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Long-Term Incentive Employee Compensation (Tables) | 12 Months Ended
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Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Long-Term Incentive Employee Compensation Costs | Long-term incentive employee compensation costs are primarily recorded within general and administrative expenses, and are reduced by an estimated forfeiture rate. These costs impacted our consolidated results of operations as follows:
| 2014 |  |  | 2013 |  |  | 2012 |
Share-based compensation expense, equity-based awards | $ | 14.0 |  |  | $ | 13.3 |  |  | $ | 12.9 |
Share-based compensation expense, liability-based awards | 3.1 |  |  | 3.8 |  |  | 1.9 |
Total share-based compensation expense in operating income | $ | 17.1 |  |  | $ | 17.1 |  |  | $ | 14.8 |
Status of Stock Option and Restricted Stock Shares | A summary of the status of our NQOs as of December 31, 2014, 2013 and 2012 and changes during the years then ended is presented below.
| 2014 |  | 2013 |  | 2012
Stock Options | Shares |  |  | Weighted Average Exercise Price |  |  | Shares |  |  | Weighted Average Exercise Price |  |  | Shares |  |  |  | Weighted Average Exercise Price |
Outstanding – January 1 | 2.7 |  |  | $ | 20.46 |  |  | 4.3 |  |  | $ | 18.46 |  |  | 8.0 |  |  |  | $ | 16.70 |
Granted | 0.2 |  |  | 43.52 |  |  | 0.4 |  |  | 26.82 |  |  | 0.4 |  |  |  | 22.80 |
Exercised | (0.8 | ) |  | 17.67 |  |  | (1.9 | ) |  | 17.37 |  |  | (3.8 | ) |  |  | 15.35 |
Cancelled or expired | (0.2 | ) |  | 24.46 |  |  | (0.1 | ) |  | 16.15 |  |  | (0.3 | ) |  |  | 17.21 |
Outstanding – December 31 | 1.9 |  |  | $ | 24.20 |  |  | 2.7 |  |  | $ | 20.46 |  |  | 4.3 |  |  |  | $ | 18.46 |
Options exercisable – December 31 | 1.1 |  |  | $ | 20.26 |  |  | 1.5 |  |  | $ | 18.34 |  |  | 2.9 |  |  |  | $ | 17.10 |
Share-Based Compensation Summary of Stock Options | The following table summarizes information about ITT’s stock options at December 31, 2014:
| Options Outstanding |  | Options Exercisable
Exercise Prices | Number |  |  | Weighted Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value |  |  | Number |  |  | Weighted Average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value |
$12.39 | 0.1 |  |  | 1.2 |  | $ | 2.3 |  |  | 0.1 |  |  | 1.2 |  |  | $ | 2.3 |
$19.82 | 0.1 |  |  | 0.2 |  | 1.0 |  |  | 0.1 |  |  | 0.2 |  |  | 1.0 |
$19.97 | 0.1 |  |  | 5.2 |  | 3.3 |  |  | 0.1 |  |  | 5.2 |  |  | 3.3 |
$20.28 | 0.5 |  |  | 6.9 |  | 9.5 |  |  | 0.5 |  |  | 6.9 |  |  | 9.5 |
$21.53 | 0.3 |  |  | 6.2 |  | 4.9 |  |  | 0.2 |  |  | 6.2 |  |  | 4.9 |
$22.80 | 0.3 |  |  | 7.2 |  | 5.9 |  |  | 0.1 |  |  | 7.2 |  |  | 1.0 |
$26.76 | 0.3 |  |  | 8.2 |  | 4.1 |  |  | — |  |  | — |  |  | — |
$43.52 | 0.2 |  |  | 9.2 |  | — |  |  | — |  |  | — |  |  | — |
| 1.9 |  |  | 6.7 |  | $ | 31.0 |  |  | 1.1 |  |  | 5.8 |  |  | $ | 22.0 |
Weighted Average Assumptions | The following are weighted-average assumptions for 2014, 2013 and 2012:
| 2014 |  |  | 2013 |  |  | 2012 |
Dividend yield | 1.0 | % |  | 1.5 | % |  | 1.6 | %
Expected volatility | 29.6 | % |  | 29.9 | % |  | 34.1 | %
Expected life (in years) | 5.8 |  |  | 6.4 |  |  | 6.9 |
Risk-free rates | 1.8 | % |  | 1.1 | % |  | 1.4 | %
Weighted-average grant date fair value | $ | 11.93 |  |  | $ | 6.62 |  |  | $ | 6.71 |
Rollforward of Outstanding Restricted Stock | The table below provides a rollforward of outstanding RSUs, PSUs, and RSAs for each of the years ended December 31, 2014, 2013 and 2012.
| 2014 |  | 2013 |  | 2012
Restricted Stock and Performance Units | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Shares |  |  |  | Weighted Average Grant Date Fair Value |
Outstanding – January 1 | 1.3 |  |  | $ | 24.17 |  |  | 1.2 |  |  | $ | 21.06 |  |  | 1.4 |  |  |  | $ | 18.55 |
Granted | 0.4 |  |  | 43.88 |  |  | 0.6 |  |  | 28.16 |  |  | 0.4 |  |  |  | 22.56 |
Lapsed | (0.5 | ) |  | 21.62 |  |  | (0.4 | ) |  | 20.25 |  |  | (0.5 | ) |  |  | 15.21 |
Canceled | (0.1 | ) |  | 27.33 |  |  | (0.1 | ) |  | 22.68 |  |  | (0.1 | ) |  |  | 20.58 |
Outstanding – December 31 | 1.1 |  |  | $ | 31.70 |  |  | 1.3 |  |  | $ | 24.17 |  |  | 1.2 |  |  |  | $ | 21.06 |
Number of Outstanding Equity Settled RSUs, Cash Settled RSUs and RSAs | The table below provides the number of the outstanding equity settled RSUs, ROIC awards, TSR awards, and cash settled RSUs as of December 31, 2014, 2013 and 2012.
| 2014 |  |  | 2013 |  |  | 2012 |
Equity settled RSUs (a) | 0.7 |  |  | 1.0 |  |  | 1.1 |
Cash settled RSUs | 0.1 |  |  | 0.1 |  |  | 0.1 |
TSR Awards | 0.2 |  |  | 0.1 |  |  | — |
ROIC Awards | 0.1 |  |  | 0.1 |  |  | — |

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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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