XML 59 R50.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Postretirement Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Summary of Funded Status of Postretirement Benefit Plans and Presentation of Such Balances within Consolidated Balance Sheet | The following table provides a summary of the funded status of our postretirement benefit plans and the presentation of the funded status within our Consolidated Balance Sheet as of December 31, 2019 and 2018.
| 2019 |  | 2018
| Pension |  |  | Other Benefits |  |  | Total |  |  | Pension |  |  | Other Benefits |  |  | Total |
Fair value of plan assets | $ | 320.5 |  |  | $ | 1.3 |  |  | $ | 321.8 |  |  | $ | 278.4 |  |  | $ | 2.9 |  |  | $ | 281.3 |
Projected benefit obligation | 408.8 |  |  | 116.6 |  |  | 525.4 |  |  | 381.2 |  |  | 118.6 |  |  | 499.8 |
Funded status | $ | (88.3 | ) |  | $ | (115.3 | ) |  | $ | (203.6 | ) |  | $ | (102.8 | ) |  | $ | (115.7 | ) |  | $ | (218.5 | )
Amounts reported within: |  |  |  |  |  |  |  |  |  |  |
Non-current assets | $ | 24.5 |  |  | $ | — |  |  | $ | 24.5 |  |  | $ | 1.7 |  |  | $ | — |  |  | $ | 1.7 |
Accrued liabilities | (4.9 | ) |  | (9.3 | ) |  | (14.2 | ) |  | (4.1 | ) |  | (7.9 | ) |  | (12.0 | )
Non-current liabilities | (107.9 | ) |  | (106.0 | ) |  | (213.9 | ) |  | (100.4 | ) |  | (107.8 | ) |  | (208.2 | )
Amount Recognized in Accumulated Other Comprehensive Income Loss | The following table provides a summary of amounts recorded within accumulated other comprehensive loss at December 31, 2019 and 2018.
| 2019 |  | 2018
| Pension |  |  | Other Benefits |  |  | Total |  |  | Pension |  |  | Other Benefits |  |  | Total |
Net actuarial loss | $ | 143.4 |  |  | $ | 37.8 |  |  | $ | 181.2 |  |  | $ | 148.7 |  |  | $ | 36.7 |  |  | $ | 185.4 |
Prior service cost (benefit) | 0.4 |  |  | (32.2 | ) |  | (31.8 | ) |  | 1.1 |  |  | (39.0 | ) |  | (37.9 | )
Total | $ | 143.8 |  |  | $ | 5.6 |  |  | $ | 149.4 |  |  | $ | 149.8 |  |  | $ | (2.3 | ) |  | $ | 147.5 |
Changes in Projected Benefit Obligations of Pension and Other Employee-Related Defined Benefit Plans | The following tables provide a rollforward of the benefit obligation, plan assets and funded status for our U.S. and international pension plans and our other employee-related defined benefit plans for the years ended December 31, 2019 and 2018.
