QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☑ | ☐ | Accelerated filer | ☐ | Non-accelerated filer | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
ITEM | PAGE | |||||||
PART I – FINANCIAL INFORMATION | ||||||||
1. | Financial Statements (unaudited) | |||||||
2. | ||||||||
3. | ||||||||
4. | ||||||||
PART II – OTHER INFORMATION | ||||||||
1. | ||||||||
1A. | ||||||||
2. | ||||||||
3. | ||||||||
4. | ||||||||
5. | ||||||||
6. | ||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | ||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of revenue | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
General and administrative expenses | |||||||||||||||||||||||
Sales and marketing expenses | |||||||||||||||||||||||
Research and development expenses | |||||||||||||||||||||||
Asbestos-related benefit, net | ( | ||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest and non-operating expense (income), net | ( | ||||||||||||||||||||||
Income from continuing operations before income tax expense | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Income from continuing operations | |||||||||||||||||||||||
(Loss) income from discontinued operations, net of tax (expense) benefit of $( | ( | ( | |||||||||||||||||||||
Net income | |||||||||||||||||||||||
Less: Income attributable to noncontrolling interests | |||||||||||||||||||||||
Net income attributable to ITT Inc. | $ | $ | $ | $ | |||||||||||||||||||
Amounts attributable to ITT Inc.: | |||||||||||||||||||||||
Income from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
(Loss) income from discontinued operations, net of tax | ( | ( | |||||||||||||||||||||
Net income attributable to ITT Inc. | $ | $ | $ | $ | |||||||||||||||||||
Earnings (loss) per share attributable to ITT Inc.: | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Discontinued operations | ( | ||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||
Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Discontinued operations | ( | ||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common shares – basic | |||||||||||||||||||||||
Weighted average common shares – diluted |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive (loss): | |||||||||||||||||||||||
Net foreign currency translation adjustment | ( | ( | ( | ( | |||||||||||||||||||
Net change in postretirement benefit plans, net of tax expense of $ | |||||||||||||||||||||||
Other comprehensive (loss) | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | |||||||||||||||||||||||
Comprehensive income attributable to ITT Inc. | $ | $ | $ | $ | |||||||||||||||||||
Disclosure of reclassification adjustments to postretirement benefit plans: | |||||||||||||||||||||||
Reclassification adjustments: | |||||||||||||||||||||||
Amortization of prior service benefit, net of tax expense of $( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Amortization of net actuarial loss, net of tax benefit of $ | |||||||||||||||||||||||
Other adjustments: | |||||||||||||||||||||||
Net actuarial gain, net of tax expense of $ | |||||||||||||||||||||||
Prior service credit, net of tax expense of $ | $ | $ | $ | $ | |||||||||||||||||||
Net change in postretirement benefit plans, net of tax | $ | $ | $ | $ |
As of the Period Ended | October 1, 2022 | December 31, 2021 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Receivables, net | |||||||||||
Inventories | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Non-current assets: | |||||||||||
Plant, property and equipment, net | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Other non-current assets | |||||||||||
Total non-current assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Commercial paper and current maturities of long-term debt | $ | $ | |||||||||
Accounts payable | |||||||||||
Accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Non-current liabilities: | |||||||||||
Postretirement benefits | |||||||||||
Other non-current liabilities | |||||||||||
Total non-current liabilities | |||||||||||
Total liabilities | |||||||||||
Shareholders’ equity: | |||||||||||
Common stock: | |||||||||||
Authorized – | |||||||||||
Issued and outstanding – | |||||||||||
Retained earnings | |||||||||||
Total accumulated other comprehensive loss | ( | ( | |||||||||
Total ITT Inc. shareholders’ equity | |||||||||||
Noncontrolling interests | |||||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
For the Nine Months Ended | October 1, 2022 | October 2, 2021 | |||||||||
Operating Activities | |||||||||||
Income from continuing operations attributable to ITT Inc. | $ | $ | |||||||||
Adjustments to income from continuing operations: | |||||||||||
Depreciation and amortization | |||||||||||
Equity-based compensation | |||||||||||
Asbestos-related benefit, net | ( | ||||||||||
Other non-cash charges, net | |||||||||||
Divestiture of asbestos-related assets and liabilities | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Change in receivables | ( | ( | |||||||||
Change in inventories | ( | ( | |||||||||
Change in contract assets | ( | ||||||||||
Change in contract liabilities | ( | ||||||||||
Change in accounts payable | |||||||||||
Change in accrued expenses | ( | ||||||||||
Change in income taxes | ( | ||||||||||
Other, net | ( | ( | |||||||||
Net Cash – Operating Activities | ( | ||||||||||
Investing Activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Acquisitions, net of cash acquired | ( | ||||||||||
Payments to acquire interest in unconsolidated subsidiaries | ( | ||||||||||
Other, net | ( | ||||||||||
Net Cash – Investing Activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Commercial paper, net borrowings | |||||||||||
Long-term debt, repayments | ( | ( | |||||||||
Share repurchases under repurchase plan | ( | ( | |||||||||
Payments for taxes related to net share settlement of stock incentive plans | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Other, net | |||||||||||
Net Cash – Financing Activities | ( | ||||||||||
Exchange rate effects on cash and cash equivalents | ( | ( | |||||||||
Net cash – operating activities of discontinued operations | ( | ||||||||||
Net change in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents – beginning of year (includes restricted cash of $ | |||||||||||
Cash and Cash Equivalents – End of Period (includes restricted cash of $ | $ | $ | |||||||||
Supplemental Disclosures of Cash Flow Information | |||||||||||
Cash paid during the year for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes, net of refunds received | $ | $ |
As of and for the Three Months Ended October 1, 2022 | Common Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Shareholders' Equity | ||||||||||||||||||||||||||||||
(Shares) | (Dollars) | ||||||||||||||||||||||||||||||||||
July 2, 2022 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||||||||||||||
Shares issued and activity from stock incentive plans | |||||||||||||||||||||||||||||||||||
Shares repurchased under repurchase plan | ( | ( | |||||||||||||||||||||||||||||||||
Shares withheld related to net share settlement of stock incentive plans | ( | ( | |||||||||||||||||||||||||||||||||
Dividends declared ($ | — | ( | ( | ||||||||||||||||||||||||||||||||
Dividends to noncontrolling interest | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Total other comprehensive loss, net of tax | — | ( | ( | ||||||||||||||||||||||||||||||||
Other | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
October 1, 2022 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
As of and for the Nine Months Ended October 1, 2022 | |||||||||||||||||||||||||||||||||||
December 31, 2021 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||||||||||||||
Shares issued and activity from stock incentive plans | |||||||||||||||||||||||||||||||||||
Shares repurchased under repurchase plan | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Shares withheld related to net share settlement of stock incentive plans | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Dividends declared ($ | — | ( | ( | ||||||||||||||||||||||||||||||||
Dividends to noncontrolling interest | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Purchase of noncontrolling interest | — | ||||||||||||||||||||||||||||||||||
Total other comprehensive loss, net of tax | — | ( | ( | ||||||||||||||||||||||||||||||||
Other | — | — | ( | ( | |||||||||||||||||||||||||||||||
October 1, 2022 | $ | $ | $ | ( | $ | $ |
As of and for the Three Months Ended October 2, 2021 | Common Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Shareholders' Equity | ||||||||||||||||||||||||||||||
July 3, 2021 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||
Shares issued and activity from stock incentive plans | |||||||||||||||||||||||||||||||||||
Share repurchases under repurchase plan | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Shares withheld related to net share settlement of stock incentive plans | ( | ( | |||||||||||||||||||||||||||||||||
Dividends declared ($ | — | ( | ( | ||||||||||||||||||||||||||||||||
Dividends to noncontrolling interest | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Total other comprehensive income, net of tax | — | ( | ( | ||||||||||||||||||||||||||||||||
Other | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
October 2, 2021 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
As of and for the Nine Months Ended October 2, 2021 | |||||||||||||||||||||||||||||||||||
December 31, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||
Shares issued and activity from stock incentive plans | |||||||||||||||||||||||||||||||||||
Share repurchases under repurchase plan | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Shares withheld related to net share settlement of stock incentive plans | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Dividends declared ($ | — | ( | ( | ||||||||||||||||||||||||||||||||
Dividends to noncontrolling interest | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Total other comprehensive loss, net of tax | — | ( | ( | ||||||||||||||||||||||||||||||||
Other | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
October 2, 2021 | $ | $ | $ | ( | $ | $ |
Revenue | Operating Income | Operating Margin | |||||||||||||||||||||||||||||||||
For the Three Months Ended | October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | |||||||||||||||||||||||||||||
Motion Technologies | $ | $ | $ | $ | % | % | |||||||||||||||||||||||||||||
Industrial Process | % | % | |||||||||||||||||||||||||||||||||
Connect & Control Technologies | % | % | |||||||||||||||||||||||||||||||||
Eliminations | ( | ( | — | — | — | — | |||||||||||||||||||||||||||||
Total segment results | % | % | |||||||||||||||||||||||||||||||||
Corporate and Other costs | ( | ( | |||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | % | % |
Revenue | Operating Income | Operating Margin | |||||||||||||||||||||||||||||||||
For the Nine Months Ended | October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | |||||||||||||||||||||||||||||
Motion Technologies | $ | $ | $ | $ | % | % | |||||||||||||||||||||||||||||
Industrial Process | % | % | |||||||||||||||||||||||||||||||||
Connect & Control Technologies | % | % | |||||||||||||||||||||||||||||||||
Eliminations | ( | ( | — | — | — | — | |||||||||||||||||||||||||||||
Total segment results | % | % | |||||||||||||||||||||||||||||||||
Asbestos-related benefit, net(a) | |||||||||||||||||||||||||||||||||||
Other Corporate costs | — | — | ( | ( | |||||||||||||||||||||||||||||||
Total Corporate and Other costs | ( | ||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | % | % |
As of and for the Nine Months Ended | Total Assets | Capital Expenditures | Depreciation & Amortization | ||||||||||||||||||||||||||||||||
October 1, 2022 | December 31, 2021 | October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | ||||||||||||||||||||||||||||||
Motion Technologies | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Industrial Process | |||||||||||||||||||||||||||||||||||
Connect & Control Technologies | |||||||||||||||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
For the Three Months Ended October 1, 2022 | Motion Technologies | Industrial Process | Connect & Control Technologies | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||||
Auto and rail | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Chemical and industrial pumps | |||||||||||||||||||||||||||||||||||||||||||||||
General industrial | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Aerospace and defense | |||||||||||||||||||||||||||||||||||||||||||||||
Energy | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended October 1, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Auto and rail | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Chemical and industrial pumps | |||||||||||||||||||||||||||||||||||||||||||||||
General industrial | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Aerospace and defense | |||||||||||||||||||||||||||||||||||||||||||||||
Energy | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ |
For the Three Months Ended October 2, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Auto and rail | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||
Chemical and industrial pumps | |||||||||||||||||||||||||||||||||||||||||||||||
General industrial | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Aerospace and defense | |||||||||||||||||||||||||||||||||||||||||||||||
Energy | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended October 2, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Auto and rail | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||
Chemical and industrial pumps | |||||||||||||||||||||||||||||||||||||||||||||||
General industrial | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Aerospace and defense | |||||||||||||||||||||||||||||||||||||||||||||||
Energy | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ |
October 1, 2022 | December 31, 2021 | |||||||||||||||||||
Current contract assets, net | $ | $ | ||||||||||||||||||
Non-current contract assets, net | ||||||||||||||||||||
Current contract liabilities | ( | ( | ||||||||||||||||||
Non-current contract liabilities | ( | ( | ||||||||||||||||||
Net contract liabilities | $ | ( | $ | ( |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | ||||||||||||||||||||
Income tax expense | $ | $ | $ | $ | |||||||||||||||||||
Effective tax rate | % | % | % | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | ||||||||||||||||||||
Basic weighted average common shares outstanding | |||||||||||||||||||||||
Add: Dilutive impact of outstanding equity awards | |||||||||||||||||||||||
Diluted weighted average common shares outstanding | |||||||||||||||||||||||
As of the Period Ended | October 1, 2022 | December 31, 2021 | |||||||||||||||||||||
Trade accounts receivable | $ | $ | |||||||||||||||||||||
Notes receivable | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Receivables, gross | |||||||||||||||||||||||
Less: Allowance for credit losses - receivables(a) | ( | ( | |||||||||||||||||||||
Receivables, net | $ | $ |
As of the Period Ended | October 1, 2022 | December 31, 2021 | |||||||||||||||||||||
Allowance for credit losses - receivables(a) | $ | $ | |||||||||||||||||||||
Allowance for credit losses - contract assets | |||||||||||||||||||||||
Total allowance for credit losses | $ | $ |
October 1, 2022 | October 2, 2021 | |||||||||||||||||||
Total allowance for credit losses - January 1 | $ | $ | ||||||||||||||||||
Charges (recoveries) to income(a) | ( | |||||||||||||||||||
Write-offs | ( | ( | ||||||||||||||||||
Foreign currency and other | ( | ( | ||||||||||||||||||
Total allowance for credit losses - ending balance | $ | $ |
As of the Period Ended | October 1, 2022 | December 31, 2021 | |||||||||||||||||||||
Finished goods | $ | $ | |||||||||||||||||||||
Work in process | |||||||||||||||||||||||
Raw materials(a) | |||||||||||||||||||||||
Inventories(b) | $ | $ |
As of the Period Ended | October 1, 2022 | December 31, 2021 | |||||||||||||||||||||
Advance payments and other prepaid expenses | $ | $ | |||||||||||||||||||||
Current contract assets, net | |||||||||||||||||||||||
Prepaid income taxes | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Other current assets | $ | $ | |||||||||||||||||||||
Other employee benefit-related assets | $ | $ | |||||||||||||||||||||
Deferred income taxes | |||||||||||||||||||||||
Operating lease right-of-use assets | |||||||||||||||||||||||
Equity-method and other investments(a) | |||||||||||||||||||||||
Capitalized software costs | |||||||||||||||||||||||
Environmental-related assets | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Other non-current assets | $ | $ |
Useful life (in years) | October 1, 2022 | December 31, 2021 | |||||||||||||||||||||||||||
Machinery and equipment | $ | $ | |||||||||||||||||||||||||||
Buildings and improvements | |||||||||||||||||||||||||||||
Furniture, fixtures and office equipment | |||||||||||||||||||||||||||||
Construction work in progress | |||||||||||||||||||||||||||||
Land and improvements | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Plant, property and equipment, gross | |||||||||||||||||||||||||||||
Less: Accumulated depreciation | ( | ( | |||||||||||||||||||||||||||
Plant, property and equipment, net | $ | $ |
Motion Technologies | Industrial Process | Connect & Control Technologies | Total | ||||||||||||||||||||||||||||||||||||||
Goodwill - December 31, 2021 | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Acquired | |||||||||||||||||||||||||||||||||||||||||
Foreign exchange translation | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Goodwill - October 1, 2022 | $ | $ | $ | $ |
October 1, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Intangibles | Gross Carrying Amount | Accumulated Amortization | Net Intangibles | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proprietary technology | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Patents and other | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-lived intangible total | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indefinite-lived intangibles | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
Remaining of 2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter |
October 1, 2022 | December 31, 2021 | |||||||||||||||||||
Compensation and other employee-related benefits | $ | $ | ||||||||||||||||||
