$ITT
ITT INC.

2020 Q1 Form 10-Q Financial Statement

#000021622820000017 Filed on May 01, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $663.3M $695.5M
YoY Change -4.63% 0.9%
Cost Of Revenue $453.9M $476.7M
YoY Change -4.78% 2.49%
Gross Profit $209.4M $218.8M
YoY Change -4.3% -2.41%
Gross Profit Margin 31.57% 31.46%
Selling, General & Admin $98.70M $92.10M
YoY Change 7.17% -15.19%
% of Gross Profit 47.13% 42.09%
Research & Development $22.70M $23.50M
YoY Change -3.4% -4.86%
% of Gross Profit 10.84% 10.74%
Depreciation & Amortization $27.40M $26.40M
YoY Change 3.79% -4.35%
% of Gross Profit 13.09% 12.07%
Operating Expenses $121.4M $115.6M
YoY Change 5.02% -13.28%
Operating Profit $109.3M $90.60M
YoY Change 20.64% -18.08%
Interest Expense -$600.0K $500.0K
YoY Change -220.0% -127.78%
% of Operating Profit -0.55% 0.55%
Other Income/Expense, Net -$600.0K $500.0K
YoY Change -220.0% -127.78%
Pretax Income $108.7M $91.10M
YoY Change 19.32% -16.27%
Income Tax $24.70M $19.70M
% Of Pretax Income 22.72% 21.62%
Net Earnings $84.80M $71.30M
YoY Change 18.93% -29.55%
Net Earnings / Revenue 12.78% 10.25%
Basic Earnings Per Share $0.97 $0.81
Diluted Earnings Per Share $0.96 $0.80
COMMON SHARES
Basic Shares Outstanding 87.40M shares 87.60M shares
Diluted Shares Outstanding 88.20M shares 88.60M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $840.0M $554.0M
YoY Change 51.62% 26.2%
Cash & Equivalents $839.9M $554.0M
Short-Term Investments
Other Short-Term Assets $152.0M $146.0M
YoY Change 4.11% -15.61%
Inventory $382.4M $396.2M
Prepaid Expenses
Receivables $562.0M $578.0M
Other Receivables $28.00M $27.00M
Total Short-Term Assets $1.948B $1.679B
YoY Change 16.04% 5.06%
LONG-TERM ASSETS
Property, Plant & Equipment $511.5M $513.2M
YoY Change -0.33% -2.54%
Goodwill $914.4M $872.5M
YoY Change 4.8% -2.59%
Intangibles $119.7M $131.7M
YoY Change -9.11% -13.24%
Long-Term Investments $10.10M $8.200M
YoY Change 23.17% 10.81%
Other Assets $304.4M $276.6M
YoY Change 10.05% 36.39%
Total Long-Term Assets $2.328B $2.258B
YoY Change 3.11% -0.67%
TOTAL ASSETS
Total Short-Term Assets $1.948B $1.679B
Total Long-Term Assets $2.328B $2.258B
Total Assets $4.277B $3.937B
YoY Change 8.62% 1.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $323.9M $344.4M
YoY Change -5.95% -6.16%
Accrued Expenses $396.3M $401.7M
YoY Change -1.34% 1.9%
Deferred Revenue
YoY Change
Short-Term Debt $384.5M $112.0M
YoY Change 243.3% -54.56%
Long-Term Debt Due $2.300M $2.100M
YoY Change 9.52% 50.0%
Total Short-Term Liabilities $1.107B $860.5M
YoY Change 28.65% -14.73%
LONG-TERM LIABILITIES
Long-Term Debt $13.00M $15.00M
YoY Change -13.33% 87.5%
Other Long-Term Liabilities $223.6M $228.2M
YoY Change -2.02% 25.8%
Total Long-Term Liabilities $1.154B $1.205B
YoY Change -4.26% 0.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.107B $860.5M
Total Long-Term Liabilities $1.154B $1.205B
Total Liabilities $2.261B $2.066B
YoY Change 9.45% -6.57%
SHAREHOLDERS EQUITY
Retained Earnings $2.362B $2.158B
YoY Change 9.44% 14.08%
Common Stock $86.30M $87.80M
YoY Change -1.71% 0.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.012B $1.869B
YoY Change
Total Liabilities & Shareholders Equity $4.277B $3.937B
YoY Change 8.62% 1.69%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $84.80M $71.30M
YoY Change 18.93% -29.55%
Depreciation, Depletion And Amortization $27.40M $26.40M
YoY Change 3.79% -4.35%
Cash From Operating Activities $53.70M $41.70M
YoY Change 28.78% 1.21%
INVESTING ACTIVITIES
Capital Expenditures -$22.20M -$29.20M
YoY Change -23.97% 1.74%
Acquisitions $4.700M $0.00
YoY Change
Other Investing Activities -$700.0K -$400.0K
YoY Change 75.0% -20.0%
Cash From Investing Activities -$26.20M -$28.80M
YoY Change -9.03% 2.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $83.30M $14.80M
YoY Change 462.84% -72.94%
Debt Paid & Issued, Net $0.00 $200.0K
YoY Change -100.0% -86.67%
Cash From Financing Activities $212.0M -$21.00M
YoY Change -1109.52% -175.81%
NET CHANGE
Cash From Operating Activities 53.70M 41.70M
Cash From Investing Activities -$26.20M -$28.80M
Cash From Financing Activities $212.0M -$21.00M
Net Change In Cash $227.8M -$7.400M
YoY Change -3178.38% -118.18%
FREE CASH FLOW
Cash From Operating Activities $53.70M $41.70M
Capital Expenditures -$22.20M -$29.20M
Free Cash Flow $75.90M $70.90M
YoY Change 7.05% 1.43%

Facts In Submission

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2372400000 USD
CY2020Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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-435700000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
2074900000 USD
CY2020Q1 us-gaap Minority Interest
MinorityInterest
3200000 USD
CY2019Q4 us-gaap Minority Interest
MinorityInterest
2900000 USD
CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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2015600000 USD
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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2077800000 USD
CY2020Q1 us-gaap Liabilities And Stockholders Equity
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4276600000 USD
CY2019Q4 us-gaap Liabilities And Stockholders Equity