| 2019 |  | 2018
| U.S. |  |  | Int’l |  |  | Other Benefits |  |  | Total |  |  | U.S. |  |  | Int’l |  |  | Other Benefits |  |  | Total |
Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation – January 1 | $ | 291.8 |  |  | $ | 89.4 |  |  | $ | 118.6 |  |  | $ | 499.8 |  |  | $ | 325.7 |  |  | $ | 93.3 |  |  | $ | 138.1 |  |  | $ | 557.1 |
Service cost | 0.2 |  |  | 1.2 |  |  | 0.7 |  |  | 2.1 |  |  | 0.4 |  |  | 1.3 |  |  | 0.9 |  |  | 2.6 |
Interest cost | 11.1 |  |  | 1.5 |  |  | 4.0 |  |  | 16.6 |  |  | 10.1 |  |  | 1.4 |  |  | 4.5 |  |  | 16.0 |
Amendments | — |  |  | — |  |  | 1.7 |  |  | 1.7 |  |  | — |  |  | (0.1 | ) |  | — |  |  | (0.1 | )
Actuarial loss (gain) | 31.0 |  |  | 10.4 |  |  | 3.6 |  |  | 45.0 |  |  | (18.9 | ) |  | 0.9 |  |  | (15.8 | ) |  | (33.8 | )
Benefits paid | (23.7 | ) |  | (3.0 | ) |  | (12.0 | ) |  | (38.7 | ) |  | (19.6 | ) |  | (3.0 | ) |  | (9.1 | ) |  | (31.7 | )
Acquired | — |  |  | 0.5 |  |  | — |  |  | 0.5 |  |  | — |  |  | — |  |  | — |  |  | — |
Settlement | — |  |  | — |  |  | — |  |  | — |  |  | (5.9 | ) |  | (0.4 | ) |  | — |  |  | (6.3 | )
Foreign currency translation | — |  |  | (1.6 | ) |  | — |  |  | (1.6 | ) |  | — |  |  | (4.0 | ) |  | — |  |  | (4.0 | )
Benefit obligation – December 31 | $ | 310.4 |  |  | $ | 98.4 |  |  | $ | 116.6 |  |  | $ | 525.4 |  |  | $ | 291.8 |  |  | $ | 89.4 |  |  | $ | 118.6 |  |  | $ | 499.8 |
Changes in Fair Value of Plan Assets of Pension Plans |
| 2019 |  | 2018
| U.S. |  |  | Int’l |  |  | Other Benefits |  |  | Total |  |  | U.S. |  |  | Int’l |  |  | Other Benefits |  |  | Total |
Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plan assets – January 1 | $ | 277.8 |  |  | $ | 0.6 |  |  | $ | 2.9 |  |  | $ | 281.3 |  |  | $ | 320.9 |  |  | $ | 0.6 |  |  | $ | 5.2 |  |  | $ | 326.7 |
Actual return on plan assets | 57.7 |  |  | — |  |  | 0.4 |  |  | 58.1 |  |  | (16.8 | ) |  | — |  |  | (0.1 | ) |  | (16.9 | )
Employer contributions | 9.9 |  |  | 3.0 |  |  | 10.0 |  |  | 22.9 |  |  | 0.9 |  |  | 3.4 |  |  | 6.9 |  |  | 11.2 |
Benefits and expenses paid | (25.5 | ) |  | (3.0 | ) |  | (12.0 | ) |  | (40.5 | ) |  | (21.3 | ) |  | (3.0 | ) |  | (9.1 | ) |  | (33.4 | )
Settlement | — |  |  | — |  |  | — |  |  | — |  |  | (5.9 | ) |  | (0.4 | ) |  | — |  |  | (6.3 | )
Plan assets – December 31 | $ | 319.9 |  |  | $ | 0.6 |  |  | $ | 1.3 |  |  | $ | 321.8 |  |  | $ | 277.8 |  |  | $ | 0.6 |  |  | $ | 2.9 |  |  | $ | 281.3 |
Funded status at end of year | $ | 9.5 |  |  | $ | (97.8 | ) |  | $ | (115.3 | ) |  | $ | (203.6 | ) |  | $ | (14.0 | ) |  | $ | (88.8 | ) |  | $ | (115.7 | ) |  | $ | (218.5 | )
Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | Information for pension plans with an accumulated benefit obligation in excess of plan assets is included in the following table.
| 2019 |  |  | 2018 |
Projected benefit obligation | $ | 112.8 |  |  | $ | 233.2 |
Accumulated benefit obligation | 110.3 |  |  | 231.0 |
Fair value of plan assets | — |  |  | 128.6 |
Other Changes in Plan Assets and Net Periodic Postretirement Cost Recognized in Other Comprehensive Income (Loss) | The following table provides the components of net periodic postretirement cost and other amounts recognized in other comprehensive loss for each of the years ended December 31, 2019, 2018 and 2017 as they pertain to our defined benefit pension plans.
| 2019 |  | 2018 |  | 2017
| U.S. |  |  | Int’l |  |  | Total |  |  | U.S. |  |  | Int’l |  |  | Total |  |  | U.S. |  |  | Int’l |  |  | Total |
Net periodic postretirement cost - pension |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 0.2 |  |  | $ | 1.2 |  |  | $ | 1.4 |  |  | $ | 0.4 |  |  | $ | 1.3 |  |  | $ | 1.7 |  |  | $ | 1.5 |  |  | $ | 1.4 |  |  | $ | 2.9 |
Interest cost | 11.1 |  |  | 1.5 |  |  | 12.6 |  |  | 10.1 |  |  | 1.4 |  |  | 11.5 |  |  | 10.5 |  |  | 1.6 |  |  | 12.1 |
Expected return on plan assets | (14.8 | ) |  | — |  |  | (14.8 | ) |  | (15.8 | ) |  | — |  |  | (15.8 | ) |  | (15.2 | ) |  | — |  |  | (15.2 | )
Amortization of net actuarial loss | 4.3 |  |  | 0.8 |  |  | 5.1 |  |  | 4.9 |  |  | 0.9 |  |  | 5.8 |  |  | 6.6 |  |  | 1.0 |  |  | 7.6 |
Amortization of prior service cost | 0.7 |  |  | — |  |  | 0.7 |  |  | 0.9 |  |  | — |  |  | 0.9 |  |  | 1.0 |  |  | — |  |  | 1.0 |
Net periodic postretirement cost | 1.5 |  |  | 3.5 |  |  | 5.0 |  |  | 0.5 |  |  | 3.6 |  |  | 4.1 |  |  | 4.4 |  |  | 4.0 |  |  | 8.4 |
Curtailment or settlement charges | — |  |  | — |  |  | — |  |  | 1.7 |  |  | — |  |  | 1.7 |  |  | 3.7 |  |  | — |  |  | 3.7 |
Total net periodic postretirement cost | 1.5 |  |  | 3.5 |  |  | 5.0 |  |  | 2.2 |  |  | 3.6 |  |  | 5.8 |  |  | 8.1 |  |  | 4.0 |  |  | 12.1 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss | (10.2 | ) |  | 10.3 |  |  | 0.1 |  |  | 15.4 |  |  | 0.8 |  |  | 16.2 |  |  | (7.9 | ) |  | (0.3 | ) |  | (8.2 | )
Prior service cost | — |  |  | — |  |  | — |  |  | — |  |  | (0.1 | ) |  | (0.1 | ) |  | 1.6 |  |  | — |  |  | 1.6 |
Amortization of net actuarial loss | (4.3 | ) |  | (0.8 | ) |  | (5.1 | ) |  | (6.6 | ) |  | (0.9 | ) |  | (7.5 | ) |  | (6.6 | ) |  | (1.0 | ) |  | (7.6 | )
Amortization of prior service cost | (0.7 | ) |  | — |  |  | (0.7 | ) |  | (0.9 | ) |  | — |  |  | (0.9 | ) |  | (4.7 | ) |  | — |  |  | (4.7 | )
Foreign currency translation | — |  |  | (0.3 | ) |  | (0.3 | ) |  | — |  |  | (1.0 | ) |  | (1.0 | ) |  | — |  |  | 2.9 |  |  | 2.9 |
Total change recognized in other comprehensive income | (15.2 | ) |  | 9.2 |  |  | (6.0 | ) |  | 7.9 |  |  | (1.2 | ) |  | 6.7 |  |  | (17.6 | ) |  | 1.6 |  |  | (16.0 | )
Total impact from net periodic postretirement cost and changes in other comprehensive income | $ | (13.7 | ) |  | $ | 12.7 |  |  | $ | (1.0 | ) |  | $ | 10.1 |  |  | $ | 2.4 |  |  | $ | 12.5 |  |  | $ | (9.5 | ) |  | $ | 5.6 |  |  | $ | (3.9 | )
In 2018, we recorded a settlement loss of $1.7 related to retiree lump sum pension payments in our Industrial Process segment. In 2017, we recorded a curtailment loss of $3.7 related to a freeze of benefit accruals for certain employees at our Industrial Process segment.
