COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Product Liability Contingencies Table

As of March 31, 2021, there were approximately 26 thousand pending claims against ITT subsidiaries, including Goulds Pumps LLC, 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:

Claims data presented in thousands
Pending claims – Beginning	25.3
New claims	1.0
Settlements	(0.2)
Dismissals	(0.5)
Pending claims – Ending	25.6

Roll Forward of Asbestos Liability and Related Assets Table

he following table provides a rollforward of the estimated asbestos liability and related assets for the three months ended March 31, 2021 and 2020.

	2021						2020
For the Three Months Ended March 31	Liability		Asset		Net		Liability		Asset		Net
Beginning balance	$	932.0	$	444.7	$	487.3	$	817.6	$	386.8	$	430.8
Asbestos provision(a)	1.4		(1.0)		2.4		14.5		2.7		11.8
Insurance settlement agreements	—		—		—		—		52.5		(52.5)
Net cash activity(a)	(23.5)		(21.9)		(1.6)		(27.3)		(21.2)		(6.1)
Ending balance	$	909.9	$	421.8	$	488.1	$	804.8	$	420.8	$	384.0
Current portion	$	91.6	$	91.0			$	86.3	$	67.2
Noncurrent portion	$	818.3	$	330.8			$	718.5	$	353.6

(a)Includes certain administrative costs such as legal-related costs for insurance asset recoveries. The asbestos provision in the first quarter of 2020 includes amounts to maintain a rolling 10-year provision prior to the transition to a full horizon estimate.

Rollforward of Environmental Liability and Related Assets Table

The following table provides a rollforward of the estimated environmental liability for the three months ended March 31, 2021 and 2020.

For the Three Months Ended March 31	2021		2020
Environmental liability - beginning balance	$	58.3	$	61.9
Change in estimates for pre-existing accruals:
Continuing operations	(0.1)		—
Discontinued operations	—		(1.6)
Payments	(2.0)		(1.6)
Foreign currency	(0.1)		(0.2)
Environmental liability - ending balance	$	56.1	$	58.5