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4107700000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations
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83700000 USD
CY2019Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
71300000 USD
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
27400000 USD
CY2019Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
26400000 USD
CY2020Q1 us-gaap Share Based Compensation
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2500000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4500000 USD
CY2020Q1 itt Asbestos Related Costs Net
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-40700000 USD
CY2019Q1 itt Asbestos Related Costs Net
AsbestosRelatedCostsNet
12600000 USD
CY2020Q1 us-gaap Asset Impairment Charges
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16300000 USD
CY2019Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 USD
CY2020Q1 us-gaap Other Noncash Income Expense
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CY2019Q1 us-gaap Other Noncash Income Expense
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-7900000 USD
CY2020Q1 itt Asbestos Related Payments
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6100000 USD
CY2019Q1 itt Asbestos Related Payments
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9900000 USD
CY2020Q1 us-gaap Increase Decrease In Receivables
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13400000 USD
CY2019Q1 us-gaap Increase Decrease In Receivables
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47100000 USD
CY2020Q1 us-gaap Increase Decrease In Inventories
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-600000 USD
CY2019Q1 us-gaap Increase Decrease In Inventories
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17300000 USD
CY2020Q1 us-gaap Increase Decrease In Accounts Payable
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-6400000 USD
CY2019Q1 us-gaap Increase Decrease In Accounts Payable
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18800000 USD
CY2020Q1 us-gaap Increase Decrease In Accrued Liabilities
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-25200000 USD
CY2019Q1 us-gaap Increase Decrease In Accrued Liabilities
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-35600000 USD
CY2020Q1 itt Increase Decreasein Accruedand Deferred Income Taxes
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16500000 USD
CY2019Q1 itt Increase Decreasein Accruedand Deferred Income Taxes
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9500000 USD
CY2020Q1 us-gaap Increase Decrease In Other Operating Capital Net
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12700000 USD
CY2019Q1 us-gaap Increase Decrease In Other Operating Capital Net
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-1000000.0 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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53500000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
42100000 USD
CY2020Q1 us-gaap Payments To Acquire Productive Assets
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22200000 USD
CY2019Q1 us-gaap Payments To Acquire Productive Assets
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29200000 USD
CY2020Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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4700000 USD
CY2019Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2020Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-700000 USD
CY2019Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-400000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
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-26200000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-28800000 USD
CY2020Q1 us-gaap Proceeds From Repayments Of Commercial Paper
ProceedsFromRepaymentsOfCommercialPaper
-82700000 USD
CY2019Q1 us-gaap Proceeds From Repayments Of Commercial Paper
ProceedsFromRepaymentsOfCommercialPaper
0 USD
CY2020Q1 us-gaap Proceeds From Short Term Debt
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378300000 USD
CY2019Q1 us-gaap Proceeds From Short Term Debt
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0 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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7100000 USD
CY2020Q1 us-gaap Repayments Of Long Term Debt
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0 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
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200000 USD
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
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83400000 USD
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
19900000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Common Stock
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100000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5100000 USD
CY2020Q1 us-gaap Payments Of Dividends Common Stock
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200000 USD
CY2019Q1 us-gaap Payments Of Dividends Common Stock
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13200000 USD
