XML 56 R42.htm IDEA: XBRL DOCUMENT v3.4.0.3
COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Product Liability Contingencies [Table Text Block]
As of March 31, 2016, there were 36 thousand pending claims against ITT, including Goulds Pumps, filed in various state and federal courts alleging injury as a result of exposure to asbestos. Activity related to these asserted asbestos claims during the period was as follows:
For the Three Months Ended March 31 (in thousands)
2016
Pending claims – Beginning
37

New claims
1

Dismissals
(2
)
Pending claims – Ending
36
Net Asbestos Charges [Table Text Block]
Roll Forward of Asbestos Liability and Related Assets
Changes in Financial Position
The Company's estimated asbestos exposure, net of expected recoveries, for the resolution of all pending claims and claims estimated to be filed in the next 10 years was $639.3 and $630.8 as of March 31, 2016 and December 31, 2015, respectively. The following table provides a rollforward of the estimated asbestos liability and related assets for the three months ended March 31, 2016.
 
Liability
 
Asset
 
Net
Balance as of December 31, 2015
$
1,042.8


$
412.0


$
630.8

Asbestos provision
17.8


2.4


15.4

Settlement agreement
—

 
2.6

 
(2.6
)
Net cash activity
(15.5
)

(11.2
)

(4.3
)
Balance as of March 31, 2016
$
1,045.1


$
405.8


$
639.3

Current portion
$
88.1


$
74.5



Noncurrent portion
$
957.0


$
331.3
Rollforward of Environmental Liability and Related Assets
The following table provides a rollforward of the estimated environmental liability for the three months ended March 31, 2016 and 2015. 
For the Three Months Ended March 31
2016
 
2015
Environmental liability - beginning balance
$
82.6

 
$
89.9

Change in estimates for pre-existing accruals
 
 
 
Continuing operations
0.7

 
0.2

Discontinued operations
0.5

 
—

Net cash activity
(5.1
)
 
(4.4
)
Foreign currency
0.1

 
(0.3
)
Environmental liability - ending balance
$
78.8

 
$
85.4