Contract liabilities and other customer-related liabilities | ||||||||||||||||||||
Accrued income taxes and other tax-related liabilities | ||||||||||||||||||||
Operating lease liabilities | ||||||||||||||||||||
Accrued warranty costs | ||||||||||||||||||||
Environmental liabilities and other legal matters | ||||||||||||||||||||
Accrued restructuring costs | ||||||||||||||||||||
Other | ||||||||||||||||||||
Accrued liabilities | $ | $ | ||||||||||||||||||
Operating lease liabilities | $ | $ | ||||||||||||||||||
Environmental liabilities | ||||||||||||||||||||
Compensation and other employee-related benefits | ||||||||||||||||||||
Deferred income taxes and other tax-related liabilities | ||||||||||||||||||||
Non-current maturities of long-term debt | ||||||||||||||||||||
Other | ||||||||||||||||||||
Other non-current liabilities | $ | $ |
October 1, 2022 | December 31, 2021 | ||||||||||||||||||||||
Commercial paper(a) | $ | $ | |||||||||||||||||||||
Other short-term notes payable | |||||||||||||||||||||||
Current maturities of long-term debt and finance leases | |||||||||||||||||||||||
Commercial paper and current maturities of long-term debt | |||||||||||||||||||||||
Non-current maturities of long-term debt | |||||||||||||||||||||||
Total debt and finance leases | $ | $ |
October 1, 2022 | December 31, 2021 | ||||||||||||||||||||||
Commercial Paper Outstanding - U.S. Program | $ | $ | |||||||||||||||||||||
Commercial Paper Outstanding - Euro Program | |||||||||||||||||||||||
Total Commercial Paper Outstanding | $ | ||||||||||||||||||||||
Weighted Average Interest Rate - U.S. Program | % | % | |||||||||||||||||||||
Weighted Average Interest Rate - Euro Program | % | ( | % |
October 1, 2022 | October 2, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended | Pension | Other Benefits | Total | Pension | Other Benefits | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service benefit | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net periodic benefit cost (benefit) | $ | $ | ( | $ | $ | $ | $ |
October 1, 2022 | October 2, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended | Pension | Other Benefits | Total | Pension | Other Benefits | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service benefit | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net periodic benefit cost (benefit) | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | ||||||||||||||||||||
Equity-based awards | $ | $ | $ | $ | |||||||||||||||||||
Liability-based awards | |||||||||||||||||||||||
Total share-based compensation expense | $ | $ | $ | $ |
# of Awards Granted | Weighted Average Grant Date Fair Value Per Share | |||||||||||||
Restricted stock units (RSUs) | $ | |||||||||||||
Performance stock units (PSUs) | $ |
As of and for the Three Months Ended October 1, 2022 | Postretirement Benefit Plans | Cumulative Translation Adjustment | Accumulated Other Comprehensive Loss | ||||||||||||||
July 2, 2022 | $ | ( | $ | ( | $ | ( | |||||||||||
Net change in postretirement benefit plans, net of tax | — | ||||||||||||||||
Net foreign currency translation adjustment | — | ( | ( | ||||||||||||||
October 1, 2022 | $ | ( | $ | ( | $ | ( |
As of and for the Nine Months Ended October 1, 2022 | |||||||||||||||||
December 31, 2021 | $ | ( | $ | ( | $ | ( | |||||||||||
Net change in postretirement benefit plans, net of tax | — | ||||||||||||||||
Net foreign currency translation adjustment | — | ( | ( | ||||||||||||||
October 1, 2022 | $ | ( | $ | ( | $ | ( |
As of and for the Three Months Ended October 2, 2021 | |||||||||||||||||
July 3, 2021 | $ | ( | $ | ( | $ | ( | |||||||||||
Net change in postretirement benefit plans, net of tax | — | ||||||||||||||||
Net foreign currency translation adjustment | — | ( | ( | ||||||||||||||
October 2, 2021 | $ | ( | $ | ( | $ | ( |
As of and for the Nine Months Ended October 2, 2021 | |||||||||||||||||
December 31, 2020 | $ | ( | $ | ( | $ | ( | |||||||||||
Net change in postretirement benefit plans, net of tax | — | ||||||||||||||||
Net foreign currency translation adjustment | — | ( | ( | ||||||||||||||
October 2, 2021 | $ | ( | $ | ( | $ | ( |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | ||||||||||||||||||||
Asbestos provision(a) | $ | $ | $ | $ | |||||||||||||||||||
Gain on divestiture before income tax | ( | ||||||||||||||||||||||
Asbestos-related benefit, net | $ | $ | $ | $ | ( |
For the Nine Months Ended | October 1, 2022 | October 2, 2021 | |||||||||
Environmental liability - beginning balance | $ | $ | |||||||||
Change in estimates for pre-existing accruals: | |||||||||||
Continuing operations | |||||||||||
Discontinued operations(a) | ( | ||||||||||
Accruals added during the period for new matters | |||||||||||
Payments | ( | ( | |||||||||
Foreign currency | ( | ( | |||||||||
Environmental liability - ending balance | $ | $ |
As of the Period Ended | October 1, 2022 | December 31, 2021 | |||||||||||||||||||||
Notional amount (U.S. dollar equivalent) | $ | $ | |||||||||||||||||||||
Fair value of foreign currency derivative contracts(a) | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | ||||||||||||||||||||
Gains (losses) on foreign currency derivative contracts(b) | $ | $ | ( | $ | $ | ( |
Preliminary Allocation of Purchase Price | Fair Value | ||||
Receivables | $ | ||||
Inventory | |||||
Plant, property and equipment | |||||
Goodwill | |||||
Other intangible assets | |||||
Other assets | |||||
Accounts payable and accrued liabilities | ( | ||||
Other liabilities | ( | ||||
Noncontrolling interest | ( | ||||
Net assets acquired | $ |
Summary of Key Performance Indicators for the Third Quarter of 2022 | |||||||||||
Revenue | Segment Operating Income | Segment Operating Margin | EPS | ||||||||
$754 | $132 | 17.6% | $1.23 | ||||||||
9% Increase | 19% Increase | 150bp Increase | 23% Increase | ||||||||
Organic Revenue | Adjusted Segment Operating Income | Adjusted Segment Operating Margin | Adjusted EPS | ||||||||
$793 | $137 | 18.2% | $1.20 | ||||||||
15% Increase | 18% Increase | 140bp Increase | 21% Increase |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 1, 2022 | October 2, 2021 | Change | October 1, 2022 | October 2, 2021 | Change | ||||||||||||||||||
Revenue | $ | 753.6 | $ | 689.6 | 9.3 | % | $ | 2,213.1 | $ | 2,079.6 | 6.4 | % | |||||||||||
Gross profit | 233.4 | 222.0 | 5.1 | % | 674.0 | 675.6 | (0.2) | % | |||||||||||||||
Gross margin | 31.0 | % | 32.2 | % | (120) | bp | 30.5 | % | 32.5 | % | (200) | bp | |||||||||||
Operating expenses(a) | 111.4 | 120.3 | (7.4) | % | 356.9 | 284.4 | 25.5 | % | |||||||||||||||
Operating expense to revenue ratio | 14.8 | % | 17.4 | % | (260) | bp | 16.1 | % | 13.7 | % | 240 | bp | |||||||||||
Operating income(a) | 122.0 | 101.7 | 20.0 | % | 317.1 | 391.2 | (18.9) | % | |||||||||||||||
Operating margin | 16.2 | % | 14.7 | % | 150 | bp | 14.3 | % | 18.8 | % | (450) | bp | |||||||||||
Interest and non-operating expenses (income), net | 2.3 | 0.5 | 360.0 | % | 2.6 | (4.3) | (160.5) | % | |||||||||||||||
Income tax expense | 16.4 | 14.1 | 16.3 | % | 59.9 | 182.7 | (67.2)% | ||||||||||||||||
Effective tax rate | 13.7 | % | 13.9 | % | (20) | bp | 19.0 | % | 46.2 | % | (2,720) | bp | |||||||||||
Income from continuing operations attributable to ITT Inc. | 102.5 | 86.6 | 18.4 | % | 253.1 | 211.8 | 19.5 | % | |||||||||||||||
Net income attributable to ITT Inc. | 102.4 | 87.5 | 17.0 | % | 251.8 | 212.7 | 18.4 | % |
For the Three Months Ended | October 1, 2022 | October 2, 2021 | Change | Organic Growth(a) | |||||||||||||||||||
Motion Technologies | $ | 342.2 | $ | 332.3 | 3.0 | % | 14.9 | % | |||||||||||||||
Industrial Process | 248.5 | 210.7 | 17.9 | % | 14.6 | % | |||||||||||||||||
Connect & Control Technologies | 163.2 | 147.1 | 10.9 | % | 15.4 | % | |||||||||||||||||
Eliminations | (0.3) | (0.5) | |||||||||||||||||||||
Total Revenue | $ | 753.6 | $ | 689.6 | 9.3 | % | 14.9 | % | |||||||||||||||
For the Nine Months Ended | October 1, 2022 | October 2, 2021 | Change | Organic Growth(a) | |||||||||||||||||||
Motion Technologies | $ | 1,043.6 | $ | 1,045.0 | (0.1) | % | 7.7 | % | |||||||||||||||
Industrial Process | 690.3 | 626.9 | 10.1 | % | 8.3 | % | |||||||||||||||||
Connect & Control Technologies | 481.0 | 408.9 | 17.6 | % | 20.9 | % | |||||||||||||||||
Eliminations | (1.8) | (1.2) | |||||||||||||||||||||
Total Revenue | $ | 2,213.1 | $ | 2,079.6 | 6.4 | % | 10.5 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
October 1, 2022 | October 2, 2021 | Change | October 1, 2022 | October 2, 2021 | Change | ||||||||||||||||||||||||||||||
General and administrative expenses | $ | 47.5 | $ | 60.4 | (21.4) | % | $ | 164.9 | $ | 176.4 | (6.5) | % | |||||||||||||||||||||||
Sales and marketing expenses | 39.5 | 37.4 | 5.6 | % | 118.3 | 112.4 | 5.2 | % | |||||||||||||||||||||||||||
Research and development expenses | 24.4 | 22.5 | 8.4 | % | 73.7 | 70.0 | 5.3 | % | |||||||||||||||||||||||||||
Asbestos-related (benefit), net | — | — | — | % | — | (74.4) | (100.0) | % | |||||||||||||||||||||||||||
Total operating expenses | $ | 111.4 | $ | 120.3 | (7.4) | % | $ | 356.9 | $ | 284.4 | 25.5 | % | |||||||||||||||||||||||
Total operating expenses by segment: | |||||||||||||||||||||||||||||||||||
Motion Technologies | $ | 31.0 | $ | 43.5 | (28.7) | % | $ | 104.9 | $ | 126.5 | (17.1) | % | |||||||||||||||||||||||
Industrial Process | 39.5 | 38.7 | 2.1 | % | 126.4 | 114.7 | 10.2 | % | |||||||||||||||||||||||||||
Connect & Control Technologies | 30.3 | 28.6 | 5.9 | % | 90.1 | 90.3 | (0.2) | % | |||||||||||||||||||||||||||
Corporate & Other | 10.6 | 9.5 | 11.6 | % | 35.5 | (47.1) | (175.4) | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
October 1, 2022 | October 2, 2021 | Change | October 1, 2022 | October 2, 2021 | Change | ||||||||||||||||||||||||||||||
Motion Technologies | $ | 54.0 | $ | 53.6 | 0.7 | % | $ | 160.7 | $ | 194.3 | (17.3) | % | |||||||||||||||||||||||
Industrial Process | 48.1 | 32.4 | 48.5 | % | 107.6 | 94.9 | 13.4 | % | |||||||||||||||||||||||||||
Connect & Control Technologies | 30.3 | 25.2 | 20.2 | % | 84.2 | 54.9 | 53.4 | % | |||||||||||||||||||||||||||
Segment operating income | 132.4 | 111.2 | 19.1 | % | 352.5 | 344.1 | 2.4 | % | |||||||||||||||||||||||||||
Asbestos-related benefit, net | — | — | — | % | — | 74.4 | (100.0) | % | |||||||||||||||||||||||||||
Other corporate costs | (10.4) | (9.5) | 9.5 | % | (35.4) | (27.3) | 29.7 | % | |||||||||||||||||||||||||||
Total corporate and other costs, net | (10.4) | (9.5) | 9.5 | % | (35.4) | 47.1 | (175.2) | % | |||||||||||||||||||||||||||
Total operating income | $ | 122.0 | $ | 101.7 | 20.0 | % | $ | 317.1 | $ | 391.2 | (18.9) | % | |||||||||||||||||||||||
Operating margin: | |||||||||||||||||||||||||||||||||||
Motion Technologies | 15.8 | % | 16.1 | % | (30) | bp | 15.4 | % | 18.6 | % | (320) | bp | |||||||||||||||||||||||
Industrial Process | 19.4 | % | 15.4 | % | 400 | bp | 15.6 | % | 15.1 | % | 50 | bp | |||||||||||||||||||||||
Connect & Control Technologies | 18.6 | % | 17.1 | % | 150 | bp | 17.5 | % | 13.4 | % | 410 | bp | |||||||||||||||||||||||
Segment operating margin | 17.6 | % | 16.1 | % | 150 | bp | 15.9 | % | 16.5 | % | (60) | bp | |||||||||||||||||||||||
Consolidated operating margin | 16.2 | % | 14.7 | % | 150 | bp | 14.3 | % | 18.8 | % | (450) | bp |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
October 1, 2022 | October 2, 2021 | Change | October 1, 2022 | October 2, 2021 | Change | ||||||||||||||||||||||||||||||
Interest and non-operating expense (income), net | $ | 2.3 | $ | 0.5 | 360.0 | % | $ | 2.6 | $ | (4.3) | (160.5) | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
October 1, 2022 | October 2, 2021 | Change | October 1, 2022 | October 2, 2021 | Change | ||||||||||||||||||||||||||||||
Income tax expense | $ | 16.4 | $ | 14.1 | 16.3% | $ | 59.9 | $ | 182.7 | (67.2)% | |||||||||||||||||||||||||
Effective tax rate | 13.7 | % | 13.9 | % | (20) | bp | 19.0 | % | 46.2 | % | (2,720) | bp |
October 1, 2022 | December 31, 2021 | |||||||
Commercial Paper Outstanding - U.S. Program | $ | 399.5 | $ | 150.0 | ||||
Commercial Paper Outstanding - Euro Program | 136.7 | 45.4 | ||||||
Total Commercial Paper Outstanding | $ | 536.2 | 195.4 |
For the Nine Months Ended | October 1, 2022 | October 2, 2021 | |||||||||
Operating activities | $ | 115.2 | $ | (127.9) | |||||||
Investing activities | (244.8) | (53.9) | |||||||||
Financing activities | 43.0 | (74.2) | |||||||||
Foreign exchange | (46.3) | (18.5) | |||||||||
Total net cash used in continuing operations | (132.9) | (274.5) | |||||||||
Net cash used in discontinued operations | (0.1) | 0.7 | |||||||||
Net change in cash and cash equivalents | $ | (133.0) | $ | (273.8) |
Three Months Ended October 1, 2022 | Motion Technologies | Industrial Process | Connect & Control Technologies | Eliminations | Total ITT | |||||||||||||||||||||||||||||||||||||||
2022 Revenue | $ | 342.2 | $ | 248.5 | $ | 163.2 | $ | (0.3) | $ | 753.6 | ||||||||||||||||||||||||||||||||||
Acquisitions | — | (15.3) | — | — | (15.3) | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation | 39.6 | 8.2 | 6.6 | (0.1) | 54.3 | |||||||||||||||||||||||||||||||||||||||
2022 Organic revenue | $ | 381.8 | $ | 241.4 | $ | 169.8 | $ | (0.4) | $ | 792.6 | ||||||||||||||||||||||||||||||||||
2021 Revenue | $ | 332.3 | $ | 210.7 | $ | 147.1 | $ | (0.5) | $ | 689.6 | ||||||||||||||||||||||||||||||||||
Organic growth | 49.5 | 30.7 | 22.7 | 0.1 | 103.0 | |||||||||||||||||||||||||||||||||||||||
Percentage change | 14.9 | % | 14.6 | % | 15.4 | % | 14.9 | % | ||||||||||||||||||||||||||||||||||||
Nine Months Ended October 1, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
2022 Revenue | $ | 1,043.6 | $ | 690.3 | $ | 481.0 | $ | (1.8) | $ | 2,213.1 | ||||||||||||||||||||||||||||||||||
Acquisitions | — | (30.8) | — | — | (30.8) | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation | 82.1 | 19.2 | 13.5 | (0.1) | 114.7 | |||||||||||||||||||||||||||||||||||||||
2022 Organic revenue | $ | 1,125.7 | $ | 678.7 | $ | 494.5 | $ | (1.9) | $ | 2,297.0 | ||||||||||||||||||||||||||||||||||
2021 Revenue | $ | 1,045.0 | $ | 626.9 | $ | 408.9 | $ | (1.2) | $ | 2,079.6 | ||||||||||||||||||||||||||||||||||
Organic growth | 80.7 | 51.8 | 85.6 | (0.7) | 217.4 | |||||||||||||||||||||||||||||||||||||||
Percentage change | 7.7 | % | 8.3 | % | 20.9 | % | 10.5 | % |
Three Months Ended October 1, 2022 | Motion Technologies | Industrial Process | Connect & Control Technologies | Total Segment | Corporate | Total ITT | ||||||||||||||||||||||||||||||||
Operating income | $ | 54.0 | $ | 48.1 | $ | 30.3 | $ | 132.4 | $ | (10.4) | $ | 122.0 | ||||||||||||||||||||||||||
Restructuring costs | 0.7 | 0.4 | — | 1.1 | (0.1) | 1.0 | ||||||||||||||||||||||||||||||||
Impacts related to Russia-Ukraine war | (0.5) | 0.7 | — | 0.2 | — | 0.2 | ||||||||||||||||||||||||||||||||
Acquisition-related expenses | — | 3.1 | — | 3.1 | 0.5 | 3.6 | ||||||||||||||||||||||||||||||||
Other(a) | (0.1) | 0.1 | — | — | 0.2 | 0.2 | ||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 54.1 | $ | 52.4 | $ | 30.3 | $ | 136.8 | $ | (9.8) | $ | 127.0 | ||||||||||||||||||||||||||
Adjusted operating margin | 15.8 | % | 21.1 | % | 18.6 | % | 18.2 | % | 16.9 | % | ||||||||||||||||||||||||||||
Nine Months Ended October 1, 2022 | ||||||||||||||||||||||||||||||||||||||
Operating income | $ | 160.7 | $ | 107.6 | $ | 84.2 | $ | 352.5 | $ | (35.4) | $ | 317.1 | ||||||||||||||||||||||||||
Restructuring costs | 2.2 | 1.4 | — | 3.6 | (0.1) | 3.5 | ||||||||||||||||||||||||||||||||
Asset impairment | — | — | — | — | 1.7 | 1.7 | ||||||||||||||||||||||||||||||||
Impacts related to Russia-Ukraine war | 3.2 | 5.0 | — | 8.2 | — | 8.2 | ||||||||||||||||||||||||||||||||
Acquisition-related expenses | — | 3.2 | — | 3.2 | 0.5 | 3.7 | ||||||||||||||||||||||||||||||||
Other(a) | 1.0 | 1.2 | — | 2.2 | 1.4 | 3.6 | ||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 167.1 | $ | 118.4 | $ | 84.2 | $ | 369.7 | $ | (31.9) | $ | 337.8 | ||||||||||||||||||||||||||
Adjusted operating margin | 16.0 | % | 17.2 | % | 17.5 | % | 16.7 | % | 15.3 | % |
Three Months Ended October 2, 2021 | ||||||||||||||||||||||||||||||||||||||
Operating income | $ | 53.6 | $ | 32.4 | $ | 25.2 | $ | 111.2 | $ | (9.5) | $ | 101.7 | ||||||||||||||||||||||||||
Restructuring costs | 4.1 | 0.5 | (0.1) | 4.5 | — | 4.5 | ||||||||||||||||||||||||||||||||
Other(a) | — | — | — | — | 0.6 | 0.6 | ||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 57.7 | $ | 32.9 | $ | 25.1 | $ | 115.7 | $ | (8.9) | $ | 106.8 | ||||||||||||||||||||||||||
Adjusted operating margin | 17.4 | % | 15.6 | % | 17.1 | % | 16.8 | % | 15.5 | % | ||||||||||||||||||||||||||||
Nine Months Ended October 2, 2021 | ||||||||||||||||||||||||||||||||||||||
Operating income | $ | 194.3 | $ | 94.9 | $ | 54.9 | $ | 344.1 | $ | 47.1 | $ | 391.2 | ||||||||||||||||||||||||||
Asbestos-related benefit, net(b) | — | — | — | — | (74.4) | (74.4) | ||||||||||||||||||||||||||||||||
Restructuring costs | 4.1 | 1.4 | 2.4 | 7.9 | 0.3 | 8.2 | ||||||||||||||||||||||||||||||||
Other(a) | — | — | — | — | 2.3 | 2.3 | ||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 198.4 | $ | 96.3 | $ | 57.3 | $ | 352.0 | $ | (24.7) | $ | 327.3 | ||||||||||||||||||||||||||
Adjusted operating margin | 19.0 | % | 15.4 | % | 14.0 | % | 16.9 | % | 15.7 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | ||||||||||||||||||||
Income from continuing operations attributable to ITT Inc. | $ | 102.5 | $ | 86.6 | $ | 253.1 | $ | 211.8 | |||||||||||||||
Tax-related special items(a) | (6.8) | (4.7) | (4.9) | 2.9 | |||||||||||||||||||
Restructuring costs, net of tax benefit of $(0.3), $(1.5), $(1.0) and $(2.1) respectively | 0.7 | 3.0 | 2.5 | 6.1 | |||||||||||||||||||
Asset impairment charges, net of tax benefit of $0.0, $0.0, $(0.4) and $0.0, respectively | — | — | 1.3 | — | |||||||||||||||||||
Impacts related to Russia-Ukraine war, net of tax benefit of $0.0, $0.0, $(1.7) and $0.0, respectively | 0.2 | — | 6.5 | — | |||||||||||||||||||
Net asbestos-related costs, net of tax expense of $0.0, $0.0, $0.0 and $113.5 respectively(b) | — | — | — | 39.1 | |||||||||||||||||||
Acquisition-related costs, net of tax benefit of $(0.7), $0.0, $(0.8) and $0.0, respectively | 2.9 | — | 2.9 | — | |||||||||||||||||||
Other special items, net of tax benefit of $(0.1), $(0.1), $(0.9) and $0.3 respectively(c) | 0.1 | 0.5 | 2.7 | (0.8) | |||||||||||||||||||