CY2020Q1 us-gaap Proceeds From Payments For Other Financing Activities
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-100000 USD
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
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100000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
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212000000.0 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-21000000.0 USD
CY2020Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-11700000 USD
CY2019Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
700000 USD
CY2020Q1 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
200000 USD
CY2019Q1 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
227800000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-7400000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
612900000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
562200000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
840700000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
554800000 USD
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
2300000 USD
CY2019Q1 us-gaap Interest Paid Net
InterestPaidNet
1000000.0 USD
CY2020Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
8000000.0 USD
CY2019Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
9300000 USD
CY2019Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
87800000 shares
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2372400000 USD
CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2600000 USD
CY2020Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
83400000 USD
CY2020Q1 us-gaap Cumulative Effect On Retained Earnings Net Of Tax1
CumulativeEffectOnRetainedEarningsNetOfTax1
-1200000 USD
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2077800000 USD
CY2020Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
85100000 USD
CY2020Q1 us-gaap Dividends Common Stock Cash
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14900000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-50400000 USD
CY2020Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
86300000 shares
CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2015600000 USD
CY2018Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
87600000 shares
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2110300000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1824900000 USD
CY2019Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
71400000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
9500000 USD
CY2019Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
19900000 USD
CY2019Q1 us-gaap Dividends Common Stock Cash
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12900000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2019Q1 itt Chane In Equity From Noncontrolling Interest Attributable To Other
ChaneInEquityFromNoncontrollingInterestAttributableToOther
100000 USD
CY2019Q1 us-gaap Common Stock Shares Issued
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87800000 shares
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1871300000 USD
CY2020Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="line-height:120%;padding-top:12px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Presentation</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:16px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">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, </span><span style="font-family:Arial;font-size:10pt;">2019</span><span style="font-family:Arial;font-size:10pt;">, presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K (</span><a href="#" style="font-family:Arial;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">2019 Annual Report</span></a><span style="font-family:Arial;font-size:10pt;">) for the year ended December 31, </span><span style="font-family:Arial;font-size:10pt;">2019</span><span style="font-family:Arial;font-size:10pt;"> but does not include all disclosures required by GAAP. We consistently applied the accounting policies described in the </span><span style="font-family:Arial;font-size:10pt;">2019</span><span style="font-family:Arial;font-size:10pt;"> Annual Report in preparing these unaudited financial statements, other than those related to new accounting standards adopted during the period. Refer to </span><span style="font-family:Arial;font-size:10pt;">Note 2</span><span style="font-family:Arial;font-size:10pt;">, </span><a href="#s25E388ED27A7541192367280DE672691" style="font-family:Arial;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Recent Accounting Pronouncements</span></a><span style="font-family:Arial;font-size:10pt;"> for further information. These financial statements should be read in conjunction with the financial statements and notes thereto included in our </span><span style="font-family:Arial;font-size:10pt;">2019</span><span style="font-family:Arial;font-size:10pt;"> Annual Report.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:16px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">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. </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:16px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">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.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:16px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Certain prior year amounts have been reclassified to conform to the current year presentation.</span></div>
