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COMMITMENTS AND CONTINGENCIES Summary of Net Asbestos Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016
Asbestos Related Costs (Benefit), Provision to Maintain 10-Year Forecast Period | $ 13.6 | $ 13.7 | $ 43.4 | $ 44.3
Asbestos Related Costs (Benefit), Annual Remeasurement | (76.4) | (81.8) | (76.4) | (81.8)
Change in Defense Cost Estimate for Asbestos Matters |  |  | 0.0 | (4.9)
Asbestos Related Costs (Benefit), Settlement Agreement | 0.0 | 0.0 | 0.0 | 2.1
Asbestos-related benefit, net | (62.8) | (68.1) | (33.0) | (40.3)
Liability [Member] |  |  |  |
Asbestos Related Costs (Benefit), Provision to Maintain 10-Year Forecast Period |  |  | 51.1 | 51.6
Asbestos Related Costs (Benefit), Annual Remeasurement |  |  | (66.4) | (75.9)
Change in Defense Cost Estimate for Asbestos Matters | $ 0.0 | $ 0.0 | 0.0 | (4.9)
Asbestos Related Costs (Benefit), Settlement Agreement |  |  | $ 0.0 | $ 0.0

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- Definition In the third quarter of each year, we conduct our asbestos remeasurement to review and update the underlying assumptions used in our asbestos liability and related asset estimates and to determine the cost the Company estimates will be incurred to resolve all pending claims, as well as unasserted claims estimated to be filed over the next 10 years. In each remeasurement, the underlying assumptions are updated based on actual experience since the previous annual remeasurement and we reassess the appropriate reference period of years of experience used in determining each assumption and our expectations regarding future conditions, including inflation. + References No definition available. + Details
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- Definition In addition to the charges associated with our annual measurement, we record a net asbestos charge each quarter to maintain a rolling 10-year forecast period. + References No definition available. + Details
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- Definition 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. + References No definition available. + Details
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- Definition Costs recognized during the period associated with the asbestos-related liability for both pending claims, as well as unasserted asbestos claims estimated to be filed over the next 10 years, net of estimated insurance and other recoveries. + References No definition available. + Details
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- Definition Change in Defense Cost Estimate for Asbestos Matters + References No definition available. + Details
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- Details
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