XML 64 R23.htm IDEA: XBRL DOCUMENT
v2.4.0.8

POSTRETIREMENT BENEFIT PLANS | 9 Months Ended
--- | ---
Sep. 30, 2013
Compensation and Retirement Disclosure [Abstract] |
POSTRETIREMENT BENEFIT PLANS | POSTRETIREMENT BENEFIT PLANS The following tables provide the components of net periodic benefit cost for pension plans and other employee-related benefit plans for the three and nine month periods ended September 30, 2013 and 2012.
| 2013 |  | 2012
Three Months Ended September 30 | Pension |  | Other Benefits |  | Total |  | Pension |  | Other Benefits |  | Total
Net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 1.7 |  |  | $ | 0.7 |  |  | $ | 2.4 |  |  | $ | 1.5 |  |  | $ | 0.5 |  |  | $ | 2.0 |
Interest cost | 3.7 |  |  | 2.1 |  |  | 5.8 |  |  | 3.9 |  |  | 2.2 |  |  | 6.1 |
Expected return on plan assets | (4.9 | ) |  | (0.2 | ) |  | (5.1 | ) |  | (4.7 | ) |  | (0.2 | ) |  | (4.9 | )
Amortization of prior service cost (benefit) | 0.2 |  |  | (0.1 | ) |  | 0.1 |  |  | 0.2 |  |  | — |  |  | 0.2 |
Amortization of net actuarial loss | 2.2 |  |  | 1.1 |  |  | 3.3 |  |  | 1.6 |  |  | 1.1 |  |  | 2.6 |
Net periodic benefit cost | 2.9 |  |  | 3.6 |  |  | 6.5 |  |  | 2.5 |  |  | 3.6 |  |  | 6.0 |
Loss from curtailment | 0.7 |  |  | — |  |  | 0.7 |  |  | — |  |  | — |  |  | — |
Total net periodic benefit cost | $ | 3.6 |  |  | $ | 3.6 |  |  | $ | 7.2 |  |  | $ | 2.5 |  |  | $ | 3.6 |  |  | $ | 6.0 |
| 2013 |  | 2012
Nine Months Ended September 30 | Pension |  | Other Benefits |  | Total |  | Pension |  | Other Benefits |  | Total
Net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 5.1 |  |  | $ | 2.2 |  |  | $ | 7.3 |  |  | $ | 4.3 |  |  | $ | 1.6 |  |  | $ | 5.9 |
Interest cost | 11.0 |  |  | 6.2 |  |  | 17.2 |  |  | 11.6 |  |  | 6.7 |  |  | 18.3 |
Expected return on plan assets | (14.7 | ) |  | (0.5 | ) |  | (15.2 | ) |  | (13.6 | ) |  | (0.4 | ) |  | (14.0 | )
Amortization of prior service cost (benefit) | 0.6 |  |  | (0.3 | ) |  | 0.3 |  |  | 0.7 |  |  | (0.1 | ) |  | 0.6 |
Amortization of net actuarial loss | 6.7 |  |  | 3.3 |  |  | 10.0 |  |  | 4.7 |  |  | 3.1 |  |  | 7.8 |
Net periodic benefit cost | $ | 8.7 |  |  | $ | 10.9 |  |  | $ | 19.6 |  |  | $ | 7.7 |  |  | $ | 10.9 |  |  | $ | 18.6 |
Loss from curtailment | 0.7 |  |  | — |  |  | 0.7 |  |  | — |  |  | — |  |  | — |
Total net periodic benefit cost | $ | 9.4 |  |  | $ | 10.9 |  |  | $ | 20.3 |  |  | $ | 7.7 |  |  | $ | 10.9 |  |  | $ | 18.6 |
During the third quarter of 2013, management approved pension plan design changes to certain of our defined benefit plans that will eliminate future benefit accruals for plan participants as of December 31, 2013. As a result, we remeasured the projected benefit obligations and plan assets for certain plans. The remeasurement resulted in a decrease to ITT's net pension liability of $4.4 and a curtailment loss of $0.7. During the three months ended September 30, 2013 and 2012, we made contributions to our global pension plans of $0.8 and $1.0, respectively. During the nine months ended September 30, 2013 and 2012, we made contributions to our global pension plans of $2.5 and $35.3, respectively. We do not expect to make material contributions to our global pension plans during the remainder of 2013. During the three months ended September 30, 2013 and 2012, we amortized $(0.4) and $2.8, net of tax, respectively, from accumulated other comprehensive income into earnings related to prior service cost and net actuarial loss. Similarly, during the nine months ended September 30, 2013 and 2012, we amortized $6.5 and $8.4, net of tax, into earnings, respectively. No other reclassifications from accumulated other comprehensive income into earnings were recognized during any of the presented periods.

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

X
- 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 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration