significant one-time events, historical experience, and expectations of future economic conditions. We also record an allowance for individual accounts when we become aware of specific customer circumstances, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position. The past due or delinquency status of a receivable is based on the contractual payment terms of the receivable. If circumstances related to the specific customer change, we adjust estimates of the recoverability of receivables as appropriate. Our allowance for credit losses for the quarter ended March 31, 2020 includes our initial estimate of the impact of the COVID-19 pandemic and recent decline in the oil and gas market and will be adjusted in subsequent periods as circumstances develop and we gain better insight into the future outlook 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 $ 15.7 $ 11.3 Allowance for credit losses - contract assets 0.1 1.5 Total allowance for credit losses $ 15.8 $ 12.8 The follow table displays a rollforward of the total allowance for credit losses for the three months ended March 31, 2020. For the Three Months Ended March 31 2020 Total allowance for credit losses - January 1 $ 12.8 Impact of adoption of ASU 2016-13 (See Note 2) 1.7 Charges to income 3.3 Write-offs (1.7 ) Foreign currency and other (0.3 ) Total allowance for credit losses - March 31 $ 15.8 |
INVENTORIES, NET
INVENTORIES, NET | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
INVENTORIES, NET | INVENTORIES, NET March 31, December 31, Finished goods $ 54.4 $ 80.7 Work in process 84.5 83.9 Raw materials 243.5 228.3 Inventories, net $ 382.4 $ 392.9 |
OTHER CURRENT AND NON-CURRENT A
OTHER CURRENT AND NON-CURRENT ASSETS | 3 Months Ended |
Mar. 31, 2020 | |
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 $ 67.2 $ 67.2 Advance payments and other prepaid expenses 49.0 45.4 Current contract assets, net 15.6 18.0 Prepaid income taxes 18.8 20.6 Other 1.4 2.2 Other current assets $ 152.0 $ 153.4 Other employee benefit-related assets $ 132.0 $ 133.6 Operating lease right-of-use assets 85.2 91.7 Capitalized software costs 28.0 30.1 Environmental-related assets 22.2 22.2 Equity method investments 10.1 9.8 Other 26.9 29.1 Other non-current assets $ 304.4 $ 316.5 |
PLANT, PROPERTY AND EQUIPMENT,
PLANT, PROPERTY AND EQUIPMENT, NET | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
PLANT, PROPERTY AND EQUIPMENT, NET | PLANT, PROPERTY AND EQUIPMENT, NET Useful life (in years) March 31, December 31, Machinery and equipment 2 - 10 $ 1,103.0 $ 1,128.9 Buildings and improvements 5 - 40 268.3 279.3 Furniture, fixtures and office equipment 3 - 7 77.1 79.8 Construction work in progress 52.0 48.8 Land and improvements 32.0 33.3 Other 4.8 10.5 Plant, property and equipment, gross 1,537.2 1,580.6 Less: Accumulated depreciation (1,025.7 ) (1,049.1 ) Plant, property and equipment, net $ 511.5 $ 531.5 Depreciation expense of $20.5 and $20.2 was recognized in the three months ended March 31, 2020 and 2019 , 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 . Our current 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 and future cash flows of other 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, 2020 | |
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, 2020 by segment. Motion Industrial Process Connect & Control Technologies Total Goodwill - December 31, 2019 $ 293.6 $ 354.1 $ 279.5 $ 927.2 Adjustments to purchase price allocations — (2.5 ) — (2.5 ) Foreign exchange translation (3.2 ) (6.4 ) (0.7 ) (10.3 ) Goodwill - March 31, 2020 $ 290.4 $ 345.2 $ 278.8 $ 914.4 Adjustments to purchase price allocations is related to our 2019 acquisition of Rheinhütte Pumpen Group (Rheinhütte). Refer to Note 20 , Acquisitions , for additional information. Other Intangible Assets, Net Information regarding our other intangible assets is as follows: March 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Intangibles Gross Carrying Amount Accumulated Amortization Net Intangibles Customer relationships $ 161.6 $ (91.8 ) $ 69.8 $ 176.3 $ (99.6 ) $ 76.7 Proprietary technology 45.8 (20.4 ) 25.4 58.4 (28.1 ) 30.3 Patents and other 10.6 (8.0 ) 2.6 21.8 (13.0 ) 8.8 Finite-lived intangible total 218.0 (120.2 ) 97.8 256.5 (140.7 ) 115.8 Indefinite-lived intangibles 21.9 — 21.9 22.2 — 22.2 Other intangible assets $ 239.9 $ (120.2 ) $ 119.7 $ 278.7 $ (140.7 ) $ 138.0 The challenging economic conditions caused by the global COVID-19 pandemic combined with a decline in the upstream oil and gas market are expected to result in a significant decline in revenue and negatively impact the profitability of a business within the IP segment. As a result, during the first quarter of 2020, we determined that certain intangible assets 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 and future cash flows of other businesses could cause us to record additional impairment charges in future periods, which may be material. In addition, we reclassified a trademark intangible asset with a net book value of $5 , previously included within patents and other, to indefinite-lived intangibles as we have recently suspended our company re-branding project for the foreseeable future. Amortization expense related to finite-lived intangible assets was $4.8 and $4.0 for the three months ended March 31, 2020 and 2019 , respectively. Estimated amortization expense for each of the five succeeding years is as follows: 2020 $ 12.8 2021 16.3 2022 16.2 2023 14.4 2024 9.0 Thereafter 29.1 |
ACCRUED AND OTHER CURRENT LIABI
ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES | 3 Months Ended |
Mar. 31, 2020 | |
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 $ 121.7 $ 145.4 Contract liabilities and other customer-related liabilities 68.5 74.6 Asbestos-related liability 86.3 86.0 Accrued income taxes and other tax-related liabilities 26.3 27.0 Operating lease liabilities 19.1 19.9 Accrued warranty costs 18.9 18.5 Environmental liabilities and other legal matters 16.8 17.9 Other 38.7 41.5 Accrued liabilities $ 396.3 $ 430.8 Environmental liabilities $ 52.4 $ 55.8 Operating lease liabilities 70.1 76.0 Compensation and other employee-related benefits 30.8 32.4 Deferred income taxes and other tax-related liabilities 24.6 24.0 Other 45.7 46.5 Other non-current liabilities $ 223.6 $ 234.7 |
DEBT Debt (Notes)
DEBT Debt (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt [Text Block] | DEBT March 31, December 31, Short-term loans $ 384.5 $ — Commercial paper — 84.2 Current maturities of long-term debt and finance leases 2.3 2.3 Short-term debt and current maturities of long-term debt 386.8 86.5 Long-term debt and finance leases 12.6 12.9 Total debt and finance leases $ 399.4 $ 99.4 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, 2020, we had €350 outstanding ( $384.5 as of March 31, 2020) under the credit facility, with an associated weighted average interest rate of 1.1% and varying maturity dates all within six months or less. As of December 31, 2019, we had no outstanding obligations under the credit facility. On April 3, 2020, we borrowed an additional €109 (approximately $118 ) with a weighted average interest rate of 1.1% and a maturity date of 6 months. There is also 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 credit facility 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 the date of this report. As of March 31, 2020, our interest coverage ratio and leverage ratios associated with short-term loans were within the prescribed thresholds. Additionally, we currently expect to remain within the prescribed thresholds until maturity. Commercial Paper There were no commercial paper borrowings outstanding as of March 31, 2020, due to the volatility of the commercial paper market as a result of the economic uncertainty related to the COVID-19 pandemic. Commercial paper outstanding as of December 31, 2019 was issued entirely through the Company’s euro program and had an associated weighted average interest rate of 0.05% . The outstanding commercial paper had maturity terms less than three months from the date of issuance. Refer to the Liquidity section within “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” for additional information on our overall funding and liquidity strategy. |
POSTRETIREMENT BENEFIT PLANS
POSTRETIREMENT BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
POSTRETIREMENT BENEFIT PLANS | POSTRETIREMENT BENEFIT PLANS 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, 2020 and 2019 . 2020 2019 For the Three Months Ended March 31 Pension Other Total Pension Other Total Service cost $ 0.3 $ 0.2 $ 0.5 $ 0.4 $ 0.2 $ 0.6 Interest cost 2.3 0.7 3.0 3.1 1.0 4.1 Expected return on plan assets (2.2 ) — (2.2 ) (3.8 ) — (3.8 ) Amortization of prior service (benefit) cost — (1.2 ) (1.2 ) 0.2 (1.3 ) (1.1 ) Amortization of net actuarial loss 1.8 0.6 2.4 1.3 0.6 1.9 Total net periodic benefit cost $ 2.2 $ 0.3 $ 2.5 $ 1.2 $ 0.5 $ 1.7 We made contributions to our global postretirement plans of $2.2 and $3.0 during the three months ended March 31, 2020 and 2019 , respectively. We expect to make contributions of approximately $10 to $12 during the remainder of 2020 , 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 $0.9 and $0.6 , net of tax, during the three months ended March 31, 2020 and 2019 , respectively. No other reclassifications from accumulated other comprehensive income into earnings were recognized during any of the presented periods. U.S. Qualified Pension Plan Termination On February 19, 2020, the Company’s Board of Directors conditionally authorized the termination of our U.S. qualified pension plan by offering lump sum distributions to certain participants and transferring the plan’s remaining benefit obligations to an insurance company through one or more group annuity contracts. The current projected benefit obligation is $290.2 . Ultimate plan termination is subject to certain considerations, including regulatory review, interest rates and annuity pricing. If we proceed with the termination of the plan, the transaction is expected to occur in the second half of 2020 and would be funded with plan assets, $312.3 as of the end of the first quarter. Any additional funding, if necessary, would be made with cash. Our investment strategy was updated in 2019 to reduce risk by increasing the asset allocation to 100% fixed income and cash. At the time such a transaction were to close, an insurance company (or companies) would assume responsibility for paying and administering pension benefits that had been an obligation of the plan to plan participants and their beneficiaries. Upon transfer of the pension obligation, we expect to recognize a non-cash pension settlement charge of approximately $130 to $140 |
LONG-TERM INCENTIVE EMPLOYEE CO
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and 2019 . For the Three Months Ended March 31 2020 2019 Equity-based awards $ 2.5 $ 4.5 Liability-based awards (0.6 ) 0.7 Total share-based compensation expense $ 1.9 $ 5.2 The decline in share-based compensation expense for equity-based awards was driven by performance stock units which are evaluated each quarter to determine the likelihood of achieving certain performance targets. The decline in share-based compensation expense for liability-based awards is due to a decrease in ITT’s stock price. At March 31, 2020 , there was $29.7 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 2.3 years. Additionally, unrecognized compensation cost related to liability-based awards was $1.6 , which is expected to be recognized ratably over a weighted-average period of 2.1 years. Year-to-Date 2020 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, 2020 , 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) 0.2 $ 61.05 Performance stock units (PSUs) 0.1 $ 68.93 During the three months ended March 31, 2020 a nominal amount of non-qualified stock options were exercised resulting in proceeds of $0.1 . During the three months ended March 31, 2019 , 0.2 of non-qualified stock options were exercised resulting in proceeds of $5.1 . During the three months ended March 31, 2020 and 2019 , RSUs of 0.2 vested and were issued. During the three months ended March 31, 2020 and 2019 , PSUs of 0.2 that vested on December 31, 2019 and 2018, respectively, were issued. |
CAPITAL STOCK
CAPITAL STOCK | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
CAPITAL STOCK | CAPITAL STOCK On October 27, 2006 (the 2006 Plan), our Board of Directors approved a three-year, $1 billion share repurchase program, which it modified in 2008 to make the term indefinite. On October 30, 2019 (the 2019 Plan), the Board of Directors approved a new indefinite term $500 share repurchase program. 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, 2020 and 2019 , we repurchased and retired 1.7 and 0.2 shares of common stock for $73.2 and $10.5 , respectively, under these programs, including 1.4 shares and $61.9 in 2020 under the 2006 plan. Separate from the share repurchase program, the Company repurchased 0.2 shares during the three months ended March 31, 2020 and 2019 , respectively, for an aggregate price of $10.2 and $9.4 , respectively, in settlement of employee tax withholding obligations due upon the vesting of RSUs and PSUs. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive Loss (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Statement of Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Loss [Text Block] | ACCUMULATED OTHER COMPREHENSIVE LOSS Postretirement Benefit Plans Cumulative Translation Adjustment Accumulated Other Comprehensive Loss 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 ) December 31, 2018 $ (131.6 ) $ (243.9 ) $ (375.5 ) Net change during period 0.6 (2.4 ) (1.8 ) March 31, 2019 $ (131.0 ) $ (246.3 ) $ (377.3 ) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES From time to time, we are involved in legal proceedings that are incidental to the operation of our businesses. Some of these proceedings allege damages relating to 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, 2020 , there were approximately 24 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: Pending claims – Beginning 24 New claims 1 Settlements — Dismissals (1 ) Pending claims – Ending 24 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. As a result of this and other factors, the Company is unable to estimate the maximum potential exposure to pending claims and claims estimated to be filed over the next 10 years. Estimating our exposure to pending asbestos claims and those that may be filed in the future is subject to significant uncertainty and risk as there are multiple variables that can affect the timing, severity, quality, quantity and resolution of claims. Any predictions with respect to the variables impacting the estimate of the asbestos liability and related asset are subject to even greater uncertainty as the projection period lengthens. In light of the variables and uncertainties inherent in the long-term projection of the Company’s asbestos exposures, while it is probable that the Company will incur additional costs for asbestos claims filed beyond the next 10 years, which additional costs may be material, we do not believe there is a reasonable basis for estimating those costs at this time. The asbestos liability and related receivables reflect management’s best estimate of future events. However, future events affecting the key factors and other variables for either the asbestos liability or the related receivables could cause actual costs or recoveries to be materially higher or lower than currently estimated. Due to these uncertainties, as well as our inability to reasonably estimate any additional asbestos liability for claims which may be filed beyond the next 10 years, it is 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 within the next 10 years, as well as the cost of asbestos claims filed beyond the next 10 years, net of expected recoveries, could have a material adverse effect on our financial statements. Settlement Agreement 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 Benefit, Net As part of our ongoing review of our net asbestos exposure, each quarter we assess the most recent quantitative data available for the key inputs and assumptions, comparing the data to expectations on which the most recent annual liability and asset estimates were calculated. Based on this evaluation, the Company determined that no change in the estimate was warranted for the quarter ended March 31, 2020 other than the incremental accrual to maintain a rolling 10-year forecast period and the settlement agreement described above. The following table provides a rollforward of the estimated asbestos liability and related assets for the three months ended March 31, 2020 and 2019 . 2020 2019 For the Three Months Ended March 31 Liability Asset Net Liability Asset Net Beginning balance $ 817.6 $ 386.8 $ 430.8 $ 849.3 $ 376.7 $ 472.6 Asbestos provision (a) 14.5 2.7 11.8 15.7 3.1 12.6 Insurance settlement agreement — 52.5 (52.5 ) — — — Net cash activity (a) (27.3 ) (21.2 ) (6.1 ) (20.1 ) (10.2 ) (9.9 ) Ending balance $ 804.8 $ 420.8 $ 384.0 $ 844.9 $ 369.6 $ 475.3 Current portion $ 86.3 $ 67.2 $ 73.5 $ 67.1 Noncurrent portion $ 718.5 $ 353.6 $ 771.4 $ 302.5 (a) Includes certain administrative costs such as legal-related costs for insurance asset recoveries. Environmental Matters In the ordinary course of business, we are subject to federal, state, local, and foreign environmental laws and regulations. We are responsible, or are alleged to be responsible, for ongoing environmental investigation and site remediation. These sites are in various stages of investigation 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, 2020 and 2019 . For the Three Months Ended March 31 2020 2019 Environmental liability - beginning balance $ 61.9 $ 66.8 Change in estimates for pre-existing accruals: Continuing operations — (0.1 ) Discontinued operations (1.6 ) — Payments (1.6 ) (2.6 ) Foreign currency (0.2 ) (0.1 ) Environmental liability - ending balance $ 58.5 $ 64.0 Environmental-related assets, representing a qualified settlement fund and estimated recoveries from insurance providers and other third parties, were $22.2 and $23.4 as of March 31, 2020 and 2019 , respectively. We are currently involved with 28 active environmental investigation and remediation sites. At March 31, 2020 , we have estimated the potential high-end liability range of environmental-related matters to be $105.3 . 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. |
ACQUISITIONS Acquisitions (Note
ACQUISITIONS Acquisitions (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Acquisitions [Abstract] | |
Business Combination Disclosure [Text Block] | ACQUISITIONS Rheinhütte Pumpen Group (Rheinhütte) On April 30, 2019 , we completed the acquisition of 100% of the privately held stock of Rheinhütte for a purchase price of €82.5 euros, net of cash acquired. The transaction was funded from the Company’s cash and European commercial paper program. Rheinhütte, with 2018 revenue of approximately €61.5 euros and approximately 430 employees, has manufacturing locations in Germany and Brazil. Rheinhütte is a designer and manufacturer of highly engineered pumps suited for harsh and corrosive environments for the industrial market. Rheinhütte is reported within the Industrial Process segment. Matrix Composites, Inc. (Matrix) On July 3, 2019 , we completed the acquisition of 100% of the privately held stock of Matrix for a purchase price of $25.8 , net of cash acquired. The transaction was funded from the Company’s cash. Matrix, a manufacturer of precision composite components within the aerospace and defense market, had 2018 revenue of approximately $12 with growth expected due to a ramp up in production on several next-generation aircraft engine platforms. Matrix has approximately 115 employees and is reported within the Connect & Control Technologies segment. The final purchase prices for Rheinhütte and Matrix were allocated to net assets acquired and liabilities assumed based on their fair values as of the respective acquisition date, with the excess of the purchase price of $37.6 and $14.3 recorded as goodwill, respectively. Other intangibles identified for Rheinhütte include customer relationships, proprietary technology and trade names. Other intangibles assets for Matrix consist of customer relationships. The goodwill arising from these acquisitions is not expected to be deductible for income tax purposes. Allocations of Purchase Price Rheinhütte Matrix Cash $ 4.7 $ 0.5 Receivables 12.1 1.1 Inventory 15.2 1.8 Plant, property and equipment 19.9 2.9 Goodwill 37.6 14.3 Other intangible assets 15.2 8.5 Other assets 3.8 1.9 Accounts payable and accrued liabilities (6.7 ) (2.0 ) Other liabilities (5.3 ) (2.7 ) Net assets acquired $ 96.5 $ 26.3 Pro forma results of operations have not been presented because the acquisitions were not deemed material as of the acquisition dates. |
DESCRIPTION OF BUSINESS AND BAS
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
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 oil and gas 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, consisting of friction and shock and vibration equipment; Industrial Process, consisting of industrial flow equipment and services; and Connect & Control Technologies, consisting of electronic connectors, fluid handling, motion control, composite materials and noise and energy absorption products. Financial information for our segments is presented in Note 3 , Segment Information . In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) pandemic, which has spread throughout the world. While most of our businesses are deemed essential, we have experienced certain local government-mandated site closures. The Company continues to face certain risks resulting from COVID-19 including disruption of our operations due to decreased customer demand, temporary plant closures, and elevated standards to keep our employees safe, along with increased risk of customer or supplier bankruptcy and potential challenges in accessing capital markets. All of these may have a material adverse impact on the Company. While the disruption is currently expected to be temporary, there is uncertainty around the duration of these impacts. Therefore, while we expect this matter to negatively impact our business, results of operations, and financial position, the extent of certain future impacts cannot be reasonably estimated at this time. Refer to the section titled “ Impact of COVID-19 on our Business ” within Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. |
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, 2019 , presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K ( 2019 Annual Report ) for the year ended December 31, 2019 but does not include all disclosures required by GAAP. We consistently applied the accounting policies described in the 2019 Annual Report in preparing these unaudited financial statements, other than those related to new accounting standards adopted during the period. Refer to Note 2 , Recent Accounting Pronouncements for further information. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2019 Annual Report. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, asbestos-related liabilities and recoveries from insurers, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, accounting for business combinations, goodwill and other intangible asset impairment testing, environmental liabilities and assets, allowance for credit losses and inventory valuation. Actual results could differ from these estimates. 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, 2020 | |
Recent Acconting Pronouncements [Abstract] | |
Accounting Pronouncements Recently Adopted | Accounting Pronouncements Recently Adopted Measurement of Credit Losses on Financial Instruments (ASU 2016-13) In June 2016, the FASB issued updated guidance that requires entities to use a current expected credit loss model to measure credit-related impairments for financial instruments held at amortized cost, including trade receivables. The current expected credit loss model is based on relevant information about past events, including historical experience, conditions at the date of measurement, and reasonable and supportable forecasts that affect collectability. Current expected credit losses, and subsequent adjustments, represent an estimate of lifetime expected credit losses that are recorded as an allowance deducted from the amortized cost of the financial instrument. The updated guidance was effective for the Company beginning on January 1, 2020 and was adopted using a modified retrospective transition approach, resulting in an increase in our allowance for credit losses related to receivables and contract assets. Refer to Note 8, Receivables, Net for additional information. The cumulative effect of the changes made to our consolidated January 1, 2020 balance sheet related to the adoption of ASU 2016-13 is as follows: December 31, 2019 Cumulative Effect of Adoption January 1, 2020 Receivables, net $ 578.4 $ (1.6 ) $ 576.8 Other current assets 153.4 (0.1 ) 153.3 Deferred income taxes 138.1 0.5 138.6 Retained earnings 2,372.4 (1.2 ) 2,371.2 |
RECENT ACCOUNTING PRONOUNCEME_3
RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Modified Retrospective Adoption of New Accounting Pronouncements [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of ASU 2016-13, Cumulative Effect Adjustments Due to Adoption [Table Text Block] | The cumulative effect of the changes made to our consolidated January 1, 2020 balance sheet related to the adoption of ASU 2016-13 is as follows: December 31, 2019 Cumulative Effect of Adoption January 1, 2020 Receivables, net $ 578.4 $ (1.6 ) $ 576.8 Other current assets 153.4 (0.1 ) 153.3 Deferred income taxes 138.1 0.5 138.6 Retained earnings 2,372.4 (1.2 ) 2,371.2 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Revenue Operating Income Operating Margin For the Three Months Ended March 31 2020 2019 2020 2019 2020 2019 Motion Technologies $ 297.9 $ 315.2 $ 53.1 $ 60.9 17.8 % 19.3 % Industrial Process 227.3 215.7 8.9 22.2 3.9 % 10.3 % Connect & Control Technologies 138.7 165.0 15.9 27.4 11.5 % 16.6 % Total segment results 663.9 695.9 77.9 110.5 11.7 % 15.9 % Asbestos-related benefit (costs), net — — 40.7 (12.6 ) — — Eliminations / Other corporate costs (0.6 ) (0.4 ) (9.3 ) (7.3 ) — — Total Eliminations / Corporate and Other costs (0.6 ) (0.4 ) 31.4 (19.9 ) — — Total $ 663.3 $ 695.5 $ 109.3 $ 90.6 16.5 % 13.0 % |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Total Assets Capital Expenditures Depreciation & Amortization As of and for the Three Months Ended March 31 2020 2019 (a) 2020 2019 2020 2019 Motion Technologies $ 1,167.9 $ 1,178.2 $ 14.8 $ 20.2 $ 14.5 $ 14.2 Industrial Process 1,062.0 1,137.8 2.5 3.5 6.6 6.3 Connect & Control Technologies 764.2 755.6 4.3 4.8 5.7 5.2 Corporate and Other 1,282.5 1,036.1 0.6 0.7 0.6 0.7 Total $ 4,276.6 $ 4,107.7 $ 22.2 $ 29.2 $ 27.4 $ 26.4 |
