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Postretirement Benefit Plans | 9 Months Ended
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Sep. 30, 2011
Postretirement Benefit Plans [Abstract] |
POSTRETIREMENT BENEFIT PLANS | NOTE 15 POSTRETIREMENT BENEFIT PLANS The following tables provide the components of net periodic benefit cost for pension plans, disaggregated by U.S. and international plans, and other employee-related benefit plans for the three and nine month periods ended September 30, 2011 and 2010.
|  | 2011 |  |  | 2010 |
|  |  |  |  |  |  |  | Total |  |  | Other |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | Other |  |  |  |
Three Months Ended September 30 |  | U.S. |  |  | Int’l |  |  | Pension |  |  | Benefits |  |  | Total |  |  | U.S. |  |  | Int’l |  |  | Pension |  |  | Benefits |  |  | Total |
Net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 30 |  |  | $ | 6 |  |  | $ | 36 |  |  | $ | 1 |  |  | $ | 37 |  |  | $ | 27 |  |  | $ | 4 |  |  | $ | 31 |  |  | $ | 1 |  |  | $ | 32 |
Interest cost |  |  | 76 |  |  |  | 8 |  |  |  | 84 |  |  |  | 10 |  |  |  | 94 |  |  |  | 77 |  |  |  | 7 |  |  |  | 84 |  |  |  | 10 |  |  |  | 94 |
Expected return on plan assets |  |  | (102 | ) |  |  | (7 | ) |  |  | (109 | ) |  |  | (6 | ) |  |  | (115 | ) |  |  | (104 | ) |  |  | (6 | ) |  |  | (110 | ) |  |  | (5 | ) |  |  | (115 | )
Amortization of net actuarial loss |  |  | 28 |  |  |  | 1 |  |  |  | 29 |  |  |  | 3 |  |  |  | 32 |  |  |  | 20 |  |  |  | 1 |  |  |  | 21 |  |  |  | 2 |  |  |  | 23 |
Amortization of prior service cost |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Net periodic benefit cost |  |  | 33 |  |  |  | 8 |  |  |  | 41 |  |  |  | 8 |  |  |  | 49 |  |  |  | 21 |  |  |  | 6 |  |  |  | 27 |  |  |  | 8 |  |  |  | 35 |
Loss from curtailment/special termination benefits |  |  | 5 |  |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total net periodic benefit cost |  |  | 38 |  |  |  | 8 |  |  |  | 46 |  |  |  | 8 |  |  |  | 54 |  |  |  | 21 |  |  |  | 6 |  |  |  | 27 |  |  |  | 8 |  |  |  | 35 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss (gain) |  |  | 949 |  |  |  | 10 |  |  |  | 959 |  |  |  | — |  |  |  | 959 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Prior service cost recognized from curtailment |  |  | (3 | ) |  |  | — |  |  |  | (3 | ) |  |  | — |  |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of net actuarial loss |  |  | (28 | ) |  |  | (1 | ) |  |  | (29 | ) |  |  | (3 | ) |  |  | (32 | ) |  |  | (20 | ) |  |  | (1 | ) |  |  | (21 | ) |  |  | (2 | ) |  |  | (23 | )
Amortization of prior service cost |  |  | (1 | ) |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | (1 | ) |  |  | (1 | ) |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
Total change recognized in other comprehensive income |  |  | 917 |  |  |  | 9 |  |  |  | 926 |  |  |  | (3 | ) |  |  | 923 |  |  |  | (21 | ) |  |  | (1 | ) |  |  | (22 | ) |  |  | (2 | ) |  |  | (24 | )
Total impact from net periodic benefit cost and changes in other comprehensive income |  | $ | 955 |  |  | $ | 17 |  |  | $ | 972 |  |  | $ | 5 |  |  | $ | 977 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |  | $ | 6 |  |  | $ | 11 |
|  | 2011 |  |  | 2010 |
|  |  |  |  |  |  |  | Total |  |  | Other |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | Other |  |  |  |
Nine Months Ended September 30 |  | U.S. |  |  | Int’l |  |  | Pension |  |  | Benefits |  |  | Total |  |  | U.S. |  |  | Int’l |  |  | Pension |  |  | Benefits |  |  | Total |
Net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 87 |  |  | $ | 14 |  |  | $ | 101 |  |  | $ | 5 |  |  | $ | 106 |  |  | $ | 81 |  |  | $ | 12 |  |  | $ | 93 |  |  | $ | 5 |  |  | $ | 98 |
Interest cost |  |  | 225 |  |  |  | 24 |  |  |  | 249 |  |  |  | 28 |  |  |  | 277 |  |  |  | 230 |  |  |  | 21 |  |  |  | 251 |  |  |  | 30 |  |  |  | 281 |
Expected return on plan assets |  |  | (307 | ) |  |  | (20 | ) |  |  | (327 | ) |  |  | (17 | ) |  |  | (344 | ) |  |  | (311 | ) |  |  | (18 | ) |  |  | (329 | ) |  |  | (16 | ) |  |  | (345 | )
Amortization of net actuarial loss |  |  | 82 |  |  |  | 3 |  |  |  | 85 |  |  |  | 9 |  |  |  | 94 |  |  |  | 61 |  |  |  | 2 |  |  |  | 63 |  |  |  | 8 |  |  |  | 71 |
Amortization of prior service cost |  |  | 3 |  |  |  | — |  |  |  | 3 |  |  |  | (1 | ) |  |  | 2 |  |  |  | 3 |  |  |  | — |  |  |  | 3 |  |  |  | (1 | ) |  |  | 2 |
Net periodic benefit cost |  |  | 90 |  |  |  | 21 |  |  |  | 111 |  |  |  | 24 |  |  |  | 135 |  |  |  | 64 |  |  |  | 17 |  |  |  | 81 |  |  |  | 26 |  |  |  | 107 |
Loss from curtailment/special termination benefits |  |  | 5 |  |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total net periodic benefit cost |  |  | 95 |  |  |  | 21 |  |  |  | 116 |  |  |  | 24 |  |  |  | 140 |  |  |  | 64 |  |  |  | 17 |  |  |  | 81 |  |  |  | 26 |  |  |  | 107 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss (gain) |  |  | 949 |  |  |  | 10 |  |  |  | 959 |  |  |  | — |  |  |  | 959 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Prior service cost recognized from curtailment |  |  | (3 | ) |  |  | — |  |  |  | (3 | ) |  |  | — |  |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of net actuarial loss |  |  | (82 | ) |  |  | (3 | ) |  |  | (85 | ) |  |  | (9 | ) |  |  | (94 | ) |  |  | (61 | ) |  |  | (2 | ) |  |  | (63 | ) |  |  | (8 | ) |  |  | (71 | )
Amortization of prior service cost |  |  | (3 | ) |  |  | — |  |  |  | (3 | ) |  |  | 1 |  |  |  | (2 | ) |  |  | (3 | ) |  |  | — |  |  |  | (3 | ) |  |  | 1 |  |  |  | (2 | )
Total change recognized in other comprehensive income |  |  | 861 |  |  |  | 7 |  |  |  | 868 |  |  |  | (8 | ) |  |  | 860 |  |  |  | (64 | ) |  |  | (2 | ) |  |  | (66 | ) |  |  | (7 | ) |  |  | (73 | )
Total impact from net periodic benefit cost and changes in other comprehensive income |  | $ | 956 |  |  | $ | 28 |  |  | $ | 984 |  |  | $ | 16 |  |  | $ | 1,000 |  |  | $ | — |  |  | $ | 15 |  |  | $ | 15 |  |  | $ | 19 |  |  | $ | 34 |
We contributed approximately $76 and $13 to our various plans during the nine months ended September 30, 2011 and 2010, respectively. Additional contributions ranging between $8 and $10 are expected during the remainder of 2011. Plan Design Changes Substantially all of ITT’s employees are covered under various defined benefit pension plans, defined contribution plans, or both, when they meet the eligibility requirements of the plans. During the third quarter of 2011, the Compensation Committee of ITT’s Board of Directors amended the U.S. retirement programs to more closely align to industry practice. The most significant amendment was to the U.S. Salaried Retirement Plan (U.S. SRP) which will be transferred to Exelis at the Distribution Date. These amendments will be effective on completion of the Distribution of Xylem and Exelis. The plan design changes include eliminating future benefit accruals for a significant portion of employees who will remain with ITT or who transfer to Xylem, accelerating vesting for certain plan participants as of the Distribution Date, and recognizing future services for eligibility purposes for a defined period of time. In addition, the U.S. SRP will no longer be offered to new U.S. hires. Employees remaining with ITT or transferring to Xylem and new hires at each company will be eligible for an enhanced employer contribution to their 401(k). The Compensation Committee of ITT’s Board of Directors also approved changes in the U.S. SRP for employees transferring to Exelis. The plan design changes for employees transferring to Exelis include providing an irrevocable one-time election to either continue to participate in the U.S. SRP or to enroll in an enhanced 401(k) with greater matching contributions. In addition, unrelated to the spinoff, we froze one of our international pension plans. As a result of the third quarter 2011 changes, ITT remeasured its projected benefit obligations and plan assets for certain U.S. and international pension plans, including the U.S. SRP. These actions resulted in an increase to ITT’s net pension liability of $661, primarily related to the U.S. SRP. The deterioration in the funded status resulted from a decrease in the discount rate used to measure the projected benefit obligations and a decline in the fair value of plan assets during the nine months ended September 30, 2011. In addition, we recorded a curtailment loss of $5 during the third quarter of 2011. Substantially all of the deterioration in the funded status was recorded as an after-tax adjustment of $606 to unrecognized actuarial loss included in accumulated other comprehensive income. At September 30, 2011, in the aggregate, ITT’s net postretirement liability was $2,671. The funded status at the end of 2011 will be remeasured for all postretirement benefit plans using the actual return on assets through December 31, 2011 and will utilize the discount rate at December 31, 2011. Depending on this remeasurement the funded status of our postretirement plans could change materially.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 87 -Paragraph 264 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 158 -Paragraph 7, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS106-2 -Paragraph 20, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Implementation Guide (Q and A) -Number FAS88 -Paragraph 63 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph h -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 30 -Paragraph 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-2 -Paragraph 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 8 -Subparagraph m -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph q -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 106 -Paragraph 518 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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