2024 Q1 Form 10-K Financial Statement

#000021622824000020 Filed on February 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $910.6M $829.1M $3.283B
YoY Change 10.02% 9.88%
Cost Of Revenue $609.8M $543.1M $2.176B
YoY Change 4.4% 5.34%
Gross Profit $300.8M $286.0M $1.107B
YoY Change 22.54% 20.06%
Gross Profit Margin 33.03% 34.5% 33.73%
Selling, General & Admin $121.6M $141.4M $476.6M
YoY Change 62.53% 29.34%
% of Gross Profit 40.43% 49.44% 43.04%
Research & Development $30.00M $25.50M $102.6M
YoY Change 4.51% 6.32%
% of Gross Profit 9.97% 8.92% 9.27%
Depreciation & Amortization $33.60M $26.40M $109.2M
YoY Change 36.08% 1.68%
% of Gross Profit 11.17% 9.23% 9.86%
Operating Expenses $151.6M $166.9M $579.2M
YoY Change 49.82% 24.56%
Operating Profit $149.2M $119.1M $528.1M
YoY Change -2.38% 12.84%
Interest Expense -$5.900M -$1.500M -$10.40M
YoY Change -34.78% 62.5%
% of Operating Profit -3.95% -1.26% -1.97%
Other Income/Expense, Net -$4.400M $200.0K $1.700M
YoY Change -108.7% 30.77%
Pretax Income $144.8M $117.5M $519.5M
YoY Change -1.84% 12.49%
Income Tax $32.80M $24.20M $104.8M
% Of Pretax Income 22.65% 20.6% 20.17%
Net Earnings $111.0M $91.50M $410.5M
YoY Change -10.64% 11.85%
Net Earnings / Revenue 12.19% 11.04% 12.5%
Basic Earnings Per Share $4.99
Diluted Earnings Per Share $1.34 $1.12 $4.98
COMMON SHARES
Basic Shares Outstanding 82.10M shares 82.10M shares 82.30M shares
Diluted Shares Outstanding 82.70M shares 82.70M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $423.0M $489.2M $489.2M
YoY Change -4.92% -12.83%
Cash & Equivalents $423.0M $489.2M $489.2M
Short-Term Investments
Other Short-Term Assets $123.3M $117.9M $117.9M
YoY Change 0.68% 36.14%
Inventory $609.4M $575.4M $575.4M
Prepaid Expenses $55.30M
Receivables $748.6M $675.2M $675.2M
Other Receivables $43.80M $0.00 $0.00
Total Short-Term Assets $1.908B $1.858B $1.858B
YoY Change 4.04% 1.14%
LONG-TERM ASSETS
Property, Plant & Equipment $568.1M $561.0M $561.0M
YoY Change 14.14% -6.59%
Goodwill $1.208B $1.016B
YoY Change 7.25%
Intangibles $332.2M $116.6M
YoY Change 0.26%
Long-Term Investments $47.80M $46.60M $46.60M
YoY Change 9.13% 8.62%
Other Assets $388.0M $381.0M $381.0M
YoY Change 9.11% 81.43%
Total Long-Term Assets $2.496B $2.075B $2.075B
YoY Change 8.94% 6.76%
TOTAL ASSETS
Total Short-Term Assets $1.908B $1.858B $1.858B
Total Long-Term Assets $2.496B $2.075B $2.075B
Total Assets $4.404B $3.933B $3.933B
YoY Change 6.57% 4.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $459.2M $437.0M $437.0M
YoY Change 11.85% 8.95%
Accrued Expenses $415.1M $413.1M $413.1M
YoY Change 22.58% 98.22%
Deferred Revenue $126.6M $95.90M
YoY Change 41.24%
Short-Term Debt $800.0K $187.7M $185.4M
YoY Change 5765.63% -58.64%
Long-Term Debt Due $2.300M $187.7M $187.7M
YoY Change 9285.0% 6851.85%
Total Short-Term Liabilities $1.197B $1.038B $1.038B
YoY Change -18.23% -12.46%
LONG-TERM LIABILITIES
Long-Term Debt $230.5M $5.700M $5.700M
YoY Change -30.49% -25.97%
Other Long-Term Liabilities $254.1M $355.7M $355.7M
YoY Change 91.86% 19.12%
Total Long-Term Liabilities $620.5M $355.7M $355.7M
YoY Change 0.03% 16.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.197B $1.038B $1.038B
Total Long-Term Liabilities $620.5M $355.7M $355.7M
Total Liabilities $1.818B $1.404B $1.404B
YoY Change -13.56% -8.34%
SHAREHOLDERS EQUITY
Retained Earnings $2.857B $2.778B
YoY Change 15.18%
Common Stock $82.30M $82.10M
YoY Change -0.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.575B $2.528B $2.528B
YoY Change
Total Liabilities & Shareholders Equity $4.404B $3.933B $3.933B
YoY Change 6.57% 4.03%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $111.0M $91.50M $410.5M
YoY Change -10.64% 11.85%
Depreciation, Depletion And Amortization $33.60M $26.40M $109.2M
YoY Change 36.08% 1.68%
Cash From Operating Activities $57.70M $170.3M $537.7M
YoY Change 179.64% 93.56%
INVESTING ACTIVITIES
Capital Expenditures $27.70M $39.10M $107.6M
YoY Change -249.24% 3.56%
Acquisitions $407.6M $79.30M
YoY Change -46.02%
Other Investing Activities $0.00 $100.0K -$73.40M
YoY Change -150.0% 18250.0%
Cash From Investing Activities -$435.3M -$39.00M -$181.0M
YoY Change 47.73% -29.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$67.20M
YoY Change -127.4%
Debt Paid & Issued, Net $70.50M $2.200M
YoY Change 4.76%
Cash From Financing Activities $323.4M -87.10M -432.3M
YoY Change 216.73% 418.97%
NET CHANGE
Cash From Operating Activities 57.70M 170.3M 537.7M
Cash From Investing Activities -$435.3M -39.00M -181.0M
Cash From Financing Activities $323.4M -87.10M -432.3M
Net Change In Cash -$66.20M 44.20M -75.60M
YoY Change 531.43% -12.5%
FREE CASH FLOW
Cash From Operating Activities $57.70M $170.3M $537.7M
Capital Expenditures $27.70M $39.10M $107.6M
Free Cash Flow $30.00M $131.2M $430.1M
YoY Change 50.63% 147.33%

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CY2022 us-gaap Stockholders Equity Other
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2023 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
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CY2023 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
