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COMMITMENTS AND CONTINGENCIES Summary of Net Asbestos Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended
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Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020
Asbestos-related Cost Provision Before Tax | [1] | $ 12.0 | $ 11.8 | $ 14.4 | $ 23.6 |
Gain on Divestiture of Asbestos Before Tax |  | (88.8) | 0.0 | (88.8) | 0.0 |
Asbestos Related Costs (Benefit), Settlement Agreement |  | 0.0 | 4.2 | 0.0 | (48.3) | [2]
Asbestos-related (benefit) costs, net |  | $ (76.8) | $ 16.0 | $ (74.4) | $ (24.7) |
[1] | Includes certain administrative costs such as legal-related costs for insurance asset recoveries and transaction costs related to the divestiture of the entity holding asbestos-related assets and liabilities. The asbestos provision for the three and six months ended June 27, 2020 includes amounts to maintain a rolling 10-year provision prior to the transition to a full horizon estimate.
[2] | In March 2020, we finalized a settlement agreement with a group of insurers to settle responsibility for claims under certain insurance policies for a lump sum payment of $66.4, resulting in a benefit of $52.5. During June 2020, we entered into a settlement agreement with an insurer accelerating payments previously included in a buyout agreement, resulting in a loss of $4.2.

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- Definition Asbestos-related Cost Provision Before Tax + 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 Gain on Divestiture of Asbestos Before Tax + References No definition available. + Details
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