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Commitments and Contingencies (Tables) | 12 Months Ended
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Dec. 31, 2012
Activity Related to Asbestos Claims | As of December 31, 2012, there were 67 thousand pending active claims against ITT, including Goulds Pumps, filed in various state and federal courts alleging injury as a result of exposure to asbestos. Activity related to these asserted asbestos claims during the period was as follows:
(in thousands) |  | 2012(a) |  |  | 2011(a) |  |  | 2010(a) |
Pending claims – Beginning |  |  | 105 |  |  |  | 104 |  |  |  | 105 |
New claims |  |  | 4 |  |  |  | 5 |  |  |  | 6 |
Settlements |  |  | (1 | ) |  |  | (2 | ) |  |  | (1 | )
Dismissals(b) |  |  | (12 | ) |  |  | (2 | ) |  |  | (6 | )
Pending claims – Ending |  |  | 96 |  |  |  | 105 |  |  |  | 104 |
Pending inactive claims(c) |  |  | 29 |  |  |  | 39 |  |  |  | 40 |
Pending active claims |  |  | 67 |  |  |  | 66 |  |  |  | 64 |
(a) | In September 2010, ITT executed an amended cost sharing agreement related to a business we disposed of a number of years ago. The cost sharing agreement provided that responsibility for costs associated with claims resolved gradually transitioned away from ITT. In September 2012, ITT entered into a Settlement Agreement with the entity that acquired the disposed business. All claim activity associated with this business has been excluded from the table.
(b) | During 2012, 12 thousand pending claims were dismissed, 10 thousand of which were filed in Mississippi and were inactive.
(c) | Inactive claims represent pending claims in Mississippi filed prior to 2004, which have been excluded from our asbestos measurement as these claims have little to no value.
Summary of Net Asbestos Charges | The tables below summarize the total net asbestos charges for the years ended December 31, 2012, 2011 and 2010.
|  | 2012 |  |  | 2011 |  |  | 2010 |
Continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
Asbestos provision |  | $ | 53.8 |  |  | $ | 59.5 |  |  | $ | 55.3 |
Asbestos remeasurement, net |  |  | 2.9 |  |  |  | 40.9 |  |  |  | 329.5 |
Settlement Agreement |  |  | (5.8 | ) |  |  | — |  |  |  | — |
Net asbestos charge - continuing operations |  |  | 50.9 |  |  |  | 100.4 |  |  |  | 384.8 |
Discontinued Operations: |  |  |  |  |  |  |  |  |  |  |  |
Asbestos provision |  |  | 0.5 |  |  |  | 2.8 |  |  |  | — |
Asbestos remeasurement, net |  |  | — |  |  |  | (9.2 | ) |  |  | (9.7 | )
Settlement Agreement |  |  | (5.6 | ) |  |  | — |  |  |  | — |
Net asbestos charge - discontinued operations |  |  | (5.1 | ) |  |  | (6.4 | ) |  |  | (9.7 | )
Total net asbestos charge |  | $ | 45.8 |  |  | $ | 94.0 |  |  | $ | 375.1 |
Roll Forward of Asbestos Liability and Related Assets | The following table provides a rollforward of the estimated asbestos liability and related assets for the year ended December 31, 2012.
|  | 2012 |  |  | 2011 |
|  | Liability |  |  | Asset |  |  | Net |  |  | Liability |  |  | Asset |  |  | Net |
Balance as of January 1 |  | $ | 1,667.9 |  |  | $ | 954.2 |  |  | $ | 713.7 |  |  | $ | 1,676.5 |  |  | $ | 1,034.7 |  |  | $ | 641.8 |
Changes in estimate during the period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  |  | 6.6 |  |  |  | (50.2 | ) |  |  | 56.8 |  |  |  | 123.5 |  |  |  | 23.2 |  |  |  | 100.3 |
Discontinued operations |  |  | 11.5 |  |  |  | 11.0 |  |  |  | 0.5 |  |  |  | (58.4 | ) |  |  | (52.0 | ) |  |  | (6.4 | )
Settlement Agreement |  |  | (245.2 | ) |  |  | (233.8 | ) |  |  | (11.4 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net cash activity |  |  | (93.4 | ) |  |  | (73.3 | ) |  |  | (20.1 | ) |  |  | (73.7 | ) |  |  | (51.7 | ) |  |  | (22.0 | )
Balance as of December 31 |  | $ | 1,347.4 |  |  | $ | 607.9 |  |  | $ | 739.5 |  |  | $ | 1,667.9 |  |  | $ | 954.2 |  |  | $ | 713.7 |
Current portion |  |  | 92.4 |  |  |  | 82.6 |  |  |  |  |  |  |  | 138.8 |  |  |  | 132.9 |  |  |  |  |
Noncurrent portion |  |  | 1,255.0 |  |  |  | 525.3 |  |  |  |  |  |  |  | 1,529.1 |  |  |  | 821.3 |  |  |  |  |
Rollforward of Environmental Liability and Related Assets | The following table provides a rollforward of the estimated environmental liability and related assets for the years ended December 31, 2012 and 2011.
|  | 2012 |  |  | 2011 |
|  | Liability |  |  | Asset |  |  | Net |  |  | Liability |  |  | Asset |  |  | Net |
Balance as of January 1 |  | $ | 101.8 |  |  | $ | – |  |  | $ | 101.8 |  |  | $ | 99.7 |  |  | $ | – |  |  | $ | 99.7 |
Changes in estimates for pre-existing accruals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  |  | 7.1 |  |  |  | 10.8 |  |  |  | (3.7 | ) |  |  | 13.0 |  |  |  | – |  |  |  | 13.0 |
Discontinued operations |  |  | (1.4 | ) |  |  | 1.5 |  |  |  | (2.9 | ) |  |  | 0.5 |  |  |  | – |  |  |  | 0.5 |
Accruals added during the period for new matters |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Net cash activity |  |  | (11.5 | ) |  |  | – |  |  |  | (11.5 | ) |  |  | (11.4 | ) |  |  | – |  |  |  | (11.4 | )
Foreign currency |  |  | 0.1 |  |  |  | – |  |  |  | 0.1 |  |  |  | – |  |  |  | – |  |  |  | – |
Balance as of December 31 |  | $ | 96.1 |  |  | $ | 12.3 |  |  | $ | 83.8 |  |  | $ | 101.8 |  |  | $ | – |  |  | $ | 101.8 |
Range of Environmental Liability and Number of Active Sites for Environmental Matters | The following table illustrates the reasonably possible range of estimated liability, and number of active sites for environmental matters.
|  | 2012 |  |  | 2011 |
Low-end range |  | $ | 76.9 |  |  | $ | 81.3 |
High end range |  | $ | 167.1 |  |  | $ | 175.0 |
Number of active environmental investigation and remediation sites |  |  | 58 |  |  |  | 64 |

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