Adjusted income from continuing operations | $ | 99.6 | $ | 85.4 | $ | 264.1 | $ | 259.1 | |||||||||||||||
Income from continuing operations attributable to ITT Inc. per diluted share (EPS) | $ | 1.23 | $ | 1.00 | $ | 3.02 | $ | 2.45 | |||||||||||||||
Adjusted EPS | $ | 1.20 | $ | 0.99 | $ | 3.15 | $ | 2.99 |
PERIOD | TOTAL NUMBER OF SHARES PURCHASED(1) | AVERAGE PRICE PAID PER SHARE(2) | TOTAL NUMBER OF SHARES PURCHASED AS PART OF PUBLICLY ANNOUNCED PLANS OR PROGRAMS | APPROXIMATE DOLLAR VALUE OF SHARES THAT MAY YET BE PURCHASED UNDER THE PLANS OR PROGRAMS (IN MILLIONS) | ||||||||||||||||||||||||||||
7/3/2022 - 7/30/2022 | 68,629 | $ | 66.34 | 66,579 | $ | 138.8 | ||||||||||||||||||||||||||
8/1/2022 - 8/27/2022 | 392 | $ | 75.81 | — | $ | 138.8 | ||||||||||||||||||||||||||
8/28/2022 - 10/1/2022 | 294 | $ | 74.08 | — | $ | 138.8 | ||||||||||||||||||||||||||
EXHIBIT NUMBER | DESCRIPTION | |||||||
(10.1) | ||||||||
(31.1) | ||||||||
(31.2) | ||||||||
(32.1) | ||||||||
(32.2) | ||||||||
(101) | The following materials from ITT Inc.’s Quarterly Report on Form 10-Q for the quarter ended October 1, 2022, formatted in Inline XBRL (Inline Extensible Business Reporting Language): (i) Consolidated Condensed Statements of Operations, (ii) Consolidated Condensed Statements of Comprehensive Income, (iii) Consolidated Condensed Balance Sheets, (iv) Consolidated Condensed Statements of Cash Flows, (v) Consolidated Condensed Statements of Changes in Shareholders’ Equity, (vi) Notes to Consolidated Condensed Financial Statements, and (vii) Cover Page | |||||||
(104) | The cover page from the Quarterly Report on Form 10-Q for the quarter ended October 1, 2022, formatted in Inline XBRL (included in Exhibit 101). |
ITT Inc. | ||||||||
(Registrant) | ||||||||
By: | /s/ Emmanuel Caprais | |||||||
Emmanuel Caprais | ||||||||
Chief Financial Officer | ||||||||
Annual Retainer (cash) | $100,000 (paid annually) | ||||
Committee Chair Annual Retainer | |||||
•Audit Committee | $20,000 (paid annually) | ||||
•Compensation and Human Capital Committee | $15,000 (paid annually) | ||||
•Nominating & Governance Committee | $15,000 (paid annually) | ||||
Non-Executive Chairman Annual Retainer | $125,000 (50% cash; 50% restricted stock units) (paid annually) | ||||
Annual Equity Awards | Annual grant with a present value of $140,000 made on the date of the annual meeting of shareholders (vests one business day prior to subsequent annual meeting). The award is in restricted stock units, valued at the fair market value of the underlying stock on the date of grant. This award may be deferred by prior election. Taxable event occurs on vesting date, unless grant is deferred. The number of shares is rounded up to the nearest share. | ||||
New Directors | All annual compensation is pro-rated for new directors. |
/S/ Luca Savi | ||
Luca Savi | ||
Chief Executive Officer |
/S/ Emmanuel Caprais | ||
Emmanuel Caprais | ||
Senior Vice President and | ||
Chief Financial Officer |
/S/ Luca Savi | ||
Luca Savi | ||
Chief Executive Officer |
/S/ Emmanuel Caprais | ||
Emmanuel Caprais | ||
Senior Vice President and | ||
Chief Financial Officer |
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
Oct. 01, 2022 |
Oct. 02, 2021 |
|
Income Statement [Abstract] | ||||
Tax Benefit (Expense) of Discontinued Operations | $ (0.1) | $ 0.5 | $ 0.3 | $ 0.5 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical)) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
Oct. 01, 2022 |
Oct. 02, 2021 |
|
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | $ 3.4 | $ 0.8 | $ 3.1 | $ 0.6 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax | (0.3) | (0.2) | (0.9) | (0.8) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 0.1 | 0.1 | 0.4 | 0.5 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | 1.8 | 0.9 | 1.8 | 0.9 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax | $ 1.9 | $ 0.0 | $ 1.9 | $ 0.0 |
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions |
Oct. 01, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 250.0 | |
Common stock, par value | $ 1 | |
Common stock, shares issued | 82.7 | 85.5 |
Common stock, shares outstanding | 82.7 | 85.5 |
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
|
Operating Activities | ||
Income from continuing operations attributable to ITT Inc. | $ 253.1 | $ 211.8 |
Adjustments to income from continuing operations: | ||
Depreciation and amortization | 81.5 | 85.3 |
Equity-based compensation | 13.6 | 11.8 |
Asbestos-related benefit, net | 0.0 | (74.4) |
Other non-cash charges, net | 20.2 | 17.9 |
Divestiture of asbestos-related assets and liabilities | 0.0 | (398.0) |
Changes in assets and liabilities: | ||
Change in receivables | (120.8) | (63.0) |
Change in inventories | (111.3) | (62.6) |
Change in contract assets | (15.6) | 0.6 |
Change in contract liabilities | 24.4 | (10.5) |
Change in accounts payable | 54.0 | 48.1 |
Change in accrued expenses | (30.6) | 19.4 |
Change in income taxes | (12.1) | 129.4 |
Other, net | (41.2) | (43.7) |
Net Cash – Operating Activities | 115.2 | (127.9) |
Investing Activities | ||
Capital expenditures | (73.7) | (52.6) |
Acquisitions, net of cash acquired | (146.9) | 0.0 |
Payments to acquire interest in unconsolidated subsidiaries | (25.6) | 0.0 |
Other, net | 1.4 | (1.3) |
Net Cash – Investing Activities | (244.8) | (53.9) |
Financing Activities | ||
Commercial paper, net borrowings | 363.1 | 95.4 |
Long-term debt, repayments | (1.1) | (1.3) |
Share repurchases under repurchase plan | (245.6) | (100.7) |
Payments for taxes related to net share settlement of stock incentive plans | (8.5) | (11.0) |
Dividends paid | (66.1) | (57.0) |
Other, net | 1.2 | 0.4 |
Net Cash – Financing Activities | 43.0 | (74.2) |
Exchange rate effects on cash and cash equivalents | (46.3) | (18.5) |
Net cash – operating activities of discontinued operations | (0.1) | 0.7 |
Net change in cash and cash equivalents | (133.0) | (273.8) |
Cash and cash equivalents – beginning of year (includes restricted cash of $0.8 and $0.8, respectively) | 648.3 | 860.6 |
Cash and Cash Equivalents – End of Period (includes restricted cash of $0.8 and $1.0, respectively) | 515.3 | 586.8 |
Cash paid during the year for: | ||
Interest | 5.7 | 3.3 |
Income taxes, net of refunds received | $ 63.5 | $ 50.2 |
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions |
Oct. 01, 2022 |
Dec. 31, 2021 |
Oct. 02, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Restricted Cash | $ 0.8 | $ 0.8 | $ 1.0 | $ 0.8 |
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions |
Total |
Common Stock [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Noncontrolling Interest [Member] |
---|---|---|---|---|---|
Common Stock Outstanding, Beginning Balance at Dec. 31, 2020 | 86.5 | ||||
Common Stock, Shares [Abstract] | |||||
Activity from stock incentive plans, shares | 0.4 | ||||
Share repuchases, shares | (1.2) | ||||
Share repurchases from net settlement of employee stock incentive plans, shares | (0.1) | ||||
Common Stock Outstanding, Ending Balance at Oct. 02, 2021 | 85.6 | ||||
Total shareholders' equity, Beginning Balance at Dec. 31, 2020 | $ 2,127.9 | $ 86.5 | $ 2,319.3 | $ (279.4) | $ 1.5 |
Shareholders' Equity, Dollars [Abstract] | |||||
Net income | 213.7 | 0.0 | 212.7 | 0.0 | 1.0 |
Shares issued and activity from stock incentive plans | 12.9 | 0.4 | 12.5 | 0.0 | 0.0 |
Shares repurchased under repurchase plan | (100.0) | (1.2) | (98.8) | 0.0 | 0.0 |
Shares withheld related to net share settlement of stock incentive plans | (11.7) | (0.1) | (11.6) | 0.0 | 0.0 |
Dividends Declared | (57.3) | 0.0 | (57.3) | 0.0 | 0.0 |
Dividends to noncontrolling interest | (0.4) | (0.4) | |||
Other comprehensive (loss) | (40.0) | 0.0 | 0.0 | (40.0) | 0.0 |
Other | (0.1) | (0.1) | |||
Total shareholders' equity, Ending Balance at Oct. 02, 2021 | 2,145.0 | $ 85.6 | 2,376.8 | (319.4) | 2.0 |
Common Stock Outstanding, Beginning Balance at Jul. 03, 2021 | 86.1 | ||||
Common Stock, Shares [Abstract] | |||||
Activity from stock incentive plans, shares | 0.1 | ||||
Share repuchases, shares | (0.6) | ||||
Share repurchases from net settlement of employee stock incentive plans, shares | 0.0 | ||||
Common Stock Outstanding, Ending Balance at Oct. 02, 2021 | 85.6 | ||||
Total shareholders' equity, Beginning Balance at Jul. 03, 2021 | 2,140.3 | $ 86.1 | 2,353.1 | (301.0) | 2.1 |
Shareholders' Equity, Dollars [Abstract] | |||||
Net income | 88.0 | 0.0 | 87.5 | 0.0 | 0.5 |
Shares issued and activity from stock incentive plans | 5.0 | 0.1 | 4.9 | 0.0 | 0.0 |
Shares repurchased under repurchase plan | (50.0) | (0.6) | (49.4) | 0.0 | 0.0 |
Shares withheld related to net share settlement of stock incentive plans | (0.3) | 0.0 | (0.3) | 0.0 | 0.0 |
Dividends Declared | (19.0) | 0.0 | (19.0) | 0.0 | 0.0 |
Dividends to noncontrolling interest | (0.4) | (0.4) | |||
Other comprehensive (loss) | (18.4) | 0.0 | 0.0 | (18.4) | 0.0 |
Other | (0.2) | (0.2) | |||
Total shareholders' equity, Ending Balance at Oct. 02, 2021 | $ 2,145.0 | $ 85.6 | 2,376.8 | (319.4) | 2.0 |
Common Stock Outstanding, Beginning Balance at Dec. 31, 2021 | 85.5 | 85.5 | |||
Common Stock, Shares [Abstract] | |||||
Activity from stock incentive plans, shares | 0.3 | ||||
Share repuchases, shares | (3.0) | ||||
Share repurchases from net settlement of employee stock incentive plans, shares | (0.1) | ||||
Common Stock Outstanding, Ending Balance at Oct. 01, 2022 | 82.7 | 82.7 | |||
Total shareholders' equity, Beginning Balance at Dec. 31, 2021 | $ 2,230.7 | $ 85.5 | 2,461.6 | (321.3) | 4.9 |
Shareholders' Equity, Dollars [Abstract] | |||||
Net income | 253.3 | 251.8 | 0.0 | 1.5 | |
Shares issued and activity from stock incentive plans | 15.4 | 0.3 | 15.1 | 0.0 | 0.0 |
Shares repurchased under repurchase plan | (245.3) | (3.0) | (242.3) | 0.0 | 0.0 |
Shares withheld related to net share settlement of stock incentive plans | (8.7) | (0.1) | (8.6) | 0.0 | 0.0 |
Dividends Declared | (65.8) | 0.0 | (65.8) | 0.0 | 0.0 |
Dividends to noncontrolling interest | (0.5) | (0.5) | |||
Purchase of noncontrolling interest | 2.7 | 0.0 | 0.0 | 0.0 | 2.7 |
Other comprehensive (loss) | (116.2) | 0.0 | 0.0 | (116.2) | 0.0 |
Other | 0.1 | 0.0 | 0.0 | 0.1 | |
Total shareholders' equity, Ending Balance at Oct. 01, 2022 | $ 2,065.5 | $ 82.7 | 2,411.8 | (437.5) | 8.5 |
Common Stock Outstanding, Beginning Balance at Jul. 02, 2022 | 82.7 | ||||
Common Stock, Shares [Abstract] | |||||
Activity from stock incentive plans, shares | 0.0 | ||||
Share repuchases, shares | 0.0 | ||||
Share repurchases from net settlement of employee stock incentive plans, shares | 0.0 | ||||
Common Stock Outstanding, Ending Balance at Oct. 01, 2022 | 82.7 | 82.7 | |||
Total shareholders' equity, Beginning Balance at Jul. 02, 2022 | $ 2,016.6 | $ 82.7 | 2,329.9 | (404.3) | 8.3 |
Shareholders' Equity, Dollars [Abstract] | |||||
Net income | 103.2 | 102.4 | 0.0 | 0.8 | |
Shares issued and activity from stock incentive plans | 6.0 | 0.0 | 6.0 | 0.0 | 0.0 |
Shares repurchased under repurchase plan | (4.4) | 0.0 | (4.4) | 0.0 | 0.0 |
Shares withheld related to net share settlement of stock incentive plans | (0.2) | 0.0 | (0.2) | 0.0 | 0.0 |
Dividends Declared | (21.9) | 0.0 | (21.9) | 0.0 | 0.0 |
Dividends to noncontrolling interest | (0.5) | (0.5) | |||
Other comprehensive (loss) | (33.2) | 0.0 | 0.0 | (33.2) | 0.0 |
Other | (0.1) | 0.0 | (0.1) | ||
Total shareholders' equity, Ending Balance at Oct. 01, 2022 | $ 2,065.5 | $ 82.7 | $ 2,411.8 | $ (437.5) | $ 8.5 |
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
Oct. 01, 2022 |
Oct. 02, 2021 |
|
Dividends declared per share | $ 0.264 | $ 0.22 | $ 0.792 | $ 0.66 |
OTHER CURRENT AND NON-CURRENT ASSETS - Components of Other Current and Non-Current Assets - USD ($) $ in Millions |
Oct. 01, 2022 |
Dec. 31, 2021 |
|||
---|---|---|---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||
Advance payments and other prepaid expenses | $ 53.8 | $ 44.1 | |||
Current contract assets, net | 33.1 | 20.6 | |||
Prepaid income taxes | 12.5 | 10.4 | |||
Other | 17.7 | 13.5 | |||
Other current assets | 117.1 | 88.6 | |||
Other employee benefit-related assets | 117.7 | 118.4 | |||
Deferred income taxes | 71.4 | 63.4 | |||
Operating lease right-of-use assets | 67.4 | 78.0 | |||
Equity-method and other investments(a) | 42.7 | [1] | 14.5 | ||
Capitalized software costs | 12.9 | 16.7 | |||
Environmental-related assets | 10.2 | 8.5 | |||
Other | 26.9 | 24.7 | |||
Other non-current assets | $ 349.2 | $ 324.2 | |||
|
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Employee Compensation Costs - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
Oct. 01, 2022 |
Oct. 02, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based awards | $ 5.0 | $ 4.6 | $ 14.4 | $ 13.1 |
Equity Based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based awards | 4.8 | 4.4 | 13.6 | 11.8 |
Liability Based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based awards | $ 0.2 | $ 0.2 | $ 0.8 | $ 1.3 |
CAPITAL STOCK - Additional Information - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
Oct. 01, 2022 |
Oct. 02, 2021 |
|
Equity, Class of Treasury Stock [Line Items] | ||||
Aggregate cost of repurchase | $ 4.4 | $ 50.0 | $ 245.3 | $ 100.0 |
Number of shares repurchased under settlement of employee tax withholding obligations | 0.1 | 0.1 | 0.2 | |
Shares repurchased aggregate value under settlement of employee tax withholding obligations | 8.7 | $ 0.3 | $ 0.2 | $ 11.7 |
2019 Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Share repurchase program | $ 500.0 | $ 500.0 | ||
Repurchase of shares of common stock | 0.1 | 0.5 | 3.0 | 1.1 |
Aggregate cost of repurchase | $ 50.0 | $ 245.3 | $ 100.0 | |
Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Aggregate cost of repurchase | $ 4.4 |
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND UPDATES TO SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
9 Months Ended |
---|---|
Oct. 01, 2022 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business ITT Inc. is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. Unless the context otherwise indicates, references herein to “ITT,” “the Company,” and such words as “we,” “us,” and “our” include ITT Inc. and its subsidiaries. ITT operates through three reportable segments: Motion Technologies (MT), consisting of friction and shock and vibration equipment; Industrial Process (IP), consisting of industrial flow equipment and services; and Connect & Control Technologies (CCT), consisting of electronic connectors, fluid handling, motion control, composite materials and noise and energy absorption products. Financial information for our segments is presented in Note 3, Segment Information. Business Combination During the second quarter of 2022, we completed the acquisition of 100% of the privately held stock of Habonim Industrial Valves and Actuators Ltd. (Habonim), a leading provider of industrial valves and actuators for the gas distribution (including liquified natural gas), biotech, and harsh application service sectors, for a purchase price of $139.9. Habonim reported 2021 annual sales of $44. Habonim’s results are reported within the Industrial Process segment beginning in the second quarter of 2022. Refer to Note 20, Acquisitions and Investments for detailed information. Divestiture of InTelCo Management LLC (InTelCo) Effective July 1, 2021, the Company divested InTelCo, the entity holding asbestos-related assets and liabilities, to a third-party. See Note 18, Commitments and Contingencies, for further information. Russia-Ukraine War In February 2022, the United States and other leading nations announced targeted economic sanctions on Russia and certain Russian citizens in response to Russia’s war with Ukraine, which has increased regional instability and global economic and political uncertainty. As described in Part I, Item IA, “Risk Factors” in our 2021 Annual Report for the fiscal year ended December 31, 2021, our business may be sensitive to global economic conditions, which can be negatively impacted by instability in the geopolitical environment. Our annual sales directly to customers in Russia and Ukraine were approximately $38 in 2021. During the three and nine months ended October 1, 2022, we recorded total charges of $0.3 and $8.2, respectively, primarily related to inventory and accounts receivable write-downs to reflect the increased risks facing some of our customers that serve the regions impacted by the Russia-Ukraine war. If circumstances worsen, we may experience a further reduction in demand for our products. We are currently exploring alternatives for our operations in Russia, which could include a sale, disposition or wind down of operations, or a combination of these, although we cannot provide any assurance of the timeline for or the success of these alternatives. Such alternatives may cause us to incur additional costs, such as fixed asset impairments, severance and other expenses. For additional discussion of the risks related to the Russia-Ukraine war, see Part II, Item 1A, “Risk Factors” herein. Basis of Presentation The unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions) necessary to state fairly the financial position, results of operations, and cash flows for the periods presented. The Consolidated Condensed Balance Sheet as of December 31, 2021, presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K (2021 Annual Report) for the year ended December 31, 2021, but does not include all disclosures required by accounting principles generally accepted in the United States (GAAP). We consistently applied the accounting policies described in the 2021 Annual Report in preparing these unaudited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2021 Annual Report. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, accounting for business combinations, goodwill and other intangible asset impairment testing, environmental liabilities and assets, allowance for credit losses and inventory valuation. Actual results could differ from these estimates. ITT’s quarterly financial periods end on the Saturday that is closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year, which ends on December 31st. ITT’s third quarter for 2022 and 2021 ended on October 1, 2022 and October 2, 2021, respectively. Certain prior year amounts have been reclassified to conform to the current year presentation.
|
RECENT ACCOUNTING PRONOUNCEMENTS |
9 Months Ended |
---|---|
Oct. 01, 2022 | |
Recent Accounting Pronouncements [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS The Company considers the applicability and impact of all accounting standard updates (ASUs). ASUs not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on our consolidated condensed financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquiror on the acquisition date in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (ASC 606), as if it had originated the contracts. Under the previous guidance, such assets and liabilities were recognized by the acquiror at fair value as of the acquisition date. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022. Early adoption is permitted. We have adopted and applied this guidance in connection with the Habonim acquisition. The adoption of this guidance did not have a significant impact on our operating results, financial position, or cash flows.
|
SEGMENT INFORMATION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION The Company’s segments are reported on the same basis used by our Chief Executive Officer, who is also our chief operating decision maker, for evaluating performance and for allocating resources. Our three reportable segments are referred to as Motion Technologies, Industrial Process, and Connect & Control Technologies. Motion Technologies manufactures brake components and specialized sealing solutions, shock absorbers and damping technologies primarily for the global automotive, truck and trailer, public bus and rail transportation markets. Industrial Process manufactures engineered fluid process equipment serving a diversified mix of customers in global industries such as chemical, energy, mining, and other industrial process markets and is a provider of plant optimization and efficiency solutions and aftermarket services and parts. Connect & Control Technologies manufactures harsh-environment connector solutions, critical energy absorption, flow control components, and composite materials for the aerospace and defense, general industrial, medical, and energy markets. Corporate and Other consists of corporate office expenses including compensation, benefits, occupancy, depreciation, certain acquisition- and investment-related due diligence, and other administrative costs, as well as charges related to certain matters, such as environmental liabilities, and, for 2021, asbestos-related impacts, that are managed at a corporate level and are not included in segment results when evaluating performance or allocating resources. Corporate and Other also includes research and development-related expenses associated with a subsidiary that does not constitute a reportable segment. Assets of the segments exclude general corporate assets, which principally consist of cash, investments, deferred taxes, and certain property, plant and equipment. The following table presents our revenue, operating income, and operating margin for each segment.
(a)The 2021 period includes a pre-tax gain of $88.8 resulting from the divestiture of the entity holding asbestos-related assets and liabilities. See Note 18, Commitments and Contingencies, for further information. The following table presents our total assets, capital expenditures, and depreciation & amortization expense for each segment.
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REVENUE REVENUE |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Footnote | REVENUE The following tables present our revenue disaggregated by end market.
Contract Assets and Liabilities Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings, net of allowances for credit losses. Contract assets are included in other current assets and other non-current assets in our Consolidated Condensed Balance Sheets. Contract liabilities consist of advance customer payments and billings in excess of revenue recognized. Contract liabilities are included in accrued liabilities and other non-current liabilities in our Consolidated Condensed Balance Sheets. The following table represents our net contract assets and liabilities.
During the three and nine months ended October 1, 2022, we recognized revenue of $9.0 and $29.3, respectively, related to contract liabilities as of December 31, 2021. The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations as of October 1, 2022 was $1,066.8. Of this amount, we expect to recognize approximately $480 to $500 of revenue during the remainder of 2022.
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INCOME TAXES |
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INCOME TAXES | INCOME TAXES The following table summarizes our income tax expense and effective tax rate.
The effective tax rate (ETR) for the nine months ended October 1, 2022 was lower than the prior year due to the tax impact of the 2021 asbestos divestiture of $116.9 (see Note 18, Commitments and Contingencies, for further information). Additionally, the 2022 ETR included higher permanent tax benefits, primarily related to research and development incentives in both foreign and U.S. jurisdictions. The ETR during the three and nine months ended October 1, 2022 included a $1.7 benefit from the reversal of a valuation allowance on a net operating loss carryforward in Italy. The Company operates in various tax jurisdictions and is subject to examination by tax authorities in these jurisdictions. The Company is currently under examination in several jurisdictions including Czechia, Germany, India, Italy, and the U.S. The estimated tax liability calculation for unrecognized tax benefits considers uncertainties in the application of complex tax laws and regulations in various tax jurisdictions. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the unrecognized tax benefit. Over the next 12 months, the net amount of the tax liability for unrecognized tax benefits in foreign and domestic jurisdictions could decrease by approximately $2 due to changes in audit status, expiration of statutes of limitations and other events.
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EARNINGS PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE DATA The following table provides a reconciliation of the data used in the calculation of basic and diluted earnings per share from continuing operations attributable to ITT.
There were no anti-dilutive shares related to equity stock unit awards for any of the periods presented.
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RECEIVABLES, NET |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RECEIVABLES, NET | RECEIVABLES, NET The following table summarizes our receivables and associated allowance for credit losses.
The following table displays our allowance for credit losses for receivables and contract assets.
The following table displays a rollforward of our total allowance for credit losses.
(a) During the nine months ended October 1, 2022, we recognized bad debt expense of $1.2 relating to impacts stemming from the Russia-Ukraine war. See Note 1, Description of Business and Basis of Presentation, for further information.
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INVENTORIES, NET |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES, NET | INVENTORIES The following table summarizes our inventories.
(a) The increase in raw materials inventory from December 31, 2021 to October 1, 2022 was due to investments made to support sales growth and to mitigate continued supply chain disruptions, as well as from cost inflation. (b) During the nine months ended October 1, 2022, we recorded inventory write-downs of $5.6 related to inventories held by entities impacted by the Russia-Ukraine war. See Note 1, Description of Business and Basis of Presentation, for further information.
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OTHER CURRENT AND NON-CURRENT ASSETS |
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Oct. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER CURRENT AND NON-CURRENT ASSETS | OTHER CURRENT AND NON-CURRENT ASSETS The following table summarizes our other current and non-current assets.
(a) During the second quarter of 2022, we purchased minority investments in CRP Technology Srl and CRP USA LLC (collectively "CRP") for $23.0. Refer to Note 20, Acquisitions and Investments, for further information.
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PLANT, PROPERTY AND EQUIPMENT, NET |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PLANT, PROPERTY AND EQUIPMENT, NET | PLANT, PROPERTY AND EQUIPMENT, NET The following table summarizes our property, plant, and equipment, net of accumulated depreciation.
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GOODWILL AND OTHER INTANGIBLE ASSETS, NET |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill The following table provides a rollforward of the carrying amount of goodwill by segment.
Goodwill acquired is related to our acquisitions of Habonim and a product line from Clippard Instrument Laboratory, Inc. (Clippard) in the second quarter of 2022, and represents the preliminary calculation of the excess purchase price over the net assets acquired. The valuations of Habonim and Clippard are pending completion. Upon completion, goodwill acquired will be adjusted based on the final fair values of the net assets acquired. Refer to Note 20, Acquisitions and Investments, for further information. Other Intangible Assets, Net The following table summarizes our other intangible assets, net of accumulated amortization.
Amortization expense related to finite-lived intangible assets was $5.3 and $15.3, and $4.7 and $14.7 for the three and nine months ended October 1, 2022 and October 2, 2021, respectively. The preliminary fair values of intangible assets acquired in connection with the purchase of Habonim mainly include $33.0 of customer relationships with a useful life of 15 years, $8.8 of developed technology with a useful life of 20 years, $2.3 of customer backlog with a useful life of 9 months, and $3.1 for a trade name with an indefinite life. Refer to Note 20, Acquisitions and Investments, for further information. Separately, we acquired proprietary technology and customer relationships with preliminary fair values of $5.5 and $0.5, respectively, both with a useful life of 10 years, in connection with the purchase of the Clippard product line in the second quarter of 2022. Refer to Note 20, Acquisitions and Investments, for further information. Estimated amortization expense for each of the five succeeding years and thereafter is as follows:
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ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES | ACCRUED LIABILITIES AND OTHER NON-CURRENT LIABILITIES The following table summarizes our accrued liabilities and other non-current liabilities.