20800000 usd
CY2023 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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CY2023 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
7200000 usd
CY2023 us-gaap Common Stock Dividends Per Share Declared
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CY2023 us-gaap Dividends Common Stock Cash
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CY2023 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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CY2023 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2023 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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2539100000 usd
CY2023 itt Research And Development Expense Percentage Of Sales
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CY2022 itt Research And Development Expense Percentage Of Sales
ResearchAndDevelopmentExpensePercentageOfSales
0.032
CY2021 itt Research And Development Expense Percentage Of Sales
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CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2023 us-gaap Concentration Risk Credit Risk
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<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Concentrations of Credit Risk</span></div><div style="margin-bottom:6pt;margin-top:3pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject ITT to significant concentrations of credit risk consist principally of cash and cash equivalents, accounts and notes receivables from trade customers, investments, and derivative financial instruments. We maintain cash and cash equivalents with various financial institutions located in different geographical regions, and our policy is designed to limit exposure to any individual counterparty. Derivative financial instruments are transacted with multiple highly reputable financial institutions. As part of our risk management processes, we perform periodic evaluations of the relative credit standing of the financial institutions with which we transact. We have not sustained any material credit losses during the previous three years with respect to financial instruments held at financial institutions.</span></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Credit risk with respect to accounts receivable is generally diversified due to the large number of entities comprising ITT’s customer base and their dispersion across many different industries and geographic regions. However, our largest customer represented approximately 10% of the total outstanding trade accounts receivable balances as of December 31, 2023 and December 31, 2022. Occasionally, we enter into notes receivables with certain of our customers. These notes receivables have maturities of six to 12 months and are guaranteed by reputable banks. ITT performs ongoing credit evaluations of the financial condition of its third-party distributors, resellers and other customers and requires collateral, such as letters of credit and bank guarantees, in certain circumstances.</span></div>
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CY2022Q4 us-gaap Percentage Of Lifo Inventory
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CY2023Q4 us-gaap Inventory Lifo Reserve
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CY2022Q4 us-gaap Inventory Lifo Reserve
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CY2023Q4 us-gaap Short Term Investments
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CY2022Q4 us-gaap Short Term Investments
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CY2023Q4 itt Investments In Corporate Owned Life Insurance
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CY2022Q4 itt Investments In Corporate Owned Life Insurance
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CY2022 us-gaap Life Insurance Corporate Or Bank Owned Change In Value
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CY2021 us-gaap Life Insurance Corporate Or Bank Owned Change In Value
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CY2022 us-gaap Proceeds From Life Insurance Policies
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CY2021 us-gaap Proceeds From Life Insurance Policies
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CY2023 itt Maximum Measurement Period To Record Fair Value Changes As Adjustment To Associated Goodwill From Date Of Acquisition
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CY2022 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2023Q4 itt Undistributed Earnings Of Foreign Subsidiaries Not Indefinitely Reinvested
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CY2023Q4 us-gaap Deferred Tax Liability Not Recognized Amount Of Unrecognized Deferred Tax Liability Undistributed Earnings Of Foreign Subsidiaries
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CY2023 us-gaap Number Of Reportable Segments
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CY2022 us-gaap Revenues
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CY2021 us-gaap Revenues
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CY2023 itt Asbestos Related Costs Net
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CY2022 itt Asbestos Related Costs Net
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CY2021 itt Asbestos Related Costs Net
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CY2021 us-gaap Interest Income Expense Net
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CY2022 us-gaap Other Nonoperating Income Expense
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CY2021 us-gaap Other Nonoperating Income Expense
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023Q4 us-gaap Assets
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CY2022Q4 us-gaap Assets
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CY2023 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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CY2022 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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CY2021 us-gaap Payments To Acquire Productive Assets
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CY2023 us-gaap Depreciation Depletion And Amortization
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CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2021 us-gaap Depreciation Depletion And Amortization
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CY2023 us-gaap Revenues
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CY2022 us-gaap Revenues
Revenues
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CY2021 us-gaap Revenues
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CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023 us-gaap Revenues
Revenues
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CY2022 us-gaap Revenues
Revenues
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CY2021 us-gaap Revenues
Revenues
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CY2023 itt Maximum Percentage Of Revenue For Which Individual Customer Accounts For
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CY2022 itt Maximum Percentage Of Revenue For Which Individual Customer Accounts For
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CY2021 itt Maximum Percentage Of Revenue For Which Individual Customer Accounts For
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CY2023 itt Serviceand Repair Revenue Percentageof Total
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CY2022 itt Serviceand Repair Revenue Percentageof Total
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0.04
CY2021 itt Serviceand Repair Revenue Percentageof Total
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CY2023Q4 us-gaap Contract With Customer Asset Net Current
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CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
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CY2023Q4 us-gaap Contract With Customer Asset Net Noncurrent
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CY2022Q4 us-gaap Contract With Customer Asset Net Noncurrent
ContractWithCustomerAssetNetNoncurrent
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CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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CY2023Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
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CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
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CY2023Q4 itt Net Contract Liabilities
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CY2022Q4 itt Net Contract Liabilities
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47100000 usd
CY2023 itt Net Contract Liability Changefrom Prior Year
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CY2023 us-gaap Contract With Customer Liability Revenue Recognized
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CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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CY2023Q4 us-gaap Capitalized Contract Cost Net
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3800000 usd
CY2022Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
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CY2023 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
700000 usd
CY2022 us-gaap Capitalized Contract Cost Amortization
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CY2023 us-gaap Severance Costs1
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CY2022 us-gaap Severance Costs1
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CY2021 us-gaap Severance Costs1
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CY2023 itt Restructuring Reserve Asset Write Off
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CY2022 itt Restructuring Reserve Asset Write Off
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CY2021 itt Restructuring Reserve Asset Write Off
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CY2023 us-gaap Other Restructuring Costs
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CY2022 us-gaap Other Restructuring Costs
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CY2021 us-gaap Other Restructuring Costs