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2020Q1 us-gaap Revenues
Revenues
663300000 USD
CY2019Q1 us-gaap Revenues
Revenues
695500000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
109300000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
90600000 USD
CY2020Q1 itt Operating Margin
OperatingMargin
0.165
CY2019Q1 itt Operating Margin
OperatingMargin
0.130
CY2020Q1 us-gaap Assets
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4276600000 USD
CY2019Q4 us-gaap Assets
Assets
4107700000 USD
CY2020Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
22200000 USD
CY2019Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
29200000 USD
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
27400000 USD
CY2019Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
26400000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
663300000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
695500000 USD
CY2020Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
15600000 USD
CY2019Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
18000000.0 USD
CY2020Q1 itt Current Contract Assets Percentage Changefrom Prior Period
CurrentContractAssetsPercentageChangefromPriorPeriod
-0.133
CY2020Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
51200000 USD
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
57400000 USD
CY2020Q1 itt Current Contract Liabilities Percentage Changefrom Prior Period
CurrentContractLiabilitiesPercentageChangefromPriorPeriod
-0.108
CY2020Q1 itt Net Contract Liabilities
NetContractLiabilities
35600000 USD
CY2019Q4 itt Net Contract Liabilities
NetContractLiabilities
39400000 USD
CY2020Q1 itt Net Contract Liability Percentage Changefrom Prior Period
NetContractLiabilityPercentageChangefromPriorPeriod
-0.096
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
32800000 USD
CY2020Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
3100000 USD
CY2019Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
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CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
7500000 USD
CY2018Q4 us-gaap Restructuring Reserve
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6700000 USD
CY2020Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
3100000 USD
CY2019Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
1100000 USD
CY2020Q1 us-gaap Payments For Restructuring
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3200000 USD
CY2019Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
1800000 USD
CY2020Q1 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
-200000 USD
CY2019Q1 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
-400000 USD
CY2020Q1 us-gaap Restructuring Reserve
RestructuringReserve
7200000 USD
CY2019Q1 us-gaap Restructuring Reserve
RestructuringReserve
5600000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24700000 USD
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19700000 USD
CY2020Q1 itt Income Tax Expense Increasefrom Prior Year Percent Change
IncomeTaxExpenseIncreasefromPriorYearPercentChange
0.254
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.227
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.216
CY2020Q1 itt Effective Tax Rate Increasefrom Prior Year Basis Point Change
EffectiveTaxRateIncreasefromPriorYearBasisPointChange
110
CY2020Q1 itt Tax Benefitfrom Foreign Exchange Losseson Distributions
TaxBenefitfromForeignExchangeLossesonDistributions
2000000.0 USD
CY2020Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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14000000 USD
CY2019Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
578400000 USD
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
87400000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
87600000 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
800000 shares
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000.0 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
88200000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
88600000 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2020Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
562300000 USD
CY2019Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
562300000 USD
CY2020Q1 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
9100000 USD
CY2019Q4 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
6200000 USD
CY2020Q1 us-gaap Other Receivables
OtherReceivables
18200000 USD
CY2019Q4 us-gaap Other Receivables
OtherReceivables
21200000 USD
CY2020Q1 itt Receivables Gross Current
ReceivablesGrossCurrent
589600000 USD
CY2019Q4 itt Receivables Gross Current
ReceivablesGrossCurrent
589700000 USD
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
15700000 USD
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
11300000 USD
CY2020Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
573900000 USD
