XML 61 R50.htm IDEA: XBRL DOCUMENT
v3.24.3

ACQUISITIONS Acquisitions (Tables) | 9 Months Ended
--- | ---
Sep. 28, 2024
Acquisitions [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The assets acquired and liabilities assumed for kSARIA, Svanehøj and Micro-Mode acquisitions were recorded at fair value and are shown in the table below.
Allocation of Purchase Price | kSARIA (Preliminary) | Svanehøj (Preliminary) | Micro-Mode (Final)
Receivables | $ | 28.1 |  | $ | 22.4 |  | $ | 2.7 |
Inventory | 50.6 |  | 39.5 |  | 5.3 |
Plant, property and equipment | 5.8 |  | 19.1 |  | 6.1 |
Goodwill(a) | 276.0 |  | 215.6 |  | 44.9 |
Other intangible assets | 166.0 |  | 212.6 |  | 28.7 |
Other assets | 8.9 |  | 9.0 |  | 0.2 |
Accounts payable and accrued liabilities | (27.9) |  | (28.0) |  | (2.6) |
Other liabilities | (42.6) |  | (52.8) |  | (6.3) |
Contract liabilities | (3.0) |  | (29.8) |  | — |
Net assets acquired | $ | 461.9 |  | $ | 407.6 |  | $ | 79.0 |
(a) Goodwill acquired with kSARIA is primarily attributable to the complementary nature of its product portfolio to ITT’s existing connectors portfolio. Goodwill related to the acquisition of Svanehøj is primarily attributable to future economic benefits expected from our entrance into the marine sector, our expanded presence in the energy market, and geographic expansion. Goodwill arising from acquisitions is not expected to be deductible for income tax purposes.

X
- Definition Acquisitions [Abstract] + References No definition available. + Details
Name: | itt_AcquisitionsAbstract
Namespace Prefix: | itt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration