XML 13 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Revenue $ 680.6 $ 645.0 $ 2,066.7 $ 1,901.7
Costs of revenue 454.1 441.2 1,390.0 1,289.8
Gross profit 226.5 203.8 676.7 611.9
General and administrative expenses 68.0 70.1 196.6 200.4
Sales and marketing expenses 40.8 41.3 127.7 128.2
Research and development expenses 24.2 23.0 74.7 68.0
Gain on sale of long-lived assets (40.0) (0.9) (40.5) (0.9)
Asbestos-related benefit, net (4.3) (62.8) (10.5) (33.0)
Operating income 137.8 133.1 [1] 328.7 249.2 [1]
Interest and non-operating expenses, net 0.7 5.5 4.0 8.2
Income from continuing operations before income tax expense 137.1 127.6 324.7 241.0
Income tax expense 25.9 40.6 42.4 60.3
Income from continuing operations 111.2 87.0 282.3 180.7
Loss from discontinued operations, net of tax (0.1) (0.1) 0.0 (0.3)
Net income 111.1 86.9 282.3 180.4
Less: Income (loss) attributable to noncontrolling interests 0.2 0.0 0.5 (0.3)
Net income attributable to ITT Inc. 110.9 86.9 281.8 180.7
Amounts attributable to ITT Inc.:        
Income from continuing operations, net of tax 111.0 87.0 281.8 181.0
Loss from discontinued operations, net of tax (0.1) (0.1) 0.0 (0.3)
Net income attributable to ITT Inc. $ 110.9 $ 86.9 $ 281.8 $ 180.7
Basic:        
Continuing operations $ 1.27 $ 0.99 $ 3.21 $ 2.05
Discontinued operations 0 0 0 0
Net income 1.27 0.99 3.21 2.05
Diluted:        
Continuing operations 1.25 0.98 3.18 2.03
Discontinued operations 0 0 0 0
Net income $ 1.25 $ 0.98 $ 3.18 $ 2.03
Weighted average common shares – basic 87.6 88.0 87.7 88.3
Weighted average common shares – diluted 88.7 88.7 88.7 89.0
Cash dividends declared per common share $ 0.134 $ 0.128 $ 0.402 $ 0.384
[1] (a)Operating income and operating margin for the three and nine months ended September 30, 2017 has been restated to reflect the adoption of ASU 2017-07. Refer to Note 2, Recent Accounting Pronouncements for further information.