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COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended
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Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract] |
Summary of Net Asbestos Charges [Table Text Block] | The table below summarizes the total net asbestos charges for the three and nine months ended September 30, 2018 and 2017.
| Three Months |  | Nine Months
For the Periods Ended September 30 | 2018 |  | 2017 |  | 2018 |  | 2017
Asbestos provision | $ | 13.4 |  |  | $ | 13.6 |  |  | $ | 39.3 |  |  | $ | 43.4 |
Net asbestos remeasurement cost (benefit) | 7.2 |  |  | (76.4 | ) |  | 7.2 |  |  | (76.4 | )
Insurance settlement agreement | (24.9 | ) |  | — |  |  | (57.0 | ) |  | — |
Asbestos-related benefit, net | $ | (4.3 | ) |  | $ | (62.8 | ) |  | $ | (10.5 | ) |  | $ | (33.0 | )
Product Liability Contingencies [Table Text Block] | As of September 30, 2018, there were approximately 25 thousand pending claims against ITT subsidiaries, including Goulds Pumps LLC, 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 Nine Months Ended September 30 (in thousands) | 2018
Pending claims – Beginning | 26 |
New claims | 3 |
Settlements | (1 | )
Dismissals | (3 | )
Pending claims – Ending | 25 |
Roll Forward of Asbestos Liability and Related Assets | The following table provides a rollforward of the estimated asbestos liability and related assets for the nine months ended September 30, 2018 and 2017.
| 2018 |  | 2017
For the Nine Months Ended September 30 | Liability |  | Asset |  | Net |  | Liability |  | Asset |  | Net
Beginning balance | $ | 877.2 |  |  | $ | 368.7 |  |  | $ | 508.5 |  |  | $ | 954.3 |  |  | $ | 380.6 |  |  | $ | 573.7 |
Asbestos provision | 48.5 |  |  | 9.2 |  |  | 39.3 |  |  | 51.1 |  |  | 7.7 |  |  | 43.4 |
Asbestos remeasurement | (8.6 | ) |  | (15.8 | ) |  | 7.2 |  |  | (66.4 | ) |  | 10.0 |  |  | (76.4 | )
Insurance settlement agreement | — |  |  | 57.0 |  |  | (57.0 | ) |  | — |  |  | — |  |  | — |
Net cash activity | (72.0 | ) |  | (29.7 | ) |  | (42.3 | ) |  | (63.5 | ) |  | (24.0 | ) |  | (39.5 | )
Ending balance | $ | 845.1 |  |  | $ | 389.4 |  |  | $ | 455.7 |  |  | $ | 875.5 |  |  | $ | 374.3 |  |  | $ | 501.2 |
Current portion | $ | 73.3 |  |  | $ | 67.1 |  |  |  |  | $ | 77.4 |  |  | $ | 64.7 |  |  |
Noncurrent portion | $ | 771.8 |  |  | $ | 322.3 |  |  |  |  |  | $ | 798.1 |  |  | $ | 309.6 |  |  |
Rollforward of Environmental Liability and Related Assets | The following table provides a rollforward of the estimated environmental liability for the nine months ended September 30, 2018 and 2017.
For the Nine Months Ended September 30 | 2018 |  | 2017
Environmental liability - beginning balance | $ | 73.9 |  |  | $ | 76.6 |
Change in estimates for pre-existing accruals | 3.4 |  |  | 2.4 |
Accruals added during the period for new matters | 2.0 |  |  | — |
Payments | (14.6 | ) |  | (7.4 | )
Foreign currency | 0.1 |  |  | 0.1 |
Environmental liability - ending balance | $ | 64.8 |  |  | $ | 71.7 |

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