REVENUE Revenue (Tables)
REVENUE Revenue (Tables) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Disaggregation of Revenue [Table Text Block] | The following table represents our revenue disaggregated by end market for the three months ended March 31, 2020 and 2019 . 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 | For the Three Months Ended March 31, 2019 Motion Technologies Industrial Process Connect & Control Technologies Eliminations Total Auto and rail $ 310.0 $ — $ — $ — $ 310.0 Chemical and industrial pumps — 161.5 — — 161.5 Aerospace and defense 2.3 — 99.5 — 101.8 Oil and gas — 54.2 8.5 — 62.7 General industrial 2.9 — 57.0 (0.4 ) 59.5 Total $ 315.2 $ 215.7 $ 165.0 $ (0.4 ) $ 695.5 |
Contract with Customer, Asset and Liability [Table Text Block] | The following table represents our net contract assets and liabilities as of March 31, 2020 and December 31, 2019 . March 31, December 31, Change Current contract assets, net $ 15.6 $ 18.0 (13.3 )% Current contract liabilities (51.2 ) (57.4 ) (10.8 )% Net contract liabilities $ (35.6 ) $ (39.4 ) (9.6 )% |
RESTRUCTURING ACTIONS RESTRUC_2
RESTRUCTURING ACTIONS RESTRUCTURING ACTIONS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | For the Three Months Ended March 31 2020 2019 Severance and other employee-related $ 3.1 $ 1.0 Other — 0.1 Total restructuring costs $ 3.1 $ 1.1 By segment: Motion Technologies $ — $ 0.7 Industrial Process 0.1 0.3 Connect & Control Technologies 1.5 0.1 Corporate and Other 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, 2020 and 2019 . For the Three Months Ended March 31 2020 2019 Restructuring accruals - beginning balance $ 7.5 $ 6.7 Restructuring costs 3.1 1.1 Cash payments (3.2 ) (1.8 ) Foreign exchange translation and other (0.2 ) (0.4 ) Restructuring accrual - ending balance $ 7.2 $ 5.6 By accrual type: Severance and other employee-related $ 6.9 $ 5.3 Other 0.3 0.3 |
INCOME TAXES Income Tax Expense
INCOME TAXES Income Tax Expense (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Three Months Ended March 31 2020 2019 Change Income tax expense $ 24.7 $ 19.7 25.4 % Effective tax rate 22.7 % 21.6 % 110bp |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Loss Per Share | The following table provides a reconciliation of the data used in the calculation of basic and diluted earnings per share from continuing operations attributable to ITT for the three months ended March 31, 2020 and 2019 . For the Three Months Ended March 31 2020 2019 Basic weighted average common shares outstanding 87.4 87.6 Add: Dilutive impact of outstanding equity awards 0.8 1.0 Diluted weighted average common shares outstanding 88.2 88.6 |
RECEIVABLES, NET (Tables)
RECEIVABLES, NET (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
RECEIVABLES, NET | March 31, December 31, Trade accounts receivable $ 562.3 $ 562.3 Notes receivable 9.1 6.2 Other 18.2 21.2 Receivables, gross 589.6 589.7 Less: Allowance for credit losses - receivables (15.7 ) (11.3 ) Receivables, net $ 573.9 $ 578.4 |
Allowance for Credit Losses [Table Text Block] | The following table displays our allowance for credit losses for receivables and contract assets. March 31, December 31, Allowance for credit losses - receivables $ 15.7 $ 11.3 Allowance for credit losses - contract assets 0.1 1.5 Total allowance for credit losses $ 15.8 $ 12.8 |
Allowance for Credit Losses Rollforward [Table Text Block] | The follow table displays a rollforward of the total allowance for credit losses for the three months ended March 31, 2020. For the Three Months Ended March 31 2020 Total allowance for credit losses - January 1 $ 12.8 Impact of adoption of ASU 2016-13 (See Note 2) 1.7 Charges to income 3.3 Write-offs (1.7 ) Foreign currency and other (0.3 ) Total allowance for credit losses - March 31 $ 15.8 |
INVENTORIES, NET (Tables)
INVENTORIES, NET (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | March 31, December 31, Finished goods $ 54.4 $ 80.7 Work in process 84.5 83.9 Raw materials 243.5 228.3 Inventories, net $ 382.4 $ 392.9 |
OTHER CURRENT AND NON-CURRENT_2
OTHER CURRENT AND NON-CURRENT ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current and Non Current Assets | March 31, December 31, Asbestos-related assets $ 67.2 $ 67.2 Advance payments and other prepaid expenses 49.0 45.4 Current contract assets, net 15.6 18.0 Prepaid income taxes 18.8 20.6 Other 1.4 2.2 Other current assets $ 152.0 $ 153.4 Other employee benefit-related assets $ 132.0 $ 133.6 Operating lease right-of-use assets 85.2 91.7 Capitalized software costs 28.0 30.1 Environmental-related assets 22.2 22.2 Equity method investments 10.1 9.8 Other 26.9 29.1 Other non-current assets $ 304.4 $ 316.5 |
PLANT, PROPERTY AND EQUIPMENT_2
PLANT, PROPERTY AND EQUIPMENT, NET (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Plant, Property and Equipment, Net | Useful life (in years) March 31, December 31, Machinery and equipment 2 - 10 $ 1,103.0 $ 1,128.9 Buildings and improvements 5 - 40 268.3 279.3 Furniture, fixtures and office equipment 3 - 7 77.1 79.8 Construction work in progress 52.0 48.8 Land and improvements 32.0 33.3 Other 4.8 10.5 Plant, property and equipment, gross 1,537.2 1,580.6 Less: Accumulated depreciation (1,025.7 ) (1,049.1 ) Plant, property and equipment, net $ 511.5 $ 531.5 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the Carrying Amount of Goodwill | Goodwill The following table provides a rollforward of the carrying amount of goodwill for the three months ended March 31, 2020 by segment. Motion Industrial Process Connect & Control Technologies Total Goodwill - December 31, 2019 $ 293.6 $ 354.1 $ 279.5 $ 927.2 Adjustments to purchase price allocations — (2.5 ) — (2.5 ) Foreign exchange translation (3.2 ) (6.4 ) (0.7 ) (10.3 ) Goodwill - March 31, 2020 $ 290.4 $ 345.2 $ 278.8 $ 914.4 |
Other Intangible Assets | Other Intangible Assets, Net Information regarding our other intangible assets is as follows: March 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Intangibles Gross Carrying Amount Accumulated Amortization Net Intangibles Customer relationships $ 161.6 $ (91.8 ) $ 69.8 $ 176.3 $ (99.6 ) $ 76.7 Proprietary technology 45.8 (20.4 ) 25.4 58.4 (28.1 ) 30.3 Patents and other 10.6 (8.0 ) 2.6 21.8 (13.0 ) 8.8 Finite-lived intangible total 218.0 (120.2 ) 97.8 256.5 (140.7 ) 115.8 Indefinite-lived intangibles 21.9 — 21.9 22.2 — 22.2 Other intangible assets $ 239.9 $ (120.2 ) $ 119.7 $ 278.7 $ (140.7 ) $ 138.0 |
Estimated Future Amortization Expense | Estimated amortization expense for each of the five succeeding years is as follows: 2020 $ 12.8 2021 16.3 2022 16.2 2023 14.4 2024 9.0 Thereafter 29.1 |
ACCRUED AND OTHER CURRENT LIA_2
ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities and Other Non-Current Liabilities | March 31, December 31, Compensation and other employee-related benefits $ 121.7 $ 145.4 Contract liabilities and other customer-related liabilities 68.5 74.6 Asbestos-related liability 86.3 86.0 Accrued income taxes and other tax-related liabilities 26.3 27.0 Operating lease liabilities 19.1 19.9 Accrued warranty costs 18.9 18.5 Environmental liabilities and other legal matters 16.8 17.9 Other 38.7 41.5 Accrued liabilities $ 396.3 $ 430.8 Environmental liabilities $ 52.4 $ 55.8 Operating lease liabilities 70.1 76.0 Compensation and other employee-related benefits 30.8 32.4 Deferred income taxes and other tax-related liabilities 24.6 24.0 Other 45.7 46.5 Other non-current liabilities $ 223.6 $ 234.7 |
DEBT Debt (Tables)
DEBT Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | March 31, December 31, Short-term loans $ 384.5 $ — Commercial paper — 84.2 Current maturities of long-term debt and finance leases 2.3 2.3 Short-term debt and current maturities of long-term debt 386.8 86.5 Long-term debt and finance leases 12.6 12.9 Total debt and finance leases $ 399.4 $ 99.4 |
POSTRETIREMENT BENEFIT PLANS (T
POSTRETIREMENT BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost of Pension Plans and Other Employee Related Benefit Plans | 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, 2020 and 2019 . 2020 2019 For the Three Months Ended March 31 Pension Other Total Pension Other Total Service cost $ 0.3 $ 0.2 $ 0.5 $ 0.4 $ 0.2 $ 0.6 Interest cost 2.3 0.7 3.0 3.1 1.0 4.1 Expected return on plan assets (2.2 ) — (2.2 ) (3.8 ) — (3.8 ) Amortization of prior service (benefit) cost — (1.2 ) (1.2 ) 0.2 (1.3 ) (1.1 ) Amortization of net actuarial loss 1.8 0.6 2.4 1.3 0.6 1.9 Total net periodic benefit cost $ 2.2 $ 0.3 $ 2.5 $ 1.2 $ 0.5 $ 1.7 |