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CY2023 us-gaap Restructuring Charges
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CY2022 us-gaap Restructuring Charges
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CY2021 us-gaap Restructuring Charges
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CY2023 us-gaap Restructuring Charges
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CY2022 us-gaap Restructuring Charges
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CY2021 us-gaap Restructuring Charges
RestructuringCharges
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CY2022Q4 us-gaap Restructuring Reserve
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CY2021Q4 us-gaap Restructuring Reserve
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CY2023 itt Restructuring Costs Gross Before Prior Accrual Adjustments
RestructuringCostsGrossBeforePriorAccrualAdjustments
10900000 usd
CY2022 itt Restructuring Costs Gross Before Prior Accrual Adjustments
RestructuringCostsGrossBeforePriorAccrualAdjustments
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CY2023 us-gaap Restructuring Reserve Accrual Adjustment1
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CY2022 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
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CY2023 us-gaap Payments For Restructuring
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CY2022 us-gaap Payments For Restructuring
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CY2023 itt Restructuring Reserve Asset Write Offs
RestructuringReserveAssetWriteOffs
1800000 usd
CY2022 itt Restructuring Reserve Asset Write Offs
RestructuringReserveAssetWriteOffs
100000 usd
CY2023 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
100000 usd
CY2022 us-gaap Restructuring Reserve Translation Adjustment
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CY2023Q4 us-gaap Restructuring Reserve
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CY2022Q4 us-gaap Restructuring Reserve
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
155700000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2023 us-gaap Current State And Local Tax Expense Benefit
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CY2022 us-gaap Current State And Local Tax Expense Benefit
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CY2021 us-gaap Current State And Local Tax Expense Benefit
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CY2023 us-gaap Current Foreign Tax Expense Benefit
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CY2022 us-gaap Current Foreign Tax Expense Benefit
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CY2021 us-gaap Current Foreign Tax Expense Benefit
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CY2023 us-gaap Current Income Tax Expense Benefit
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CY2022 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2023 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2023 us-gaap Deferred Income Tax Expense Benefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2023 itt Effective Income Tax Rate Reconciliation Tax On Foreign Earnings
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CY2022 itt Effective Income Tax Rate Reconciliation Tax On Foreign Earnings
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CY2021 itt Effective Income Tax Rate Reconciliation Tax On Foreign Earnings
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CY2023 itt Effective Income Tax Reconciliation Non U.S.Prior Year Income Taxes Italian Patent Box
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CY2021 itt Effective Income Tax Reconciliation Non U.S.Prior Year Income Taxes Italian Patent Box
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CY2023 itt Effective Income Tax Rate On Permanent Items
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CY2022 itt Effective Income Tax Rate On Permanent Items
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CY2021 itt Effective Income Tax Rate On Permanent Items
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CY2023 itt Effective Income Tax Reconciliation Non U.S.Prior Year Income Taxes Italian Patent Box Descrete Benefit Relatingto Prior Years
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023 itt Effective Income Tax Rate Reconciliation Tax On Undistributed Of Foreign Earnings
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CY2022 itt Effective Income Tax Rate Reconciliation Tax On Undistributed Of Foreign Earnings
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CY2021 itt Effective Income Tax Rate Reconciliation Tax On Undistributed Of Foreign Earnings
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CY2023 itt Effective Income Tax Rate Reconciliation Tax On Asbestos Divestiture
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2023 itt Effective Income Tax Rate Reconciliation Tax On Amended Tax Return
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CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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