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COMMITMENTS AND CONTINGENCIES Roll Forward of Asbestos Liability and Related Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
--- | --- | --- | ---
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | Dec. 31, 2020
Net Asbestos Liability Rollforward [Line Items] |  |  |  |  |  |  |  |  |
Beginning balance |  |  |  |  | $ (487.3) |  | $ (430.8) |  |
Asbestos provision(a) | [1] |  |  |  | 14.4 |  | 23.6 |  |
Insurance settlement agreements(b) |  | $ 0.0 |  | $ 4.2 | 0.0 |  | (48.3) | [2] |
Net cash activity(a) | [1] |  |  |  | (4.5) |  | (7.6) |  |
Divestiture of Asbestos-Related Assets and Liabilities, Net |  |  |  |  | (486.8) |  |  |  |
Divestiture of Asbestos-Related Assets |  |  |  |  | (401.4) |  |  |  |
Ending balance |  | (10.4) |  | (398.5) | (10.4) |  | (398.5) |  |
Asbestos-related liabilities Current |  | 10.4 | [3],[4] | 85.9 | 10.4 | [3],[4] | 85.9 |  | $ 91.4
Asbestos-related liabilities Non-Current |  | 0.0 |  | 717.9 | 0.0 |  | 717.9 |  | 840.6
Asbestos-related assets Current |  | 0.0 |  | 85.9 | 0.0 |  | 85.9 |  | 91.0
Asbestos-related assets Non-Current |  | 0.0 |  | 319.4 | 0.0 |  | 319.4 |  | $ 353.7
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent |  |  |  |  | (888.2) |  |  |  |
Liability [Member] |  |  |  |  |  |  |  |  |
Net Asbestos Liability Rollforward [Line Items] |  |  |  |  |  |  |  |  |
Beginning balance |  |  |  |  | (932.0) |  | (817.6) |  |
Asbestos provision(a) |  |  |  |  | 13.4 |  | 28.9 |  |
Insurance settlement agreements(b) |  |  |  |  | 0.0 |  | 0.0 |  |
Net cash activity(a) |  |  |  |  | (46.8) |  | (42.7) |  |
Ending balance |  | (10.4) |  | (803.8) | (10.4) |  | (803.8) |  |
Assets [Member] |  |  |  |  |  |  |  |  |
Net Asbestos Liability Rollforward [Line Items] |  |  |  |  |  |  |  |  |
Beginning balance |  |  |  |  | 444.7 |  | 386.8 |  |
Asbestos provision(a) |  |  |  |  | 1.0 |  | (5.3) |  |
Insurance settlement agreements(b) |  |  |  |  | 0.0 |  | (48.3) |  |
Net cash activity(a) |  |  |  |  | 42.3 |  | 35.1 |  |
Ending balance |  | $ 0.0 |  | $ 405.3 | $ 0.0 |  | $ 405.3 |  |
[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.
[3] | As of July 3, 2021, the current liability represents transaction costs related to the divestiture of the entity holding asbestos-related assets and liabilities. See Note 19, Commitments and Contingencies, for further information.
[4] | As of July 3, 2021, the current liability represents transaction costs related to the divestiture of the entity holding asbestos-related assets and liabilities.

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- Definition Asbestos Liability and Related Assets Net Current and Noncurrent + References No definition available. + Details
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- Definition Asbestos-related assets include both the probable insurance recoveries for the asbestos liabilities for pending claims, as well as unasserted claims to be filed over the next 10 years. + 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 Asbestos-related current assets. + References No definition available. + Details
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- Definition Asbestos related liability current. + References No definition available. + Details
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- Definition Divestiture of Asbestos Liabilities + References No definition available. + Details
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- Definition Divestiture of Asbestos-Related Assets + References No definition available. + Details
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- Definition Divestiture of Asbestos-Related Assets and Liabilities, Net + References No definition available. + Details
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- Definition The payments made in the period which reduced asbestos loss contingency reserves, net of associated insurance reimbursements. + References No definition available. + Details
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- Definition Amount of loss contingency liability expected to be resolved after one year or beyond the normal operating cycle, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14326-108349 + Details
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