LONG-TERM INCENTIVE EMPLOYEE _2
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Long-Term Incentive Employee Compensation Costs | The following table provides the components of LTIP costs for the three months ended March 31, 2020 and 2019 . For the Three Months Ended March 31 2020 2019 Equity-based awards $ 2.5 $ 4.5 Liability-based awards (0.6 ) 0.7 Total share-based compensation expense $ 1.9 $ 5.2 |
Summary of Long-Term Incentive Plan Award Grants during year | During the three months ended March 31, 2020 , 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) 0.2 $ 61.05 Performance stock units (PSUs) 0.1 $ 68.93 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Statement of Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Postretirement Benefit Plans Cumulative Translation Adjustment Accumulated Other Comprehensive Loss 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 ) December 31, 2018 $ (131.6 ) $ (243.9 ) $ (375.5 ) Net change during period 0.6 (2.4 ) (1.8 ) March 31, 2019 $ (131.0 ) $ (246.3 ) $ (377.3 ) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Product Liability Contingencies [Table Text Block] | As of March 31, 2020 , there were approximately 24 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: Pending claims – Beginning 24 New claims 1 Settlements — Dismissals (1 ) Pending claims – Ending 24 |
Roll Forward of Asbestos Liability and Related Assets | he following table provides a rollforward of the estimated asbestos liability and related assets for the three months ended March 31, 2020 and 2019 . 2020 2019 For the Three Months Ended March 31 Liability Asset Net Liability Asset Net Beginning balance $ 817.6 $ 386.8 $ 430.8 $ 849.3 $ 376.7 $ 472.6 Asbestos provision (a) 14.5 2.7 11.8 15.7 3.1 12.6 Insurance settlement agreement — 52.5 (52.5 ) — — — Net cash activity (a) (27.3 ) (21.2 ) (6.1 ) (20.1 ) (10.2 ) (9.9 ) Ending balance $ 804.8 $ 420.8 $ 384.0 $ 844.9 $ 369.6 $ 475.3 Current portion $ 86.3 $ 67.2 $ 73.5 $ 67.1 Noncurrent portion $ 718.5 $ 353.6 $ 771.4 $ 302.5 (a) Includes certain administrative costs such as legal-related costs for insurance asset recoveries. |
Rollforward of Environmental Liability and Related Assets | The following table provides a rollforward of the estimated environmental liability for the three months ended March 31, 2020 and 2019 . For the Three Months Ended March 31 2020 2019 Environmental liability - beginning balance $ 61.9 $ 66.8 Change in estimates for pre-existing accruals: Continuing operations — (0.1 ) Discontinued operations (1.6 ) — Payments (1.6 ) (2.6 ) Foreign currency (0.2 ) (0.1 ) Environmental liability - ending balance $ 58.5 $ 64.0 |
ACQUISITIONS Acquisitions (Tabl
ACQUISITIONS Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Acquisitions [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Allocations of Purchase Price Rheinhütte Matrix Cash $ 4.7 $ 0.5 Receivables 12.1 1.1 Inventory 15.2 1.8 Plant, property and equipment 19.9 2.9 Goodwill 37.6 14.3 Other intangible assets 15.2 8.5 Other assets 3.8 1.9 Accounts payable and accrued liabilities (6.7 ) (2.0 ) Other liabilities (5.3 ) (2.7 ) Net assets acquired $ 96.5 $ 26.3 |
RECENT ACCOUNTING PRONOUNCEME_4
RECENT ACCOUNTING PRONOUNCEMENTS Adoption of ASU 2016-13: Opening Balance Sheet Cumulative Effect Adjustments (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Dec. 31, 2019 |
Receivable [Domain] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Balance as of December 31, 2019 - Prior to Adoption of ASU 2016-13 | $ 578.4 | |
Balance as of January 1, 2020 - Subsequent to Adoption of ASU 2016-13 | $ 576.8 | |
Receivable [Domain] | Accounting Standards Update 2016-13 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 1.6 | |
Other Current Assets [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Balance as of December 31, 2019 - Prior to Adoption of ASU 2016-13 | 153.4 | |
Balance as of January 1, 2020 - Subsequent to Adoption of ASU 2016-13 | 153.3 | |
Other Current Assets [Member] | Accounting Standards Update 2016-13 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0.1 | |
Deferred Tax Asset [Domain] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Balance as of December 31, 2019 - Prior to Adoption of ASU 2016-13 | 138.1 | |
Balance as of January 1, 2020 - Subsequent to Adoption of ASU 2016-13 | 138.6 | |
Deferred Tax Asset [Domain] | Accounting Standards Update 2016-13 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (0.5) | |
Retained Earnings [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Balance as of December 31, 2019 - Prior to Adoption of ASU 2016-13 | $ 2,372.4 | |
Balance as of January 1, 2020 - Subsequent to Adoption of ASU 2016-13 | 2,371.2 | |
Retained Earnings [Member] | Accounting Standards Update 2016-13 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 1.2 |
SEGMENT INFORMATION - Schedule
SEGMENT INFORMATION - Schedule of Segment Reporting Information by Segment Revenue (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)Segment | Mar. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of Reportable Segments | Segment | 3 | |
Revenue | $ 663.3 | $ 695.5 |
Operating income | $ 109.3 | $ 90.6 |
Operating Margin | 16.50% | 13.00% |
Total Segment Results [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 663.9 | $ 695.9 |
Operating income | $ 77.9 | $ 110.5 |
Operating Margin | 11.70% | 15.90% |
Motion Technologies [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 297.9 | $ 315.2 |
Operating income | $ 53.1 | $ 60.9 |
Operating Margin | 17.80% | 19.30% |
Industrial Process [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 227.3 | $ 215.7 |
Operating income | $ 8.9 | $ 22.2 |
Operating Margin | 3.90% | 10.30% |
Connect & Control Technologies [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 138.7 | $ 165 |
Operating income | $ 15.9 | $ 27.4 |
Operating Margin | 11.50% | 16.60% |
Total Eliminations / Corporate and Other costs | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ (0.6) | $ (0.4) |
Operating income | $ 31.4 | $ (19.9) |
Operating Margin | 0.00% | 0.00% |
Asbestos-related benefit, net | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 0 | $ 0 |
Operating income | $ 40.7 | $ (12.6) |
Operating Margin | 0.00% | 0.00% |
Eliminations / Corporate and other costs | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ (0.6) | $ (0.4) |
Operating income | $ (9.3) | $ (7.3) |
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, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | ||||
Total Assets | $ 4,276.6 | $ 4,107.7 | ||
Capital Expenditures | 22.2 | $ 29.2 | ||
Depreciation & Amortization | 27.4 | 26.4 | ||
Motion Technologies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 1,167.9 | 1,178.2 | [1] | |
Capital Expenditures | 14.8 | 20.2 | ||
Depreciation & Amortization | 14.5 | 14.2 | ||
Industrial Process [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 1,062 | 1,137.8 | [1] | |
Capital Expenditures | 2.5 | 3.5 | ||
Depreciation & Amortization | 6.6 | 6.3 | ||
Connect & Control Technologies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 764.2 | 755.6 | [1] | |
Capital Expenditures | 4.3 | 4.8 | ||
Depreciation & Amortization | 5.7 | 5.2 | ||
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 1,282.5 | $ 1,036.1 | [1] | |
Capital Expenditures | 0.6 | 0.7 | ||
Depreciation & Amortization | $ 0.6 | $ 0.7 | ||
[1] | Amounts reflect balances as of December 31, 2019 . |
REVENUE Revenue (Details)
REVENUE Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 663.3 | $ 695.5 |
Automotive and rail [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 292.3 | 310 |
Chemical and industrial pumps [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 161.5 | 161.5 |
Aerospace and defense [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 89 | 101.8 |
Oil and Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 73.6 | 62.7 |
General industrial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 46.9 | 59.5 |
Motion Technologies [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 297.9 | 315.2 |
Motion Technologies [Member] | Automotive and rail [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 292.4 | 310 |
Motion Technologies [Member] | Chemical and industrial pumps [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Motion Technologies [Member] | Aerospace and defense [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2.9 | 2.3 |
Motion Technologies [Member] | Oil and Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Motion Technologies [Member] | General industrial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2.6 | 2.9 |
Industrial Process [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 227.3 | 215.7 |
Industrial Process [Member] | Automotive and rail [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Industrial Process [Member] | Chemical and industrial pumps [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 161.5 | 161.5 |
Industrial Process [Member] | Aerospace and defense [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Industrial Process [Member] | Oil and Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 65.8 | 54.2 |
Industrial Process [Member] | General industrial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Connect & Control Technologies [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 138.7 | 165 |
Connect & Control Technologies [Member] | Automotive and rail [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Connect & Control Technologies [Member] | Chemical and industrial pumps [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Connect & Control Technologies [Member] | Aerospace and defense [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 86.1 | 99.5 |
Connect & Control Technologies [Member] | Oil and Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 7.8 | 8.5 |
Connect & Control Technologies [Member] | General industrial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 44.8 | 57 |
Consolidation, Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (0.6) | (0.4) |
Consolidation, Eliminations [Member] | Automotive and rail [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (0.1) | 0 |
Consolidation, Eliminations [Member] | Chemical and industrial pumps [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Consolidation, Eliminations [Member] | Aerospace and defense [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Consolidation, Eliminations [Member] | Oil and Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Consolidation, Eliminations [Member] | General industrial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ (0.5) | $ (0.4) |
REVENUE Contract Assets and Lia
REVENUE Contract Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Contract with Customer, Asset and Liability [Abstract] | ||
Current contract assets, net | $ 15.6 | $ 18 |
Current Contract Assets, Percentage Change from Prior Period | (13.30%) | |
Contract with Customer, Liability | $ 51.2 | 57.4 |
Current Contract Liabilities, Percentage Change from Prior Period | (10.80%) | |
Net Contract Liabilities | $ 35.6 | $ 39.4 |
Net Contract Liability, Percentage Change from Prior Period | (9.60%) |
REVENUE Revenue Textuals (Detai
REVENUE Revenue Textuals (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Contract with Customer, Liability, Revenue Recognized | $ 32.8 |
Long-term Contract with Customer [Member] | |
Revenue, Remaining Performance Obligation, Amount | 841 |
Remaining Current Fiscal Year [Member] | Long-term Contract with Customer [Member] | Minimum [Member] | |
Revenue, Remaining Performance Obligation, Amount | 695 |
Remaining Current Fiscal Year [Member] | Long-term Contract with Customer [Member] | Maximum [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 715 |
RESTRUCTURING ACTIONS Restruc_3
RESTRUCTURING ACTIONS Restructuring Costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $ 3.1 | $ 1.1 |
Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 3.1 | 1 |
Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | 0.1 |
Motion Technologies [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | 0.7 |
Industrial Process [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0.1 | 0.3 |
Connect & Control Technologies [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 1.5 | 0.1 |
Corporate and Other [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $ 1.5 | $ 0 |
RESTRUCTURING ACTIONS Restruc_4
RESTRUCTURING ACTIONS Restructuring Accrual Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve - Beginning Balance | $ 7.5 | $ 6.7 |
Restructuring costs | 3.1 | 1.1 |
Cash payments | (3.2) | (1.8) |
Foreign exchange translation and other | (0.2) | (0.4) |
Restructuring Reserve - Ending Balance | 7.2 | 5.6 |
Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve - Beginning Balance | 5.3 | |
Restructuring costs | 3.1 | 1 |
Restructuring Reserve - Ending Balance | 6.9 | |
Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve - Beginning Balance | 0.3 | |
Restructuring costs | 0 | $ 0.1 |
Restructuring Reserve - Ending Balance | $ 0.3 |
RESTRUCTURING ACTIONS 2020 Rest
RESTRUCTURING ACTIONS 2020 Restructuring Action - Textuals (Details) - Subsequent Event [Member] - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 30, 2021 | |
Subsequent Event [Line Items] | ||
Subsequent Event, Description | Subsequent to the end of the first quarter of 2020, the Company finalized an organizational-wide restructuring plan to reduce the overall cost structure of the Company primarily in response to an anticipated reduction in demand from the COVID-19 pandemic. | |
Effect on Future Earnings, Pre-Tax Amount | $ 70 | |
Minimum [Member] | ||
Subsequent Event [Line Items] | ||
Restructuring Charges | $ 45 | |
Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Restructuring Charges | $ 55 |
INCOME TAXES Income Tax Expen_2
INCOME TAXES Income Tax Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 24.7 | $ 19.7 |
Income Tax Expense, Increase from Prior Year, Percent Change | 25.40% | |
Effective income tax rate | 22.70% | 21.60% |
Effective Tax Rate, Increase from Prior Year, Basis Point Change | 110 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Tax Benefit from Foreign Exchange Losses on Distributions | $ 2 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 14 |
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, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares – basic | 87.4 | 87.6 |
Add: Dilutive impact of outstanding equity awards | 0.8 | 1 |
Diluted weighted average common shares outstanding | 88.2 | 88.6 |
EARNINGS PER SHARE DATA - Numbe
EARNINGS PER SHARE DATA - Number of Shares Underlying Stock Options Excluded from the Computation of Diluted Earnings (Loss) (Detail) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
RECEIVABLES, NET - (Detail)
RECEIVABLES, NET - (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade accounts receivable | $ 562.3 | $ 562.3 |
Notes receivable | 9.1 | 6.2 |
Other | 18.2 | 21.2 |
Receivables, gross | 589.6 | 589.7 |
Less: Allowance for credit losses - receivables | (15.7) | (11.3) |
Receivables, net | $ 573.9 | $ 578.4 |
RECEIVABLES, NET Allowance for
RECEIVABLES, NET Allowance for Credit Losses (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Credit Loss [Abstract] | ||
Allowance for credit losses - receivables | $ 15.7 | $ 11.3 |
Allowance for credit losses - contract assets | 0.1 | 1.5 |
Total allowance for credit losses | $ 15.8 | $ 12.8 |
RECEIVABLES, NET Allowance fo_2
RECEIVABLES, NET Allowance for Credit Losses Rollforward (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Credit Loss [Abstract] | |
Total allowance for credit losses - January 1 | $ 12.8 |
Impact of adoption of ASU 2016-13 (See Note 2) | 1.7 |
Charges to income | 3.3 |
Write-offs | (1.7) |
Foreign currency and other | (0.3) |
Total allowance for credit losses - March 31 | $ 15.8 |
INVENTORIES, NET - Components o
INVENTORIES, NET - Components of Inventories, Net (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 54.4 | $ 80.7 |
Work in process | 84.5 | 83.9 |
Raw materials | 243.5 | 228.3 |
Inventories, net | $ 382.4 | $ 392.9 |
OTHER CURRENT AND NON-CURRENT_3
OTHER CURRENT AND NON-CURRENT ASSETS - Components of Other Current and Non-Current Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Asbestos-related assets | $ 67.2 | $ 67.2 | $ 67.1 |
Advance payments and other prepaid expenses | 49 | 45.4 | |
Current contract assets, net | 15.6 | 18 | |
Prepaid income taxes | 18.8 | 20.6 | |
Other | 1.4 | 2.2 | |
Other current assets | 152 | 153.4 | |
Other employee benefit-related assets | 132 | 133.6 | |
Operating lease right-of-use assets | 85.2 | 91.7 | |
Capitalized software costs | 28 | 30.1 | |
Environmental-related assets | 22.2 | 22.2 | $ 23.4 |
Equity method investments | 10.1 | 9.8 | |
Other | 26.9 | 29.1 | |
Other non-current assets | $ 304.4 | $ 316.5 |
PLANT, PROPERTY AND EQUIPMENT_3
PLANT, PROPERTY AND EQUIPMENT, NET - Components of Plant, Property and Equipment, Net (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Machinery and equipment | $ 1,103 | $ 1,128.9 |
Buildings and improvements | 268.3 | 279.3 |
Furniture, fixtures and office equipment | 77.1 | 79.8 |
Construction work in progress | 52 | 48.8 |
Land and improvements | 32 | 33.3 |
Other | 4.8 | 10.5 |
Plant, property and equipment, gross | 1,537.2 | 1,580.6 |
Less: Accumulated depreciation | (1,025.7) | (1,049.1) |