Weighted Average Assumptions used to Determine Benefit Obligations | The following table provides the weighted-average assumptions used to determine projected benefit obligations and net periodic postretirement cost, as they pertain to our U.S. and non-U.S. defined benefit pension plans and other employee-related defined benefit plans.
| 2019 |  | 2018
| U.S. |  |  | Int’l |  |  | Other Benefits |  |  | U.S. |  |  | Int’l |  |  | Other Benefits |
Obligation Assumptions: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 3.2 | % |  | 1.0 | % |  | 3.2 | % |  | 4.3 | % |  | 1.7 | % |  | 4.3 | %
Rate of future compensation increase | N/A |  |  | 3.0 | % |  | N/A |  |  | N/A |  |  | 3.2 | % |  | N/A |
Cost Assumptions: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 4.3 | % |  | 1.7 | % |  | 4.3 | % |  | 3.6 | % |  | 1.7 | % |  | 3.6 | %
Expected return on plan assets | 6.0 | % |  | 1.0 | % |  | 6.0 | % |  | 6.0 | % |  | 1.0 | % |  | 6.0 | %
Actual Versus Expected Long Term Returns for Our Domestic Pension Plans | The chart below shows actual returns compared to the expected long-term returns for our postretirement plans that were utilized in the calculation of the net periodic postretirement cost for each respective year.
| 2019 |  |  | 2018 |  |  | 2017 |
Expected rate of return on plan assets | 6.0 | % |  | 6.0 | % |  | 7.0 | %
Actual rate of return on plan assets | 21.7 | % |  | (5.4 | )% |  | 18.0 | %
Asset Allocation Range | The following table provides the allocation of postretirement benefit plan assets by asset category, as of December 31, 2019 and 2018, and the current asset allocation ranges by asset category.
| 2019 |  |  | 2018 |  |  | Asset Allocation Range
U.S. equities | — | % |  | 18 | % |  | 0-50 %
International equities | — | % |  | 9 | % |  | 0-25 %
Fixed income | 74 | % |  | 72 | % |  | 50-100 %
Cash and other | 26 | % |  | 1 | % |  | 0-50 %
Fair Value of Plan Assets Held by Our Postretirement Benefits Plans | The following table provides the investments at fair value held by our postretirement benefit plans at December 31, 2019 and 2018, by asset class.
| Pension |  | Other Benefits
2019 | Level 1 |  | Measured at NAV |  | Total |  | Level 1 |  | Total
Collective Trusts: |  |  |  |  |  |  |  |  |
Fixed income | $ | — |  |  | $ | 238.8 |  |  | $ | 238.8 |  |  | $ | — |  |  | $ | — |
Mutual funds | — |  |  | — |  |  | — |  |  | 1.3 |  |  | 1.3 |
Cash and other | 81.7 |  |  | — |  |  | 81.7 |  |  | — |  |  | — |
Total | $ | 81.7 |  |  | $ | 238.8 |  |  | $ | 320.5 |  |  | $ | 1.3 |  |  | $ | 1.3 |
| Pension |  | Other Benefits
2018 | Level 1 |  | Measured at NAV |  | Total |  | Level 1 |  | Total
Collective Trusts: |  |  |  |  |  |  |  |  |
U.S. equity | $ | — |  |  | $ | 49.4 |  |  | $ | 49.4 |  |  | $ | — |  |  | $ | — |
International equity | — |  |  | 25.1 |  |  | 25.1 |  |  | — |  |  | — |
Fixed income | — |  |  | 201.8 |  |  | 201.8 |  |  | — |  |  | — |
Mutual funds | — |  |  | — |  |  | — |  |  | 2.9 |  |  | 2.9 |
Cash and other | 2.1 |  |  | — |  |  | 2.1 |  |  | — |  |  | — |
Total | $ | 2.1 |  |  | $ | 276.3 |  |  | $ | 278.4 |  |  | $ | 2.9 |  |  | $ | 2.9 |
Estimated Future Benefit Payments | The following table provides the projected timing of payments for benefits earned to date and the expectation that certain future service will be earned by current active employees for our pension and other employee-related benefit plans.
| U.S. Pension(a) |  |  | Int’l Pension |  |  | Other Benefits |
2020 | $ | 23.5 |  |  | $ | 4.0 |  |  | $ | 10.4 |
2021 | 23.1 |  |  | 3.8 |  |  | 9.3 |
2022 | 22.4 |  |  | 3.5 |  |  | 8.9 |
2023 | 21.6 |  |  | 3.7 |  |  | 8.5 |
2024 | 20.9 |  |  | 3.9 |  |  | 8.2 |
2025 - 2029 | 96.9 |  |  | 19.1 |  |  | 35.4 |
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Other Changes in Plan Assets and Net Periodic Postretirement Cost Recognized in Other Comprehensive Income (Loss) | The following table provides the components of net periodic postretirement cost and other amounts recognized in other comprehensive loss for each of the years ended December 31, 2019, 2018 and 2017 as they pertain to other employee-related defined benefit plans.
| 2019 |  |  | 2018 |  |  | 2017 |
Net periodic postretirement cost - other postretirement |  |  |  |  |
Service cost | $ | 0.7 |  |  | $ | 0.9 |  |  | $ | 0.8 |
Interest cost | 4.0 |  |  | 4.5 |  |  | 4.4 |
Expected return on plan assets | (0.2 | ) |  | (0.1 | ) |  | (0.3 | )
Amortization of net actuarial loss | 2.3 |  |  | 4.0 |  |  | 4.4 |
Amortization of prior service credit | (5.1 | ) |  | (5.3 | ) |  | (5.8 | )
Total net periodic postretirement cost | 1.7 |  |  | 4.0 |  |  | 3.5 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income |  |  |  |  |
Net actuarial (gain) loss | 3.4 |  |  | (15.6 | ) |  | 1.0 |
Prior service cost | 1.7 |  |  | — |  |  | 0.5 |
Amortization of net actuarial loss | (2.3 | ) |  | (4.0 | ) |  | (4.4 | )
Amortization of prior service credit | 5.1 |  |  | 5.3 |  |  | 5.8 |
Total changes recognized in other comprehensive income | 7.9 |  |  | (14.3 | ) |  | 2.9 |
Total impact from net periodic postretirement cost and changes in other comprehensive income | $ | 9.6 |  |  | $ | (10.3 | ) |  | $ | 6.4 |

X
- Definition Actual versus expected long term returns for our domestic pension plans. + References No definition available. + Details
Name: | itt_ActualVersusExpectedLongTermReturnsForOurDomesticPensionPlansTableTextBlock
Namespace Prefix: | itt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Asset allocation range. + References No definition available. + Details
Name: | itt_AssetAllocationRangeTableTableTextBlock
Namespace Prefix: | itt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Estimated future benefit payments. + References No definition available. + Details
Name: | itt_EstimatedFutureBenefitPaymentsTableTableTextBlock
Namespace Prefix: | itt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Fair value of plan assets. + References No definition available. + Details
Name: | itt_FairValueOfPlanAssetsTableTableTextBlock
Namespace Prefix: | itt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Other changes in plan assets and benefit obligations recognized in other comprehensive income. + References No definition available. + Details
Name: | itt_OtherChangesInPlanAssetsAndBenefitObligationsRecognizedInOtherComprehensiveIncomeTableTableTextBlock
Namespace Prefix: | itt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Pension plans with accumulated benefit obligation in excess of plan assets. + References No definition available. + Details
Name: | itt_PensionPlansWithAccumulatedBenefitObligationInExcessOfPlanAssetsTableTableTextBlock
Namespace Prefix: | itt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of net funded status plan and presentation in balance sheet. + References No definition available. + Details
Name: | itt_ScheduleOfNetFundedStatusPlanAndPresentationInBalanceSheetTableTableTextBlock
Namespace Prefix: | itt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Weighted average assumptions used to determine benefit obligations. + References No definition available. + Details
Name: | itt_WeightedAverageAssumptionsUsedToDetermineBenefitObligationsTableTableTextBlock
Namespace Prefix: | itt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in the accumulated postemployment benefit obligation from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInAccumulatedPostemploymentBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_RetirementPlanTypeAxis=us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |