XML 73 R12.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Discontinued Operations | 3 Months Ended
--- | ---
Mar. 31, 2012
Discontinued Operations [Abstract] |
DISCONTINUED OPRATIONS | NOTE 4 DISCONTINUED OPERATIONS NOTE 4 DISCONTINUED OPERATIONS On October 31, 2011, the Company completed the Distribution of Exelis and Xylem (see Note 1). ITT was designated as the accounting and legal spinnor with respect to the Distribution. While we are a party to a Distribution Agreement and several other agreements, including a Tax Matters Agreement, Benefits and Compensation Matters Agreement and Master Transition Services Agreement, we have determined we do not have significant continuing involvement in the operations of Exelis or Xylem, nor do we expect significant continuing cash flows from Exelis or Xylem. As a result, the operating results of Exelis and Xylem through the date of the Distribution have been classified in the Consolidated Condensed Financial Statements as discontinued operations for all periods presented. Amounts presented for the first quarter of 2011 have been adjusted to reflect certain immaterial corrections to the amounts previously reported in the consolidated financial statements. See Note 18, “Immaterial Corrections,” for further information. The table below provides the operating results of discontinued operations through the date of disposal or distribution and certain Transformation costs that were incurred by ITT but qualified for classification within discontinued operations.
Quarter Ended March 31, 2011 |  | Exelis |  |  | Xylem |  |  | Other (a) |  |  | Total |
Revenue |  | $ | 1,347 |  |  | $ | 886 |  |  | $ | — |  |  | $ | 2,233 |
Transformation costs |  |  | 4 |  |  |  | 3 |  |  |  | 18 |  |  |  | 25 |
Earnings (loss) before income taxes |  |  | 134 |  |  |  | 95 |  |  |  | (19 | ) |  |  | 210 |
Income tax expense (benefit) |  |  | 45 |  |  |  | 29 |  |  |  | (7 | ) |  |  | 67 |
Income (loss) from discontinued operations |  |  | 89 |  |  |  | 66 |  |  |  | (12 | ) |  |  | 143 |
(a) | Amounts presented in the “Other” column within the table above relate to various divested ITT businesses accounted for as discontinued operations in the year of divestiture for which legacy liabilities remain, as well as certain Transformation costs which were directly related to the Distribution that provide no future benefit to the Company. See Note 3, “Company Transformation” for further information.
The loss from discontinued operations for the quarter ended March 31, 2012 was $7 primarily related to costs incurred in connection with the Distribution that qualified for classification within discontinued operations.

X
- Definition Discontinued operation. + References No definition available. + Details
Name: | itt_DiscontinuedOperationTextBlock
Namespace Prefix: | itt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration