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COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended
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Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract] |
Product Liability Contingencies [Table Text Block] | As of June 30, 2015, there were 43 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:
For the Six Months Ended June 30 (in thousands) | 2015 |  | 2014
Pending claims – Beginning | 62 |  |  | 79 |
New claims | 2 |  |  | 2 |
Settlements | (1 | ) |  | (2 | )
Dismissals | (8 | ) |  | (10 | )
Pending claims – Ending | 55 |  |  | 69 |
Pending inactive claims(a) | 12 |  |  | 18 |
Pending active claims | 43 |  |  | 51 |
(a) | 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. There were one thousand inactive claims dismissed or settled during the six months ended June 30, 2015.
Roll Forward of Asbestos Liability and Related Assets | Changes in Financial Position The Company's estimated asbestos exposure, net of expected recoveries, for the resolution of all pending claims and claims estimated to be filed in the next 10 years was $670.9 and $746.8 as of June 30, 2015 and December 31, 2014, respectively. The following table provides a rollforward of the estimated asbestos liability and related assets for the six months ended June 30, 2015.
| Liability |  | Asset |  | Net
Balance as of December 31, 2014 | $ | 1,223.2 |  |  | $ | 476.4 |  |  | $ | 746.8 |
Asbestos provision | 36.6 |  |  | 5.3 |  |  | 31.3 |
Defense cost adjustment | (124.2 | ) |  | (23.5 | ) |  | (100.7 | )
Net cash activity | (30.4 | ) |  | (23.9 | ) |  | (6.5 | )
Balance as of June 30, 2015 | $ | 1,105.2 |  |  | $ | 434.3 |  |  | $ | 670.9 |
Current portion | $ | 105.7 |  |  | $ | 102.4 |  |  |
Noncurrent portion | $ | 999.5 |  |  | $ | 331.9 |  |  |  |
Rollforward of Environmental Liability and Related Assets | The following table provides a rollforward of the estimated environmental liability and related assets for the six months ended June 30, 2015.
| Liability |  | Asset |  | Net
Balance as of December 31, 2014 | $ | 89.9 |  |  | $ | 7.7 |  |  | $ | 82.2 |
Change in estimates for pre-existing accruals |  |  |  |  |
Continuing operations | 1.1 |  |  | 0.3 |  |  | 0.8 |
Discontinued operations | (2.8 | ) |  | (0.9 | ) |  | (1.9 | )
Net cash activity | (7.2 | ) |  | (0.3 | ) |  | (6.9 | )
Foreign currency | (0.3 | ) |  | — |  |  | (0.3 | )
Balance as of June 30, 2015 | $ | 80.7 |  |  | $ | 6.8 |  |  | $ | 73.9 |

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- Definition Tabular disclosure of exposure to material amount of loss arising from allegations of damages pertaining to and arising from one or more of the entity's products. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14326-108349 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14453-108349 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14394-108349 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14557-108349 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.Y.Q2) -URI http://asc.fasb.org/extlink&oid=27011672&loc=d3e149879-122751 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14472-108349 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section Y -Paragraph Question 2 + Details
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