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Organization, Consolidation and Presentation of Financial Statements (Tables) | 3 Months Ended
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Mar. 29, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Accounting Standards Update and Change in Accounting Principle | Change in Accounting Principle - Inventory Effective January 1, 2025, we changed our method of determining the cost for certain inventories from a last-in, first-out (LIFO) basis to a first-in, first-out (FIFO) basis for all inventories previously accounted for under LIFO. We concluded the FIFO basis of accounting is the preferable method for determining inventory cost for our businesses because it improves comparability with our peers, more accurately reflects the current value and physical flow of inventory, improves consistency across all locations, and aligns operationally with how management views the performance of the business. We retrospectively applied this change in accounting principle to all prior periods and recorded a cumulative effect adjustment to increase the January 1, 2024 inventory balance by $19.1, with an increase to retained earnings of $14.6, net of tax. The Consolidated Condensed Statement of Operations, Consolidated Condensed Statement of Comprehensive Income, Consolidated Condensed Statement of Cash flows and Consolidated Condensed Statement of Changes in Shareholders’ Equity for the three months ended March 30, 2024, and the Consolidated Condensed Balance Sheet as of December 31, 2024 and related the Notes to the Consolidated Condensed Financial Statements have been adjusted to reflect the change in accounting principle. The impact of the change in accounting method on our previously issued financial statements is presented in the following tables: Consolidated Condensed Statement of Operations
Three Months Ended March 30, 2024 | As previously reported |  | Effect of Change |  | As Adjusted
Cost of revenue | $ | 609.8 |  |  | $ | (0.7) |  |  | $ | 609.1 |
Gross profit | 300.8 |  |  | 0.7 |  |  | 301.5 |
Operating income | 149.2 |  |  | 0.7 |  |  | 149.9 |
Income from continuing operations before income taxes | 144.8 |  |  | 0.7 |  |  | 145.5 |
Income tax expense | 32.8 |  |  | 0.2 |  |  | 33.0 |
Net income | 112.0 |  |  | 0.5 |  |  | 112.5 |
Net income attributable to ITT Inc. | $ | 111.0 |  |  | $ | 0.5 |  |  | $ | 111.5 |
Basic earnings per share | $ | 1.35 |  |  | $ | 0.01 |  |  | $ | 1.36 |
Diluted earnings per share | $ | 1.34 |  |  | $ | 0.01 |  |  | $ | 1.35 |
Consolidated Condensed Statement of Comprehensive Income
Three Months Ended March 30, 2024 | As previously reported |  | Effect of Change |  | As Adjusted
Net income | $ | 112.0 |  |  | $ | 0.5 |  |  | $ | 112.5 |
Comprehensive income | 78.9 |  |  | 0.5 |  |  | 79.4 |
Comprehensive income attributable to ITT Inc. | $ | 77.9 |  |  | $ | 0.5 |  |  | $ | 78.4 |
Consolidated Condensed Balance Sheet
December 31, 2024 | As previously reported |  | Effect of Change |  | As Adjusted
Inventories | $ | 591.2 |  |  | $ | 21.1 |  |  | $ | 612.3 |
Total current assets | 1,864.7 |  |  | 21.1 |  |  | 1,885.8 |
Other non-current assets | 384.6 |  |  | (0.5) |  |  | 384.1 |
Total non-current assets | 2,846.0 |  |  | (0.5) |  |  | 2,845.5 |
Total assets | 4,710.7 |  |  | 20.6 |  |  | 4,731.3 |
Other non-current liabilities | 256.3 |  |  | 4.4 |  |  | 260.7 |
Total non-current liabilities | 607.9 |  |  | 4.4 |  |  | 612.3 |
Total liabilities | 1,941.1 |  |  | 4.4 |  |  | 1,945.5 |
Retained earnings | 3,099.4 |  |  | 16.2 |  |  | 3,115.6 |
Total ITT Inc. shareholders’ equity | 2,762.6 |  |  | 16.2 |  |  | 2,778.8 |
Total shareholders’ equity | 2,769.6 |  |  | 16.2 |  |  | 2,785.8 |
Total liabilities and shareholders’ equity | $ | 4,710.7 |  |  | $ | 20.6 |  |  | $ | 4,731.3 |
Consolidated Condensed Statement of Cash Flows
Three Months Ended March 30, 2024 | As previously reported |  | Effect of Change |  | As Adjusted
Income from continuing operations | $ | 111.0 |  |  | 0.5 |  |  | $ | 111.5 |
Change in inventories | (1.0) |  |  | (0.7) |  |  | (1.7) |
Change in income taxes | 10.1 |  | 0.2 |  | 10.3

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