$ITT
ITT INC.

2020 Q2 Form 10-Q Financial Statement

#000021622820000030 Filed on July 31, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $514.7M $719.9M
YoY Change -28.5% 3.32%
Cost Of Revenue $351.1M $487.9M
YoY Change -28.04% 3.63%
Gross Profit $163.6M $232.0M
YoY Change -29.48% 2.65%
Gross Profit Margin 31.79% 32.23%
Selling, General & Admin $80.30M $105.3M
YoY Change -23.74% -1.03%
% of Gross Profit 49.08% 45.39%
Research & Development $18.90M $25.80M
YoY Change -26.74% 0.0%
% of Gross Profit 11.55% 11.12%
Depreciation & Amortization $20.70M $20.50M
YoY Change 0.98% -2.38%
% of Gross Profit 12.65% 8.84%
Operating Expenses $99.20M $131.1M
YoY Change -24.33% -0.83%
Operating Profit $20.50M $86.00M
YoY Change -76.16% 7.1%
Interest Expense -$2.200M $400.0K
YoY Change -650.0% -126.67%
% of Operating Profit -10.73% 0.47%
Other Income/Expense, Net -$2.200M $400.0K
YoY Change -650.0% -126.67%
Pretax Income $18.30M $86.40M
YoY Change -78.82% 9.64%
Income Tax -$28.10M $19.30M
% Of Pretax Income -153.55% 22.34%
Net Earnings $48.00M $66.80M
YoY Change -28.14% -4.16%
Net Earnings / Revenue 9.33% 9.28%
Basic Earnings Per Share $0.56 $0.76
Diluted Earnings Per Share $0.55 $0.75
COMMON SHARES
Basic Shares Outstanding 86.30M shares 87.80M shares
Diluted Shares Outstanding 86.80M shares 88.70M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $819.0M $532.0M
YoY Change 53.95% 18.22%
Cash & Equivalents $819.1M $531.9M
Short-Term Investments
Other Short-Term Assets $159.9M $149.1M
YoY Change 7.24% -14.85%
Inventory $384.6M $421.4M
Prepaid Expenses
Receivables $451.0M $601.0M
Other Receivables $31.00M $27.00M
Total Short-Term Assets $1.827B $1.702B
YoY Change 7.31% 7.84%
LONG-TERM ASSETS
Property, Plant & Equipment $505.4M $534.1M
YoY Change -5.37% 5.53%
Goodwill $920.3M $931.0M
YoY Change -1.15% 5.81%
Intangibles $115.9M $128.1M
YoY Change -9.52% -11.84%
Long-Term Investments $10.30M $8.800M
YoY Change 17.05% 12.82%
Other Assets $302.1M $295.4M
YoY Change 2.27% 45.37%
Total Long-Term Assets $2.325B $2.339B
YoY Change -0.62% 5.31%
TOTAL ASSETS
Total Short-Term Assets $1.827B $1.702B
Total Long-Term Assets $2.325B $2.339B
Total Assets $4.151B $4.041B
YoY Change 2.72% 6.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $271.0M $347.4M
YoY Change -21.99% 4.89%
Accrued Expenses $429.1M $395.6M
YoY Change 8.47% -0.53%
Deferred Revenue
YoY Change
Short-Term Debt $112.2M $148.0M
YoY Change -24.19% -29.39%
Long-Term Debt Due $1.200M $1.400M
YoY Change -14.29% 27.27%
Total Short-Term Liabilities $947.6M $892.4M
YoY Change 6.19% -5.02%
LONG-TERM LIABILITIES
Long-Term Debt $13.00M $14.00M
YoY Change -7.14% 100.0%
Other Long-Term Liabilities $217.9M $244.4M
YoY Change -10.84% 41.52%
Total Long-Term Liabilities $1.149B $1.212B
YoY Change -5.19% 2.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $947.6M $892.4M
Total Long-Term Liabilities $1.149B $1.212B
Total Liabilities $2.096B $2.104B
YoY Change -0.37% -0.63%
SHAREHOLDERS EQUITY
Retained Earnings $2.398B $2.219B
YoY Change 8.09% 13.24%
Common Stock $86.30M $87.90M
YoY Change -1.82% 0.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.052B $1.935B
YoY Change
Total Liabilities & Shareholders Equity $4.151B $4.041B
YoY Change 2.72% 6.36%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $48.00M $66.80M
YoY Change -28.14% -4.16%
Depreciation, Depletion And Amortization $20.70M $20.50M
YoY Change 0.98% -2.38%
Cash From Operating Activities $149.5M $60.60M
YoY Change 146.7% -20.99%
INVESTING ACTIVITIES
Capital Expenditures -$12.10M -$16.60M
YoY Change -27.11% -5.68%
Acquisitions
YoY Change
Other Investing Activities $1.200M -$86.90M
YoY Change -101.38% -21825.0%
Cash From Investing Activities -$10.90M -$103.5M
YoY Change -89.47% 501.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -170.8M 21.40M
YoY Change -898.13% -167.3%
NET CHANGE
Cash From Operating Activities 149.5M 60.60M
Cash From Investing Activities -10.90M -103.5M
Cash From Financing Activities -170.8M 21.40M
Net Change In Cash -32.20M -21.50M
YoY Change 49.77% -177.62%
FREE CASH FLOW
Cash From Operating Activities $149.5M $60.60M
Capital Expenditures -$12.10M -$16.60M
Free Cash Flow $161.6M $77.20M
YoY Change 109.33% -18.13%

Facts In Submission

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us-gaap Basis Of Accounting
BasisOfAccounting
<div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Basis of Presentation</span></div><div style="text-indent:11.25pt;text-align:justify;margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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 (</span><span style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/216228/000021622820000005/itt10-kx12312019.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration: underline;">2019 Annual Report</a></span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">) 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, </span><span style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="#i381f934fda614fa0b03723f7c85aa689_58" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration: underline;">Recent Accounting Pronouncements</a></span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;"> for further information. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2019 Annual Report.