Plant, property and equipment, net | $ 511.5 | $ 531.5 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years |
PLANT, PROPERTY AND EQUIPMENT_4
PLANT, PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 20.5 | $ 20.2 |
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, 2020USD ($) | |
Goodwill [Roll Forward] | |
Goodwill - Beginning Balance | $ 927.2 |
Goodwill, Purchase Accounting Adjustments | (2.5) |
Foreign exchange translation | (10.3) |
Goodwill - Ending Balance | 914.4 |
Motion Technologies [Member] | |
Goodwill [Roll Forward] | |
Goodwill - Beginning Balance | 293.6 |
Goodwill, Purchase Accounting Adjustments | 0 |
Foreign exchange translation | (3.2) |
Goodwill - Ending Balance | 290.4 |
Industrial Process [Member] | |
Goodwill [Roll Forward] | |
Goodwill - Beginning Balance | 354.1 |
Goodwill, Purchase Accounting Adjustments | (2.5) |
Foreign exchange translation | (6.4) |
Goodwill - Ending Balance | 345.2 |
Connect & Control Technologies [Member] | |
Goodwill [Roll Forward] | |
Goodwill - Beginning Balance | 279.5 |
Goodwill, Purchase Accounting Adjustments | 0 |
Foreign exchange translation | (0.7) |
Goodwill - Ending Balance | $ 278.8 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS, NET Other Intangible Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 218 | $ 256.5 |
Indefinite-lived intangible assets, Gross/Net Carrying Amount | 21.9 | 22.2 |
Other Intangible Assets, Gross Carrying Amount | 239.9 | 278.7 |
Accumulated Amortization | (120.2) | (140.7) |
Finite-live intangible asset, net of accumulated amortization | 97.8 | 115.8 |
Other intangible assets, net | 119.7 | 138 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Customer Relationships, Gross Carrying Amount | 161.6 | 176.3 |
Accumulated Amortization | (91.8) | (99.6) |
Finite-live intangible asset, net of accumulated amortization | 69.8 | 76.7 |
Proprietary Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Proprietary Technology, Gross Carrying Amount | 45.8 | 58.4 |
Accumulated Amortization | (20.4) | (28.1) |
Finite-live intangible asset, net of accumulated amortization | 25.4 | 30.3 |
Patents and other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Patents and Other, Gross Carrying Amount | 10.6 | 21.8 |
Accumulated Amortization | (8) | (13) |
Finite-live intangible asset, net of accumulated amortization | $ 2.6 | $ 8.8 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS, NET Intangibles Textuals (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Impairment of Intangible Assets (Excluding Goodwill) | $ 12.3 | |
Reclassification of Intangible from Finite to Indefinite | 5 | |
Amortization of Intangible Assets | $ 4.8 | $ 4 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS, NET Schedule of Estimated Future Intangible Amortization by Year (Details) $ in Millions | Mar. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2020 | $ 12.8 |
2021 | 16.3 |
2022 | 16.2 |
2023 | 14.4 |
2024 | 9 |
Thereafter | $ 29.1 |
ACCRUED AND OTHER CURRENT LIA_3
ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES - (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Payables and Accruals [Abstract] | |||
Compensation and other employee-related benefits | $ 121.7 | $ 145.4 | |
Contract liabilities and other customer-related liabilities | 68.5 | 74.6 | |
Asbestos-related liability | 86.3 | 86 | $ 73.5 |
Accrued income taxes and other tax-related liabilities | 26.3 | 27 | |
Environmental liabilities and other legal matters | 16.8 | 17.9 | |
Operating lease liabilities | 19.1 | 19.9 | |
Accrued warranty costs | 18.9 | 18.5 | |
Other | 38.7 | 41.5 | |
Accrued liabilities | 396.3 | 430.8 | |
Environmental liabilities | 52.4 | 55.8 | |
Operating lease liabilities | 70.1 | 76 | |
Compensation and other employee-related benefits | 30.8 | 32.4 | |
Deferred income taxes and other tax-related liabilities | 24.6 | 24 | |
Other | 45.7 | 46.5 | |
Other non-current liabilities | $ 223.6 | $ 234.7 |
DEBT Debt (Details)
DEBT Debt (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Short-term loans | $ 384.5 | $ 0 |
Commercial paper | 0 | 84.2 |
Current maturities of long-term debt and finance leases | 2.3 | 2.3 |
Short-term debt and current maturities of long-term debt | 386.8 | 86.5 |
Long-term debt and finance leases | 12.6 | 12.9 |
Total debt and finance leases | $ 399.4 | $ 99.4 |
DEBT Short-term Loans (Details)
DEBT Short-term Loans (Details) € in Millions, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2020EUR (€)Rate | Apr. 03, 2020EUR (€)Rate | Apr. 03, 2020USD ($)Rate | Mar. 31, 2020USD ($)Rate | Dec. 31, 2019USD ($) | |
Line of Credit Facility [Line Items] | |||||
Short-term Debt | $ 384.5 | $ 0 | |||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Short-term Debt | € 350 | $ 0 | |||
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 | Rate | 1.10% | 1.10% | |||
Line of Credit Facility, Interest Rate at Period End | Rate | 1.10% | 1.10% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | Rate | 0.15% | ||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Short-term Debt | € 109 | $ 118 | |||
Line of Credit Facility, Interest Rate at Period End | Rate | 1.10% | 1.10% |
DEBT Debt Activity Subsequent t
DEBT Debt Activity Subsequent to End of Quarter (Details) - USD ($) $ in Millions | Apr. 29, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | |||
Short-term Debt | $ 384.5 | $ 0 | |
Incremental Revolving Credit Agreement [Member] | Subsequent Event [Member] | |||
Subsequent Event [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% |
DEBT Commercial Paper - Textual
DEBT Commercial Paper - Textuals (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Short-term Debt [Line Items] | ||
Commercial paper | $ 0 | $ 84.2 |
Commercial Paper [Member] | ||
Short-term Debt [Line Items] | ||
Weighted Average Interest Rate | 0.05% |
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, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0.5 | $ 0.6 |
Interest cost | 3 | 4.1 |
Expected return on plan assets | (2.2) | (3.8) |
Amortization of prior service cost (benefit) | (1.2) | (1.1) |
Amortization of net actuarial loss | 2.4 | 1.9 |
Total net periodic benefit cost | 2.5 | 1.7 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0.3 | 0.4 |
Interest cost | 2.3 | 3.1 |
Expected return on plan assets | (2.2) | (3.8) |
Amortization of prior service cost (benefit) | 0 | 0.2 |
Amortization of net actuarial loss | 1.8 | 1.3 |
Total net periodic benefit cost | 2.2 | 1.2 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0.2 | 0.2 |
Interest cost | 0.7 | 1 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (benefit) | (1.2) | (1.3) |
Amortization of net actuarial loss | 0.6 | 0.6 |
Total net periodic benefit cost | $ 0.3 | $ 0.5 |
POSTRETIREMENT BENEFIT PLANS Po
POSTRETIREMENT BENEFIT PLANS Postretirement Textuals (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 2.2 | $ 3 |
Reclassification of Postretirement Costs from AOCI, Net of Tax | 0.9 | $ 0.6 |
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 | $ 12 |
POSTRETIREMENT BENEFIT PLANS Pe
POSTRETIREMENT BENEFIT PLANS Pension Plan Termination (Details) - US. Qualified Pension Plan Termination [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plan, Benefit Obligation | $ 290.2 |
Defined Benefit Plan, Plan Assets, Amount | 312.3 |
Maximum [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Estimated Non Cash Pension Settlement Charge | 140 |
Minimum [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Estimated Non Cash Pension Settlement Charge | $ 130 |
LONG-TERM INCENTIVE EMPLOYEE _3
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Employee Compensation Costs (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Equity-based awards | $ 2.5 | $ 4.5 |
Liability-based awards | (0.6) | 0.7 |
Total share-based compensation expense | $ 1.9 | $ 5.2 |
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, 2020$ / sharesshares | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Awards Granted | shares | 0.2 |
Grant Date Fair Value | $ / shares | $ 61.05 |
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 | $ 68.93 |
LONG-TERM INCENTIVE EMPLOYEE _5
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options exercised | 0.2 | |
Proceeds from the exercise of stock options | $ 0.1 | $ 5.1 |
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 | $ 29.7 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 3 months 18 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 | $ 1.6 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 1 month 6 days | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock vested during period | 0.2 | 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 |
CAPITAL STOCK - Additional Info
CAPITAL STOCK - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Equity, Class of Treasury Stock [Line Items] | ||
Repurchase of shares of common stock | 1.7 | 0.2 |
Aggregate cost of repurchase | $ 83.4 | $ 19.9 |
Number of shares repurchased under settlement of employee tax withholding obligations | 0.2 | |
Shares repurchased aggregate value under settlement of employee tax withholding obligations | 10.2 | $ 9.4 |
2006 Share Repurchase Program [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Share repurchase program | $ 1,000 | |
Repurchase of shares of common stock | 1.4 | |
Aggregate cost of repurchase | $ 61.9 | $ 10.5 |
2019 Share Repurchase Program [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Share repurchase program | 500 | |
Share Repurchase Program [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Aggregate cost of repurchase | $ 73.2 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
AOCI - Postretirement Benefits | $ (132.4) | $ 131 | $ (133.3) | $ (131.6) |
AOCI - Cumulative Translation Adjustment | (303.3) | (246.3) | (252) | (243.9) |
Net change during period - AOCI Postretirement Benefits | 0.9 | 0.6 | ||
Net change during period - AOCI Cumulative Translation Adjustment | (51.3) | (2.4) | ||
Total other comprehensive loss, net of tax | (50.4) | (1.8) | ||
Total accumulated other comprehensive loss | $ (435.7) | $ (377.3) | $ (385.3) | $ (375.5) |
COMMITMENTS AND CONTINGENCIES R
COMMITMENTS AND CONTINGENCIES Rollforward of Asbestos Claims (Detail) - Asbestos Issue [Member] Claim in Thousands | 3 Months Ended |
Mar. 31, 2020Claim | |
Asbestos Claims [Rollforward] | |
Pending claims – Beginning | 24 |
New claims | 1 |
Settlements | 0 |
Dismissals | (1) |
Pending claims – Ending | 24 |
COMMITMENTS AND CONTINGENCIES S
COMMITMENTS AND CONTINGENCIES Summary of Net Asbestos Charges (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Asbestos Related Costs (Benefit), Provision to Maintain 10-Year Forecast Period | [1] | $ 11.8 | $ 12.6 |
Asbestos Related Costs (Benefit), Settlement Agreement | (52.5) | 0 | |
Asbestos-related (benefit) costs, net | $ (40.7) | $ 12.6 | |
[1] | (a) Includes certain administrative costs such as legal-related costs for insurance asset recoveries. |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES Roll Forward of Asbestos Liability and Related Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Net Asbestos Liability Rollforward [Line Items] | ||||
Asbestos Liability And Related Assets Net Current And Noncurrent - Beginning | $ (430.8) | $ (472.6) | ||
Asbestos Related Costs, Provision to Maintain 10-Year Forecast Period | [1] | 11.8 | 12.6 | |
Gain From Asbestos Insurance Settlement Agreement | (52.5) | 0 | ||
Cash Payments | [1] | (6.1) | (9.9) | |
Asbestos Liability And Related Assets Net Current And Noncurrent - Ending | (384) | (475.3) | ||
Asbestos-related liabilities Current | 86.3 | 73.5 | $ 86 | |
Asbestos-related liabilities Non-Current | 718.5 | 771.4 | 731.6 | |
Asbestos-related assets Current | 67.2 | 67.1 | 67.2 | |
Asbestos-related assets Non-Current | 353.6 | 302.5 | $ 319.6 | |
Liability [Member] | ||||
Net Asbestos Liability Rollforward [Line Items] | ||||
Asbestos Liability And Related Assets Net Current And Noncurrent - Beginning | (817.6) | (849.3) | ||
Asbestos Related Costs, Provision to Maintain 10-Year Forecast Period | [1] | 14.5 | 15.7 | |
Gain From Asbestos Insurance Settlement Agreement | 0 | 0 | ||
Cash Payments | [1] | (27.3) | (20.1) | |
Asbestos Liability And Related Assets Net Current And Noncurrent - Ending | (804.8) | (844.9) | ||
Assets [Member] | ||||
Net Asbestos Liability Rollforward [Line Items] | ||||
Asbestos Liability And Related Assets Net Current And Noncurrent - Beginning | 386.8 | 376.7 | ||
Asbestos Related Costs, Provision to Maintain 10-Year Forecast Period | (2.7) | (3.1) | ||
Gain From Asbestos Insurance Settlement Agreement | (52.5) | 0 | ||
Cash Payments | 21.2 | 10.2 | ||
Asbestos Liability And Related Assets Net Current And Noncurrent - Ending | $ 420.8 | $ 369.6 | ||
[1] | (a) Includes certain administrative costs such as legal-related costs for insurance asset recoveries. |
COMMITMENTS AND CONTINGENCIES A
COMMITMENTS AND CONTINGENCIES Asbestos Matters Textuals (Details) Claim in Thousands, $ in Millions | 3 Months Ended | |||
Mar. 31, 2020USD ($)Claim | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($)Claim | Dec. 31, 2018USD ($) | |
Asbestos Related Contingencies [Line Items] | ||||
Asbestos Liability And Related Assets Net Current And Noncurrent | $ 384 | $ 475.3 | $ 430.8 | $ 472.6 |
Asbestos Liability Measurement Periods for Claims Pending and Estimated to be Filed | 10 years | |||
Asbestos Related Costs (Benefit), Settlement Agreement | $ (52.5) | 0 | ||
Asbestos Issue [Member] | ||||
Asbestos Related Contingencies [Line Items] | ||||
Pending Asbestos Claims | Claim | 24 | 24 | ||
Assets [Member] | ||||
Asbestos Related Contingencies [Line Items] | ||||
Asbestos Liability And Related Assets Net Current And Noncurrent | $ (420.8) | (369.6) | $ (386.8) | (376.7) |
Asbestos Related Costs (Benefit), Settlement Agreement | (52.5) | 0 | ||
Liability [Member] | ||||
Asbestos Related Contingencies [Line Items] | ||||
Asbestos Liability And Related Assets Net Current And Noncurrent | 804.8 | 844.9 | $ 817.6 | $ 849.3 |
Asbestos Related Costs (Benefit), Settlement Agreement | 0 | $ 0 | ||
Asbestos Related Matters [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) - Liability [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Loss Contingency Accrual [Roll Forward] | ||
Environmental liability - Beginning balance | $ 61.9 | $ 66.8 |
Net Cash Activity | (1.6) | (2.6) |
Foreign exchange translation | (0.2) | (0.1) |
Environmental liability - Ending balance | 58.5 | 64 |
Discontinued Operations [Member] | ||
Loss Contingency Accrual [Roll Forward] | ||
Changes In Pre-Existing Environmental Accruals | (1.6) | 0 |
Continuing Operations [Member] | ||
Loss Contingency Accrual [Roll Forward] | ||
Changes In Pre-Existing Environmental Accruals | $ 0 | $ (0.1) |
COMMITMENTS AND CONTINGENCIES E
COMMITMENTS AND CONTINGENCIES Environmental Matters Textuals (Details) $ in Millions | Mar. 31, 2020USD ($)site | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) |
Site Contingency [Line Items] | |||
Environmental-related assets | $ 22.2 | $ 22.2 | $ 23.4 |
Environmental Related Matters [Member] | |||
Site Contingency [Line Items] | |||
Number Of Active Environmental Investigation And Remediation Sites | site | 28 | ||
Maximum [Member] | Environmental Related Matters [Member] | |||
Site Contingency [Line Items] | |||
Loss Contingency, Range of Possible Loss, Maximum | $ 105.3 |
ACQUISITIONS Acquisitions (Deta
ACQUISITIONS Acquisitions (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Jul. 03, 2019 | Apr. 30, 2019 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 914.4 | $ 927.2 | ||
Rheinhutte Pumpen Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 4.7 | |||
Receivables | 12.1 | |||
Inventory | 15.2 | |||
Plant, property and equipment | 19.9 | |||
Goodwill | 37.6 | 37.6 | ||
Other intangible assets | 15.2 | |||
Other assets | 3.8 | |||
Accounts payable and accrued liabilities | (6.7) | |||
Other liabilities | (5.3) | |||
Net assets acquired | $ 96.5 | |||
Matrix Composites [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 0.5 | |||
Receivables | 1.1 | |||
Inventory | 1.8 | |||
Plant, property and equipment | 2.9 | |||
Goodwill | $ 14.3 | 14.3 | ||
Other intangible assets | 8.5 | |||
Other assets | 1.9 | |||
Accounts payable and accrued liabilities | (2) | |||
Other liabilities | (2.7) | |||
Net assets acquired | $ 26.3 |
ACQUISITIONS Acquisitions Textu
ACQUISITIONS Acquisitions Textuals (Details) € in Millions, $ in Millions | Jul. 03, 2019USD ($)Employees | Apr. 30, 2019EUR (€) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2019USD ($) | Apr. 30, 2019USD ($)Employees |
Business Acquisition [Line Items] | |||||||
Acquisitions, net of cash acquired | $ 4.7 | $ 0 | |||||
Goodwill | 914.4 | $ 927.2 | |||||
Rheinhutte Pumpen Group [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Effective Date of Acquisition | Apr. 30, 2019 | ||||||
Business Acquisition, Name of Acquired Entity | Rheinhütte Pumpen Group | ||||||
Acquisitions, net of cash acquired | € | € 82.5 | ||||||
Revenue of Acquired Entity for Last Annual Period | € | € 61.5 | ||||||
Number of Employees at Entity to be Acquired | Employees | 430 | ||||||
Goodwill | 37.6 | $ 37.6 | |||||
Matrix Composites [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Effective Date of Acquisition | Jul. 3, 2019 | ||||||
Business Acquisition, Name of Acquired Entity | Matrix Composites, Inc. | ||||||
Acquisitions, net of cash acquired | $ 25.8 | ||||||
Revenue of Acquired Entity for Last Annual Period | $ 12 | ||||||
Number of Employees at Entity to be Acquired | Employees | 115 | ||||||
Goodwill | $ 14.3 | $ 14.3 |