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COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended
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Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract] |
Product Liability Contingencies [Table Text Block] | As of September 30, 2020, 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:
Pending claims – Beginning | 24 |  |  |
New claims | 3 |  |  |
Settlements | (1) |  |  |
Dismissals | (1) |  |  |
Pending claims – Ending | 25 |  |  |
Summary of Net Asbestos Charges (Table) | The following table summarizes the total net asbestos charges for the three and nine months ended September 30, 2020 and 2019.
| Three Months |  | Nine Months
For the Periods Ended September 30 | 2020 |  | 2019 |  | 2020 |  | 2019
Asbestos provision(a) | $ | 5.5 |  |  | $ | 11.9 |  |  | $ | 29.1 |  |  | $ | 36.3 |
Net asbestos remeasurement cost (benefit)(b) | 135.9 |  |  | (68.1) |  |  | 135.9 |  |  | (68.1) |
Insurance settlement agreements | — |  |  | — |  |  | (48.3) |  |  | — |
Asbestos-related costs (benefit), net | $ | 141.4 |  |  | $ | (56.2) |  |  | $ | 116.7 |  |  | $ | (31.8) |
Roll Forward of Asbestos Liability and Related Assets | he following table provides a rollforward of the estimated asbestos liability and related assets for the nine months ended September 30, 2020 and 2019.
| 2020 |  | 2019
For the Nine Months Ended September 30 | Liability |  | Asset |  | Net |  | Liability |  | Asset |  | Net
Beginning balance | $ | 817.6 |  |  | $ | 386.8 |  |  | $ | 430.8 |  |  | $ | 849.3 |  |  | $ | 376.7 |  |  | $ | 472.6 |
Asbestos provision(a) | 35.4 |  |  | 6.3 |  |  | 29.1 |  |  | 45.1 |  |  | 8.8 |  |  | 36.3 |
Asbestos remeasurement(b) | 155.7 |  |  | 19.8 |  |  | 135.9 |  |  | (4.5) |  |  | 63.6 |  |  | (68.1) |
Insurance settlement agreements | — |  |  | 48.3 |  |  | (48.3) |  |  | — |  |  | — |  |  | — |
Net cash activity(a) | (60.7) |  |  | (51.8) |  |  | (8.9) |  |  | (62.1) |  |  | (42.0) |  |  | (20.1) |
Ending balance | $ | 948.0 |  |  | $ | 409.4 |  |  | $ | 538.6 |  |  | $ | 827.8 |  |  | $ | 407.1 |  |  | $ | 420.7 |
Current portion | $ | 91.3 |  |  | $ | 91.0 |  |  |  |  | $ | 86.2 |  |  | $ | 77.1 |  |  |
Noncurrent portion | $ | 856.7 |  |  | $ | 318.4 |  |  |  |  | $ | 741.6 |  |  | $ | 330.0 |  |  |
(a)Includes certain administrative costs such as legal-related costs for insurance asset recoveries. The asbestos provision includes amounts to maintain a rolling 10-year provision prior to the transition in the third quarter of 2020 to a full horizon. (b)In the third quarter of 2020, we extended our projection to include pending claims and claims expected to be filed through 2052, reflecting the full time period over which we expect asbestos-related claims to be filed against us.
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, 2020 and 2019.
For the Nine Months Ended September 30 | 2020 |  | 2019
Environmental liability - beginning balance | $ | 61.9 |  |  | $ | 66.8 |
Change in estimates for pre-existing accruals: |  |  |
Continuing operations | 1.2 |  |  | 0.2 |
Discontinued operations | (1.6) |  |  | — |
Payments | (2.9) |  |  | (4.4) |
Foreign currency | — |  |  | (0.2) |
Environmental liability - ending balance | $ | 58.6 |  |  | $ | 62.4 |

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