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Postretirement Benefit Plans | 6 Months Ended
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Jun. 30, 2012
Postretirement Benefit Plans [Abstract] |
POSTRETIREMENT BENEFIT PLANS | POSTRETIREMENT BENEFIT PLANS NOTE 13 POSTRETIREMENT BENEFIT PLANS The following tables provides the components of net periodic benefit cost for pension plans and other employee-related benefit plans for the three and six month periods ended June 30, 2012 and 2011.
|  | 2012 |  |  | 2011 |
Three Months Ended June 30 |  | Pension |  |  | Other Benefits |  |  | Total |  |  | Pension |  |  | Other Benefits |  |  | Total |
Net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 1.6 |  |  | $ | 0.5 |  |  | $ | 2.1 |  |  | $ | 1.7 |  |  | $ | 0.5 |  |  | $ | 2.2 |
Interest cost |  |  | 4.1 |  |  |  | 2.2 |  |  |  | 6.3 |  |  |  | 4.0 |  |  |  | 2.3 |  |  |  | 6.3 |
Expected return on plan assets |  |  | (5.0 | ) |  |  | (0.2 | ) |  |  | (5.2 | ) |  |  | (4.7 | ) |  |  | (0.1 | ) |  |  | (4.8 | )
Amortization of prior service cost |  |  | 0.2 |  |  |  | — |  |  |  | 0.2 |  |  |  | 0.3 |  |  |  | — |  |  |  | 0.3 |
Amortization of net actuarial loss |  |  | 1.6 |  |  |  | 1.1 |  |  |  | 2.7 |  |  |  | 0.9 |  |  |  | 0.6 |  |  |  | 1.5 |
Net periodic benefit cost (income) |  | $ | 2.5 |  |  | $ | 3.6 |  |  | $ | 6.1 |  |  | $ | 2.2 |  |  | $ | 3.3 |  |  | $ | 5.5 |
|  | 2012 |  |  | 2011 |
Six Months Ended June 30 |  | Pension |  |  | Other Benefits |  |  | Total |  |  | Pension |  |  | Other Benefits |  |  | Total |
Net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 2.9 |  |  | $ | 1.1 |  |  | $ | 4.0 |  |  | $ | 3.3 |  |  | $ | 1.1 |  |  | $ | 4.4 |
Interest cost |  |  | 7.7 |  |  |  | 4.5 |  |  |  | 12.2 |  |  |  | 8.0 |  |  |  | 4.7 |  |  |  | 12.7 |
Expected return on plan assets |  |  | (9.1 | ) |  |  | (0.3 | ) |  |  | (9.4 | ) |  |  | (9.4 | ) |  |  | (0.3 | ) |  |  | (9.7 | )
Amortization of prior service cost (benefit) |  |  | 0.5 |  |  |  | (0.1 | ) |  |  | 0.4 |  |  |  | 0.6 |  |  |  | (0.1 | ) |  |  | 0.5 |
Amortization of net actuarial loss |  |  | 3.1 |  |  |  | 2.1 |  |  |  | 5.2 |  |  |  | 1.7 |  |  |  | 1.2 |  |  |  | 2.9 |
Net periodic benefit cost (income) |  | $ | 5.1 |  |  | $ | 7.3 |  |  | $ | 12.4 |  |  | $ | 4.2 |  |  | $ | 6.6 |  |  | $ | 10.8 |
During the six months ended June 30, 2012, we contributed $32.8 to our U.S. pension plans. We expect to make additional contributions totaling $0.5 million to our U.S. pension plans during the remainder of 2012. In connection with the 2012 contributions, during the first quarter of 2012 we performed a remeasurement of our projected benefit obligations and plan assets for our U.S. pension plans. As a result of the remeasurement, the funded status of our U.S. pension plans improved by $41.2 and an after-tax adjustment of $8.8 was recorded to unrecognized actuarial loss included in accumulated other comprehensive income. At June 30, 2012, in the aggregate, ITT’s net postretirement liability was $293.1.

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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 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 4: 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. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 Reference 6: 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. 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