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Commitments and Contingencies (Tables) | 12 Months Ended
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Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract] |
Activity Related to Asbestos Claims | As of December 31, 2014, there were 49 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) | 2014 |  |  | 2013 |  |  | 2012 |
Pending claims – Beginning | 79 |  |  | 96 |  |  | 105 |
New claims | 4 |  |  | 5 |  |  | 4 |
Settlements | (2 | ) |  | (3 | ) |  | (1 | )
Dismissals(a) | (19 | ) |  | (19 | ) |  | (12 | )
Pending claims – Ending | 62 |  |  | 79 |  |  | 96 |
Pending inactive claims(a) | 13 |  |  | 13 |  |  | 29 |
Pending active claims | 49 |  |  | 66 |  |  | 67 |
(a) | Dismissals reported in the table above include the dismissal of approximately 16 thousand claims in 2013 and 12 thousand in 2012, which were considered pending inactive claims. There were no inactive claims dismissed during 2014. Inactive claims represent pending claims in Mississippi filed in 2004 or prior, which have been excluded from our asbestos measurement because the plaintiffs cannot demonstrate a significant compensable loss. As such, management believes these claims have little to no value.
Summary of Net Asbestos Charges | Settlement Agreements During 2014, ITT executed a final settlement agreement (the 2014 Settlement) with an insurer to settle responsibility for multiple insurance claims, resulting in a one-time lump sum payment to the Qualified Settlement Fund (QSF) of $2.2 in 2015. During 2013, ITT executed a final settlement agreement (the 2013 Settlement) with an insurer to settle responsibility for multiple categories of insured claims, including pending and future product liability claims. Under the terms of the 2013 Settlement, the insurer agreed to a specified series of payments over the course of the next five years, resulting in a one-time benefit of $31.0. In 2012, we executed an agreement (the 2012 Settlement) with the entity (the counterparty) that acquired a business disposed by ITT in 1986. The 2012 Settlement accelerated the cost sharing provisions of a previous agreement with the counterparty. Under the terms of the 2012 Settlement, the counterparty assumed full responsibility for all pending and future asbestos-related claims filed against the disposed business, whether they were served on ITT or the counterparty. ITT also agreed that certain insurance rights will remain with the pending and future claims filed against the disposed business, benefiting the counterparty. Income from continuing operations reflects a benefit of $5.8 from the 2012 Settlement, while income from discontinued operations reflects a benefit of $5.6 from the 2012 Settlement. Income Statement Charges The table below summarizes the total net asbestos charge for the years ended December 31, 2014, 2013, and 2012.
| 2014 |  |  | 2013 |  |  | 2012 |
Continuing operations: |  |  |  |  |
Asbestos provision | $ | 64.9 |  |  | $ | 63.3 |  |  | $ | 53.8 |
Asbestos remeasurement, net | (58.8 | ) |  | 0.5 |  |  | 2.9 |
Settlement Agreement | (2.2 | ) |  | (31.0 | ) |  | (5.8 | )
Net asbestos charge - continuing operations | 3.9 |  |  | 32.8 |  |  | 50.9 |
Discontinued Operations: |  |  |  |  |
Asbestos provision | — |  |  | — |  |  | 0.5 |
Settlement Agreement | — |  |  | — |  |  | (5.6 | )
Net asbestos charge - discontinued operations | — |  |  | — |  |  | (5.1 | )
Total net asbestos charge | $ | 3.9 |  |  | $ | 32.8 |  |  | $ | 45.8 |
Roll Forward of Asbestos Liability and Related Assets | The following table provides a rollforward of the estimated asbestos liability and related assets for the years ended December 31, 2014 and 2013.
| 2014 |  | 2013
| Liability |  |  | Asset |  |  | Net |  |  | Liability |  |  | Asset |  |  | Net |
Balance as of January 1 | $ | 1,264.7 |  |  | $ | 517.8 |  |  | $ | 746.9 |  |  | $ | 1,347.4 |  |  | $ | 607.9 |  |  | $ | 739.5 |
Changes in estimate | 32.4 |  |  | 26.3 |  |  | 6.1 |  |  | 11.4 |  |  | (52.4 | ) |  | 63.8 |
Settlement Agreement | — |  |  | 2.2 |  |  | (2.2 | ) |  | — |  |  | 31.0 |  |  | (31.0 | )
Net cash activity and other | (73.9 | ) |  | (69.9 | ) |  | (4.0 | ) |  | (94.1 | ) |  | (68.7 | ) |  | (25.4 | )
Balance as of December 31 | $ | 1,223.2 |  |  | $ | 476.4 |  |  | $ | 746.8 |  |  | $ | 1,264.7 |  |  | $ | 517.8 |  |  | $ | 746.9 |
Current portion | 106.6 |  |  | 102.4 |  |  |  |  | 85.1 |  |  | 84.5 |  |  |
Noncurrent portion | 1,116.6 |  |  | 374.0 |  |  |  |  | 1,179.6 |  |  | 433.3 |  |  |
Rollforward of Environmental Liability and Related Assets Table | The following table provides a rollforward of the estimated environmental liability and related assets for the years ended December 31, 2014 and 2013.
| 2014 |  | 2013
| Liability |  |  | Asset |  |  | Net |  |  | Liability |  |  | Asset |  |  | Net |
Balance as of January 1 | $ | 94.6 |  |  | $ | 11.7 |  |  | $ | 82.9 |  |  | $ | 96.1 |  |  | $ | 12.3 |  |  | $ | 83.8 |
Changes in estimates for pre-existing accruals: |  |  |  |  |  |  |  |  |  |  |
Pre-existing accrual additions(a) | 11.2 |  |  | (3.7 | ) |  | 14.9 |  |  | 14.4 |  |  | (0.1 | ) |  | 14.5 |
Pre-existing accrual reversals | (2.9 | ) |  | — |  |  | (2.9 | ) |  | (4.4 | ) |  | — |  |  | (4.4 | )
Accruals added during the period for new matters | 0.1 |  |  | — |  |  | 0.1 |  |  | 0.5 |  |  | — |  |  | 0.5 |
Net cash activity | (12.6 | ) |  | (0.3 | ) |  | (12.3 | ) |  | (12.1 | ) |  | (0.5 | ) |  | (11.6 | )
Foreign currency | (0.5 | ) |  | — |  |  | (0.5 | ) |  | 0.1 |  |  | — |  |  | 0.1 |
Balance as of December 31 | $ | 89.9 |  |  | $ | 7.7 |  |  | $ | 82.2 |  |  | $ | 94.6 |  |  | $ | 11.7 |  |  | $ | 82.9 |
Range of Environmental Liability and Number of Active Sites for Environmental Matters | The following table illustrates the reasonably possible high range of estimated liability, and number of active sites for environmental matters.
| 2014 |  |  | 2013 |
High end range | $ | 160.3 |  |  | $ | 168.0 |
Number of active environmental investigation and remediation sites | 54 |  |  | 60 |

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