</span></div><div style="text-indent:11.25pt;text-align:justify;margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available and may be impacted by the duration and severity of the pandemic. Estimates and assumptions are used for, but not limited to, asbestos-related liabilities and recoveries from insurers, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, accounting for business combinations, goodwill and other intangible asset impairment testing, environmental liabilities and assets, allowance for credit losses and inventory valuation. Actual results could differ from these estimates. </span></div><div style="text-indent:11.25pt;text-align:justify;margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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="text-indent:11.25pt;text-align:justify;margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Certain prior year amounts have been reclassified to conform to the current year presentation.</span></div>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2020Q2 us-gaap Revenues
Revenues
514700000 USD
CY2019Q2 us-gaap Revenues
Revenues
719900000 USD
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
20500000 USD
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
86000000.0 USD
CY2020Q2 itt Operating Margin
OperatingMargin
0.040
CY2019Q2 itt Operating Margin
OperatingMargin
0.119
us-gaap Revenues
Revenues
1178000000.0 USD
us-gaap Revenues
Revenues
1415400000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
129800000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
176600000 USD
itt Operating Margin
OperatingMargin
0.110
itt Operating Margin
OperatingMargin
0.125
CY2020Q2 us-gaap Assets
Assets
4151300000 USD
CY2019Q4 us-gaap Assets
Assets
4107700000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
34300000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
45800000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
54500000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
53000000.0 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
514700000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1178000000.0 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
719900000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1415400000 USD
CY2020Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
18900000 USD
CY2019Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
18000000.0 USD
itt Current Contract Assets Percentage Changefrom Prior Period
CurrentContractAssetsPercentageChangefromPriorPeriod
0.050
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
56300000 USD
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
57400000 USD
itt Current Contract Liabilities Percentage Changefrom Prior Period
CurrentContractLiabilitiesPercentageChangefromPriorPeriod
-0.019
CY2020Q2 itt Net Contract Liabilities
NetContractLiabilities
37400000 USD
CY2019Q4 itt Net Contract Liabilities
NetContractLiabilities
39400000 USD
itt Net Contract Liability Percentage Changefrom Prior Period
NetContractLiabilityPercentageChangefromPriorPeriod
-0.051
CY2020Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5500000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
38300000 USD
CY2020Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
27900000 USD
CY2019Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
3100000 USD
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
31000000.0 USD
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
4200000 USD
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
7500000 USD
CY2018Q4 us-gaap Restructuring Reserve
RestructuringReserve
6600000 USD
us-gaap Restructuring Costs
RestructuringCosts
31700000 USD
us-gaap Restructuring Costs
RestructuringCosts
4700000 USD
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-700000 USD
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-500000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
9600000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
5600000 USD
us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
-200000 USD
us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
-100000 USD
CY2020Q2 us-gaap Restructuring Reserve
RestructuringReserve
28700000 USD
CY2019Q2 us-gaap Restructuring Reserve
RestructuringReserve
5100000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-28100000 USD
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19300000 USD
CY2020Q2 itt Income Tax Expense Increasefrom Prior Year Percent Change
IncomeTaxExpenseIncreasefromPriorYearPercentChange
-2.456
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3400000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
39000000.0 USD
itt Income Tax Expense Increasefrom Prior Year Percent Change
IncomeTaxExpenseIncreasefromPriorYearPercentChange
-1.087
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-1.536
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.223
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.027
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.220
us-gaap Unrecognized Tax Benefits Increases Resulting From Acquisition
UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition
1100000 USD
itt Payroll Tax Benefit From Cares Act
PayrollTaxBenefitFromCARESAct
7200000 USD
CY2020Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
15000000 USD
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86300000 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
87800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
87000000.0 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
87700000 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
500000 shares
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
900000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
600000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
900000 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
86800000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
88700000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
87600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
88600000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2020Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
451800000 USD
CY2019Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
562300000 USD
CY2020Q2 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
8900000 USD
CY2019Q4 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
6200000 USD
CY2020Q2 us-gaap Other Receivables
OtherReceivables
22400000 USD
CY2019Q4 us-gaap Other Receivables
OtherReceivables
21200000 USD
CY2020Q2 itt Receivables Gross Current
ReceivablesGrossCurrent
483100000 USD
CY2019Q4 itt Receivables Gross Current
ReceivablesGrossCurrent
589700000 USD
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
19900000 USD
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
11300000 USD
CY2020Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
463200000 USD
CY2019Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
578400000 USD
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
19900000 USD
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
11300000 USD
CY2020Q2 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
CY2020Q2 itt Total Allowancefor Credit Losses
TotalAllowanceforCreditLosses
20000000.0 USD
CY2019Q4 itt Total Allowancefor Credit Losses
TotalAllowanceforCreditLosses
12800000 USD
CY2019Q4 itt Total Allowancefor Credit Losses
TotalAllowanceforCreditLosses
12800000 USD
itt Impactof Adoptionof Asu201613
ImpactofAdoptionofASU201613
1700000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
8600000 USD
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
3000000.0 USD
itt Allowancefor Credit Loss Foreign Currencyand Other
AllowanceforCreditLossForeignCurrencyandOther
-100000 USD
CY2020Q2 itt Total Allowancefor Credit Losses
TotalAllowanceforCreditLosses
20000000.0 USD
CY2020Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
58600000 USD
CY2019Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
80700000 USD
CY2020Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
84400000 USD
CY2019Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
83900000 USD
CY2020Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
241600000 USD
CY2019Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
228300000 USD
CY2020Q2 us-gaap Inventory Net
InventoryNet
384600000 USD
CY2019Q4 us-gaap Inventory Net
InventoryNet
392900000 USD
CY2020Q2 itt Asbestos Related Current Assets
AsbestosRelatedCurrentAssets
85900000 USD
CY2019Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
316500000 USD
CY2019Q4 itt Asbestos Related Current Assets
AsbestosRelatedCurrentAssets
67200000 USD
CY2020Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
36700000 USD
CY2019Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
45400000 USD
CY2020Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
18900000 USD
CY2019Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
18000000.0 USD
CY2020Q2 us-gaap Prepaid Taxes
PrepaidTaxes
16400000 USD
CY2019Q4 us-gaap Prepaid Taxes
PrepaidTaxes
20600000 USD
CY2020Q2 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
2000000.0 USD
CY2019Q4 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
2200000 USD
CY2020Q2 us-gaap Other Assets Current
OtherAssetsCurrent
159900000 USD
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
153400000 USD
CY2020Q2 itt Other Employee Benefit Related Assets
OtherEmployeeBenefitRelatedAssets
134600000 USD
CY2019Q4 itt Other Employee Benefit Related Assets
OtherEmployeeBenefitRelatedAssets
133600000 USD
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
84600000 USD
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
91700000 USD
CY2020Q2 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
26400000 USD
CY2019Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
30100000 USD
CY2020Q2 itt Estimated Environmental Related Assets
EstimatedEnvironmentalRelatedAssets
20400000 USD
CY2019Q4 itt Estimated Environmental Related Assets
EstimatedEnvironmentalRelatedAssets
22200000 USD
CY2020Q2 us-gaap Equity Method Investments
EquityMethodInvestments
10300000 USD
CY2019Q4 us-gaap Equity Method Investments
EquityMethodInvestments
9800000 USD
CY2020Q2 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
25800000 USD
CY2019Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
29100000 USD
CY2020Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
302100000 USD
CY2020Q2 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
1126300000 USD
CY2019Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
1128900000 USD
CY2020Q2 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
271300000 USD
CY2019Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
279300000 USD
CY2020Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
78100000 USD
CY2019Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
79800000 USD
CY2020Q2 us-gaap Construction In Progress Gross
ConstructionInProgressGross
48900000 USD
CY2019Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
48800000 USD
CY2020Q2 us-gaap Land
Land
32300000 USD
CY2019Q4 us-gaap Land
Land
33300000 USD
CY2020Q2 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
4900000 USD
CY2019Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
10500000 USD
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1561800000 USD
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1580600000 USD
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1056400000 USD
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1049100000 USD
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
505400000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
531500000 USD
CY2020Q2 us-gaap Depreciation
Depreciation
20700000 USD
CY2019Q2 us-gaap Depreciation
Depreciation
20500000 USD
us-gaap Depreciation
Depreciation
41200000 USD
us-gaap Depreciation
Depreciation
40700000 USD
us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
4000000.0 USD
CY2020Q2 itt Carrying Valueof Tangible Assets Written Downto Estimated Fair Value
CarryingValueofTangibleAssetsWrittenDowntoEstimatedFairValue
14000000.0 USD
CY2020Q2 itt Fair Valueof Impaired Tangible Assets
FairValueofImpairedTangibleAssets
10000000.0 USD
CY2019Q4 us-gaap Goodwill
Goodwill
927200000 USD
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-2500000 USD
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
4400000 USD
CY2020Q2 us-gaap Goodwill
Goodwill
920300000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
218500000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
124500000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
94000000.0 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
256500000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
140700000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
115800000 USD
CY2020Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
21900000 USD
CY2020Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
21900000 USD
CY2019Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
22200000 USD
CY2019Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
22200000 USD
CY2020Q2 itt Finite And Infinite Lived Intangible Assets Gross
FiniteAndInfiniteLivedIntangibleAssetsGross
240400000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
124500000 USD
CY2020Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
115900000 USD
CY2019Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
138000000.0 USD
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
12300000 USD
itt Reclassificationof Intangiblefrom Finiteto Indefinite
ReclassificationofIntangiblefromFinitetoIndefinite
5000000 USD
CY2019Q4 itt Finite And Infinite Lived Intangible Assets Gross
FiniteAndInfiniteLivedIntangibleAssetsGross
278700000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
140700000 USD
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4200000 USD
CY2019Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4000000.0 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
9000000.0 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8000000.0 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
8600000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
16300000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
16200000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
14400000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
9100000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
29400000 USD
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
127200000 USD
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
145400000 USD
CY2020Q2 itt Asbestos Related Liability Current
AsbestosRelatedLiabilityCurrent
85900000 USD
CY2019Q4 itt Asbestos Related Liability Current
AsbestosRelatedLiabilityCurrent
86000000.0 USD
CY2020Q2 itt Contract Liabilitiesand Other Customer Related Liabilities
ContractLiabilitiesandOtherCustomerRelatedLiabilities
74300000 USD
CY2019Q4 itt Contract Liabilitiesand Other Customer Related Liabilities
ContractLiabilitiesandOtherCustomerRelatedLiabilities
74600000 USD
CY2020Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
28700000 USD
CY2019Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
7500000 USD
CY2020Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
28100000 USD
CY2019Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
27000000.0 USD
CY2020Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
19700000 USD
CY2019Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
18500000 USD
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
18700000 USD
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
19900000 USD
CY2020Q2 itt Accrued Environmental And Litigation Liabilities Current
AccruedEnvironmentalAndLitigationLiabilitiesCurrent
16500000 USD
CY2019Q4 itt Accrued Environmental And Litigation Liabilities Current
AccruedEnvironmentalAndLitigationLiabilitiesCurrent
17900000 USD
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
30000000.0 USD
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
34000000.0 USD
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
429100000 USD
CY2019Q4 us-gaap Accrued Liabilities Current
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Sharebasedcompensationcostsliabilitybasedawards
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SharebasedcompensationcostsTotal
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