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Organization, Consolidation and Presentation of Financial Statements (Tables) | 9 Months Ended
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Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Change in Accounting Estimate | 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 September 28, 2024 | As previously reported |  | Effect of Change |  | As Adjusted
Cost of revenue | $ | 571.2 |  |  | $ | (0.7) |  |  | $ | 570.5 |
Gross profit | 314.0 |  |  | 0.7 |  |  | 314.7 |
Operating income | 207.9 |  |  | 0.7 |  |  | 208.6 |
Income from continuing operations before income taxes | 199.7 |  |  | 0.7 |  |  | 200.4 |
Income tax expense | 37.8 |  |  | 0.2 |  |  | 38.0 |
Income from continuing operations | 161.9 |  |  | 0.5 |  |  | 162.4 |
Net income | 161.7 |  |  | 0.5 |  |  | 162.2 |
Net income attributable to ITT Inc. | 161.1 |  |  | 0.5 |  |  | 161.6 |
Income from continuing operations attributable to ITT Inc., net of tax | $ | 161.3 |  |  | $ | 0.5 |  |  | $ | 161.8 |
Basic EPS discontinued operations | $ | (0.01) |  |  | $ | 0.01 |  |  | $ | — |
Basic EPS net income | $ | 1.97 |  |  | $ | 0.01 |  |  | $ | 1.98 |
Diluted EPS continuing operations | $ | 1.96 |  |  | $ | 0.01 |  |  | $ | 1.97 |
Diluted EPS net income | $ | 1.96 |  |  | $ | 0.01 |  |  | $ | 1.97 |
Nine Months Ended September 28, 2024 |  |  |  |  |
Cost of revenue | $ | 1,770.8 |  |  | $ | (2.1) |  |  | $ | 1,768.7 |
Gross profit | 930.9 |  |  | 2.1 |  |  | 933.0 |
Operating income | 516.1 |  |  | 2.1 |  |  | 518.2 |
Income from continuing operations before income taxes | 497.9 |  |  | 2.1 |  |  | 500.0 |
Income tax expense | 103.6 |  |  | 0.5 |  |  | 104.1 |
Income from continuing operations | 394.3 |  |  | 1.6 |  |  | 395.9 |
Net income | 394.1 |  |  | 1.6 |  |  | 395.7 |
Net income attributable to ITT Inc. | 391.3 |  |  | 1.6 |  |  | 392.9 |
Income from continuing operations attributable to ITT Inc., net of tax | $ | 391.5 |  |  | $ | 1.6 |  |  | $ | 393.1 |
Basic EPS continuing operations | $ | 4.78 |  |  | $ | 0.02 |  |  | $ | 4.80 |
Basic EPS net income | $ | 4.78 |  |  | $ | 0.02 |  |  | $ | 4.80 |
Diluted EPS continuing operations | $ | 4.75 |  |  | $ | 0.02 |  |  | $ | 4.77 |
Diluted net income | $ | 4.75 |  |  | $ | 0.02 |  |  | $ | 4.77 |
Consolidated Condensed Statement of Comprehensive Income
Three Months Ended September 28, 2024 | As previously reported |  | Effect of Change |  | As Adjusted
Net income | $ | 161.7 |  |  | $ | 0.5 |  |  | $ | 162.2 |
Comprehensive income | 219.0 |  |  | 0.5 |  |  | 219.5 |
Comprehensive income attributable to ITT Inc. | $ | 218.4 |  |  | $ | 0.5 |  |  | $ | 218.9 |
Nine Months Ended September 28, 2024 |  |  |  |  |
Net income | $ | 394.1 |  |  | $ | 1.6 |  |  | $ | 395.7 |
Comprehensive income | 400.5 |  |  | 1.6 |  |  | 402.1 |
Comprehensive income attributable to ITT Inc. | $ | 397.7 |  |  | $ | 1.6 |  |  | $ | 399.3 |
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
Nine Months Ended September 28, 2024 | As previously reported |  | Effect of Change |  | As Adjusted
Income from continuing operations | $ | 391.5 |  |  | 1.6 |  |  | $ | 393.1 |
Change in inventories | (2.6) |  |  | (2.1) |  |  | (4.7) |
Change in income taxes | (15.4) |  |  | 0.5 |  |  | (14.9) |

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- Definition Tabular disclosure of the change in an accounting estimate, including a change that occurs in an interim period. If a change in accounting estimate affects several future periods (for example, a change in the service life of a depreciable asset) disclose the effect on income from continuing operations, net income (or other appropriate captions of changes in the applicable net assets or performance indicator), and any related per-share amounts of the current period. Disclosure of the effects of a change in an accounting estimate that occurs in the ordinary course of business (such as uncollectible accounts or inventory obsolescence) is not required, unless the effect is material. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482989/270-10-45-14 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-4 + Details
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