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
15700000 USD
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
11300000 USD
CY2020Q1 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss
ContractWithCustomerAssetAccumulatedAllowanceForCreditLoss
100000 USD
CY2019Q4 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss
ContractWithCustomerAssetAccumulatedAllowanceForCreditLoss
1500000 USD
CY2020Q1 itt Total Allowancefor Credit Losses
TotalAllowanceforCreditLosses
15800000 USD
CY2019Q4 itt Total Allowancefor Credit Losses
TotalAllowanceforCreditLosses
12800000 USD
CY2019Q4 itt Total Allowancefor Credit Losses
TotalAllowanceforCreditLosses
12800000 USD
CY2020Q1 itt Impactof Adoptionof Asu201613
ImpactofAdoptionofASU201613
1700000 USD
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3300000 USD
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1700000 USD
CY2020Q1 itt Allowancefor Credit Loss Foreign Currencyand Other
AllowanceforCreditLossForeignCurrencyandOther
-300000 USD
CY2020Q1 itt Total Allowancefor Credit Losses
TotalAllowanceforCreditLosses
15800000 USD
CY2020Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
54400000 USD
CY2019Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
80700000 USD
CY2020Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
84500000 USD
CY2019Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
83900000 USD
CY2020Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
243500000 USD
CY2019Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
228300000 USD
CY2020Q1 us-gaap Inventory Net
InventoryNet
382400000 USD
CY2019Q4 us-gaap Inventory Net
InventoryNet
392900000 USD
CY2020Q1 itt Asbestos Related Current Assets
AsbestosRelatedCurrentAssets
67200000 USD
CY2019Q4 itt Asbestos Related Current Assets
AsbestosRelatedCurrentAssets
67200000 USD
CY2020Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
49000000.0 USD
CY2019Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
45400000 USD
CY2020Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
15600000 USD
CY2019Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
18000000.0 USD
CY2020Q1 us-gaap Prepaid Taxes
PrepaidTaxes
18800000 USD
CY2019Q4 us-gaap Prepaid Taxes
PrepaidTaxes
20600000 USD
CY2020Q1 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
1400000 USD
CY2019Q4 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
2200000 USD
CY2020Q1 us-gaap Other Assets Current
OtherAssetsCurrent
152000000.0 USD
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
153400000 USD
CY2020Q1 itt Other Employee Benefit Related Assets
OtherEmployeeBenefitRelatedAssets
132000000.0 USD
CY2019Q4 itt Other Employee Benefit Related Assets
OtherEmployeeBenefitRelatedAssets
133600000 USD
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
85200000 USD
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
91700000 USD
CY2020Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
28000000.0 USD
CY2019Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
30100000 USD
CY2020Q1 itt Estimated Environmental Related Assets
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Land
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PropertyPlantAndEquipmentOther
4800000 USD
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PropertyPlantAndEquipmentOther
10500000 USD
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PropertyPlantAndEquipmentGross
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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20500000 USD
CY2019Q1 us-gaap Depreciation
Depreciation
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Goodwill
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GoodwillForeignCurrencyTranslationGainLoss
10300000 USD
CY2020Q1 us-gaap Goodwill
Goodwill
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FiniteLivedIntangibleAssetsNet
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FiniteLivedIntangibleAssetsGross
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsNet
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IndefiniteLivedIntangibleAssetsExcludingGoodwill
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IndefiniteLivedIntangibleAssetsExcludingGoodwill
21900000 USD
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IndefiniteLivedIntangibleAssetsExcludingGoodwill
22200000 USD
CY2019Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
22200000 USD
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FiniteAndInfiniteLivedIntangibleAssetsGross
239900000 USD
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteAndInfiniteLivedIntangibleAssetsGross
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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IntangibleAssetsNetExcludingGoodwill
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ImpairmentOfIntangibleAssetsExcludingGoodwill
12300000 USD
CY2020Q1 itt Reclassificationof Intangiblefrom Finiteto Indefinite
ReclassificationofIntangiblefromFinitetoIndefinite
5000000 USD
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AmortizationOfIntangibleAssets
4800000 USD
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AmortizationOfIntangibleAssets
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FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
12800000 USD
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FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
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FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
14400000 USD
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FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
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CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
29100000 USD
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EmployeeRelatedLiabilitiesCurrent
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ContractLiabilitiesandOtherCustomerRelatedLiabilities
68500000 USD
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ContractLiabilitiesandOtherCustomerRelatedLiabilities
74600000 USD
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AccruedIncomeTaxesCurrent
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19100000 USD
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18900000 USD
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ProductWarrantyAccrualClassifiedCurrent
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16800000 USD
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AccruedLiabilitiesCurrent
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AccruedEnvironmentalLossContingenciesNoncurrent
52400000 USD
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AccruedEnvironmentalLossContingenciesNoncurrent
55800000 USD
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
70100000 USD
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OperatingLeaseLiabilityNoncurrent
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CompensationAndOtherEmployeeRelatedLiabilitiesNoncurrent
30800000 USD
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CompensationAndOtherEmployeeRelatedLiabilitiesNoncurrent
32400000 USD
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DeferredIncomeTaxesAndOtherTaxLiabilitiesNoncurrent
24600000 USD
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DeferredIncomeTaxesAndOtherTaxLiabilitiesNoncurrent
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OtherAccruedLiabilitiesNoncurrent
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OtherAccruedLiabilitiesNoncurrent
46500000 USD
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OtherLiabilitiesNoncurrent
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OtherLiabilitiesNoncurrent
234700000 USD
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ShortTermBorrowings
384500000 USD
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CommercialPaper
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CY2019Q4 us-gaap Commercial Paper
CommercialPaper
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LongTermDebtCurrent
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LongTermDebtCurrent
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DebtCurrent
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DebtCurrent
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LongTermDebtAndCapitalLeaseObligations
12600000 USD
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LongTermDebtAndCapitalLeaseObligations
12900000 USD
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DebtAndCapitalLeaseObligations
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DebtAndCapitalLeaseObligations
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ShortTermBorrowings
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CommercialPaper
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DefinedBenefitPlanServiceCost
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CY2019Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
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DefinedBenefitPlanInterestCost
3000000.0 USD
CY2019Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
4100000 USD
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DefinedBenefitPlanExpectedReturnOnPlanAssets
2200000 USD
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DefinedBenefitPlanExpectedReturnOnPlanAssets
3800000 USD
CY2020Q1 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
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DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
-1100000 USD
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DefinedBenefitPlanAmortizationOfGainsLosses
-2400000 USD
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DefinedBenefitPlanAmortizationOfGainsLosses
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2500000 USD
CY2019Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
1700000 USD
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DefinedBenefitPlanContributionsByEmployer
2200000 USD
CY2019Q1 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
3000000.0 USD
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900000 USD
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600000 USD
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133300000 USD
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-252000000.0 USD
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CY2020Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-900000 USD
CY2020Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-51300000 USD
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OtherComprehensiveIncomeLossNetOfTax
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CY2020Q1 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
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132400000 USD
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AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-303300000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2500000 USD
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4500000 USD
CY2020Q1 itt Sharebasedcompensationcostsliabilitybasedawards
Sharebasedcompensationcostsliabilitybasedawards
-600000 USD
CY2019Q1 itt Sharebasedcompensationcostsliabilitybasedawards
Sharebasedcompensationcostsliabilitybasedawards
700000 USD
CY2020Q1 itt Sharebasedcompensationcosts Total
SharebasedcompensationcostsTotal
1900000 USD
CY2019Q1 itt Sharebasedcompensationcosts Total
SharebasedcompensationcostsTotal
5200000 USD
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
100000 USD
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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200000 shares
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ProceedsFromStockOptionsExercised
5100000 USD
CY2020Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1700000 shares
CY2019Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
200000 shares
CY2019Q1 itt Number Of Shares Repurchased Under Settlement Of Employee Tax Withholding Obligations
NumberOfSharesRepurchasedUnderSettlementOfEmployeeTaxWithholdingObligations
200000 shares
CY2020Q1 itt Shares Repurchased Aggregate Value Under Settlement Of Employee Tax Withholding Obligations
SharesRepurchasedAggregateValueUnderSettlementOfEmployeeTaxWithholdingObligations
10200000 USD
CY2019Q1 itt Shares Repurchased Aggregate Value Under Settlement Of Employee Tax Withholding Obligations
SharesRepurchasedAggregateValueUnderSettlementOfEmployeeTaxWithholdingObligations
9400000 USD
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-246300000 USD
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AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
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AccumulatedOtherComprehensiveIncomeLossNetOfTax
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CY2019Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-600000 USD
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-2400000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1800000 USD
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AccumulatedOtherComprehensiveIncomeLossNetOfTax
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CY2019Q4 itt Asbestos Liability And Related Assets Net Current And Noncurrent
AsbestosLiabilityAndRelatedAssetsNetCurrentAndNoncurrent
430800000 USD
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AsbestosLiabilityAndRelatedAssetsNetCurrentAndNoncurrent
472600000 USD
CY2020Q1 itt Asbestos Related Costs Benefit Provisionto Maintain10 Year Forecast Period
AsbestosRelatedCostsBenefitProvisiontoMaintain10YearForecastPeriod
11800000 USD
CY2019Q1 itt Asbestos Related Costs Benefit Provisionto Maintain10 Year Forecast Period
AsbestosRelatedCostsBenefitProvisiontoMaintain10YearForecastPeriod
12600000 USD
CY2020Q1 itt Asbestos Related Costs Benefit Settlement Agreement
AsbestosRelatedCostsBenefitSettlementAgreement
-52500000 USD
CY2019Q1 itt Asbestos Related Costs Benefit Settlement Agreement
AsbestosRelatedCostsBenefitSettlementAgreement
0 USD
CY2020Q1 itt Increase Decrease Net Cash Activity
IncreaseDecreaseNetCashActivity
-6100000 USD
CY2019Q1 itt Increase Decrease Net Cash Activity
IncreaseDecreaseNetCashActivity
-9900000 USD
CY2020Q1 itt Asbestos Liability And Related Assets Net Current And Noncurrent
AsbestosLiabilityAndRelatedAssetsNetCurrentAndNoncurrent
384000000.0 USD
CY2019Q1 itt Asbestos Liability And Related Assets Net Current And Noncurrent
AsbestosLiabilityAndRelatedAssetsNetCurrentAndNoncurrent
475300000 USD
CY2020Q1 itt Asbestos Related Liability Current
AsbestosRelatedLiabilityCurrent
86300000 USD
CY2020Q1 itt Asbestos Related Current Assets
AsbestosRelatedCurrentAssets
67200000 USD
CY2019Q1 itt Asbestos Related Liability Current
AsbestosRelatedLiabilityCurrent
73500000 USD
CY2019Q1 itt Asbestos Related Current Assets
AsbestosRelatedCurrentAssets
67100000 USD
CY2020Q1 us-gaap Loss Contingency Accrual Carrying Value Noncurrent
LossContingencyAccrualCarryingValueNoncurrent
718500000 USD
CY2020Q1 itt Asbestos Related Assets
AsbestosRelatedAssets
353600000 USD
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771400000 USD
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AsbestosRelatedAssets
302500000 USD
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EstimatedEnvironmentalRelatedAssets
22200000 USD
CY2019Q1 itt Estimated Environmental Related Assets
EstimatedEnvironmentalRelatedAssets
23400000 USD

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