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DEBT Debt (Notes) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt [Text Block] | DEBT The following table summarizes our outstanding debt obligations.
(a) The increase in commercial paper outstanding from December 31, 2021 to October 1, 2022 was primarily related to funding our share repurchase activity and our acquisition of Habonim. See Note 20, Acquisitions and Investments, for further information. Commercial Paper The following table presents our outstanding commercial paper borrowings and associated weighted average interest rates as of October 1, 2022 and December 31, 2021.
Outstanding commercial paper for both periods had maturity terms less than three months from the date of issuance. Short-term Loans On August 5, 2021, we entered into a revolving credit facility agreement with a syndicate of third party lenders including Bank of America, N.A., as administrative agent (the 2021 Revolving Credit Agreement). Upon its effectiveness, this agreement replaced our existing $500 revolving credit facility due November 2022 (the 2014 Revolving Credit Agreement). The 2021 Revolving Credit Agreement matures in August 2026 and provides for an aggregate principal amount of up to $700. The 2021 Revolving Credit Agreement provides for a potential increase of commitment of up to $350 for a possible maximum of $1,050 in aggregate commitments at the request of the Company and with the consent of the institutions providing such increase of commitments. The interest rate per annum on the 2021 Revolving Credit Agreement is based on the LIBOR rate of the currency we borrow in, plus a margin of 1.1%, with applicable benchmark replacement rates for the currencies available when LIBOR is phased out as a result of the impending reference rate reform. As of October 1, 2022 and December 31, 2021, we had no outstanding borrowings under the 2021 Revolving Credit Agreement. There is a 0.15% fee per annum applicable to the commitments under the 2021 Revolving Credit Agreement. The margin and fees are subject to adjustment should the Company’s credit ratings change. The 2021 Revolving Credit Agreement contains customary affirmative and negative covenants that, among other things, will limit or restrict our ability to: incur additional debt or issue guarantees; create certain liens; merge or consolidate with another person; sell, transfer, lease or otherwise dispose of assets; liquidate or dissolve; and enter into restrictive covenants. Additionally, the 2021 Revolving Credit Agreement requires us not to permit the ratio of consolidated total indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) (leverage ratio) to exceed 3.50 to 1.00, with a qualified acquisition step up immediately following such qualified acquisition of 4.00 to 1.00 for four quarters, 3.75 to 1.00 for two quarters thereafter, and returning to 3.50 to 1.00 thereafter. As of October 1, 2022, all financial covenants (e.g., leverage ratio) associated with the 2021 Revolving Credit Agreement were within the prescribed thresholds.
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POSTRETIREMENT BENEFIT PLANS |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
POSTRETIREMENT BENEFIT PLANS | POSTRETIREMENT BENEFIT PLANS The following tables summarize the components of net periodic benefit cost for pension plans and other employee-related benefit plans.
We made contributions to our global postretirement plans of $8.7 and $8.1 during the nine months ended October 1, 2022 and October 2, 2021, respectively. We expect to make contributions of approximately $3 to $4 during the remainder of 2022, principally related to our other employee-related benefit plans. Amortization from accumulated other comprehensive income into earnings related to postretirement benefit plans, net of tax, was a net benefit of $0.4 and $0.9 during the three and nine months ended October 1, 2022, respectively, and a net expense of $0.2 and $0.2 during the three and nine months ended October 2, 2021, respectively. No other reclassifications from accumulated other comprehensive income into earnings were recognized during any of the presented periods. Other Postretirement Employee Benefit (OPEB) Plan Amendment and Remeasurement On July 31, 2022, management approved changes to a postretirement medical plan, covering certain unionized employees and retirees within our IP business. These changes closed the plan to new hires and, beginning in 2023, plan participants will receive a fixed contribution into a Health Reimbursement account. In accordance with ASC 715, Compensation - Retirement Benefits, we performed an interim remeasurement of the plan, including remeasuring the projected benefit obligation and the net periodic benefit cost, as of the effective date of the plan amendment. In addition to the impact of the plan changes, as part of the remeasurement, the discount rate assumption was updated from 2.7% to 4.5% to reflect the yield curve at the time of remeasurement. The remeasurement resulted in a decrease of $16.9 in our projected benefit obligation, which was reflected within non-current liabilities in our Consolidated Condensed Balance Sheets. In addition, the remeasurement resulted in a pre-tax prior service credit of $8.1 and an actuarial gain of $8.8, which were reflected in other comprehensive income and will be recognized into net income over approximately 10 years. The current period impact of the remeasurement on our Consolidated Condensed Statements of Operations was not material. Beginning in 2023, we expect annual benefit payments to decrease by approximately $1.
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LONG-TERM INCENTIVE EMPLOYEE COMPENSATION |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION | LONG-TERM INCENTIVE EMPLOYEE COMPENSATION Our long-term incentive plan (LTIP) costs are primarily recorded within general and administrative expenses in our Consolidated Condensed Statements of Operations. The following table summarizes our LTIP costs.
At October 1, 2022, there was $26.9 of total unrecognized compensation cost related to non-vested equity awards. This cost is expected to be recognized ratably over a weighted-average period of 1.9 years. Additionally, unrecognized compensation cost related to liability-based awards was $1.4, which is expected to be recognized ratably over a weighted-average period of 2.2 years. Year-to-Date 2022 LTIP Activity The majority of our LTIP awards are granted during the first quarter of each year and have three-year service periods. These awards either vest equally each year or at the completion of the three-year service period. During the nine months ended October 1, 2022, we granted the following LTIP awards as provided in the table below:
During the nine months ended October 1, 2022 and October 2, 2021, a nominal amount of non-qualified stock options were exercised resulting in proceeds of $1.8 and $1.1, respectively. During the nine months ended October 1, 2022 and October 2, 2021, RSUs of 0.1 and 0.1, respectively, vested and were issued. During the nine months ended October 1, 2022 and October 2, 2021, PSUs of 0.1 and 0.2 that vested on December 31, 2021 and 2020, respectively, were issued.
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CAPITAL STOCK |
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Oct. 01, 2022 | |
Equity [Abstract] | |
CAPITAL STOCK | CAPITAL STOCK On October 30, 2019, the Board of Directors approved an indefinite term $500 open-market share repurchase program (the 2019 Plan). During the three and nine months ended October 1, 2022, the Company repurchased and retired 0.1 and 3.0 shares of common stock for $4.4 and $245.3, respectively. During the three and nine months ended October 2, 2021, the Company repurchased and retired 0.5 and 1.1 shares of common stock for $50.0 and $100.0, respectively. Separate from the open-market share repurchase program, the Company withholds shares of common stock in settlement of employee tax withholding obligations due upon the vesting of equity-based compensation awards. During the three and nine months ended October 1, 2022, the Company withheld a nominal amount and 0.1 shares of common stock for $0.2 and $8.7, respectively. During the three and nine months ended October 2, 2021, the Company withheld 0.1 and 0.2 shares of common stock for $0.3 and $11.7, respectively.
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ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive Loss |
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Statement of Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables summarize the changes within each component of accumulated other comprehensive loss.
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COMMITMENTS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES From time to time, we are involved in legal proceedings that are incidental to the operation of our business. Historically, these proceedings have alleged damages relating to asbestos and environmental exposures, intellectual property matters, copyright infringement, personal injury claims, employment and employee benefit matters, government contract issues and commercial or contractual disputes and acquisitions or divestitures. We will continue to defend vigorously against all claims. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including our assessment of the merits of the particular claim, as well as our current reserves and insurance coverage, we do not expect that existing legal proceedings will have a material adverse impact on our financial statements, unless otherwise noted below. Asbestos Divestiture Prior to the divestiture described below, former subsidiaries of ITT, including ITT LLC and Goulds Pumps LLC, which are wholly owned subsidiaries of InTelCo Management LLC (InTelCo), had been sued along with many other companies in product liability lawsuits alleging personal injury due to purported asbestos exposure. On June 30, 2021, the Company entered into a Membership Interest Purchase Agreement (the Purchase Agreement) with Sapphire TopCo, Inc. (Buyer), a wholly owned subsidiary of Delticus HoldCo, L.P., which is a portfolio company of the private equity firm, Warburg Pincus LLC. Under the Purchase Agreement, the Company transferred 100% of the equity interests of InTelCo to the Buyer, effective as of July 1, 2021, along with a cash contribution from the Company to InTelCo of $398. As InTelCo was the obligor for the Company's asbestos-related liabilities and policyholder of the related insurance assets through its subsidiaries ITT LLC and Goulds Pumps LLC, the rights and obligations related to these items transferred upon the sale. In addition, pursuant to the Purchase Agreement, the Buyer and InTelCo have indemnified the Company and its affiliates for legacy asbestos-related liabilities and other product liabilities, and the Company has indemnified InTelCo and its affiliates for all other historical liabilities of InTelCo. This indemnification is not subject to any cap or time limitation. In connection with the sale, the Company and its Board of Directors received a solvency opinion from an independent advisory firm that InTelCo was solvent and adequately capitalized after giving effect to the transaction. Following the completion of the transfer, the Company no longer has any obligation with respect to pending and future asbestos claims. As such, all associated asbestos-related assets and liabilities are no longer reported within the Company’s Consolidated Condensed Balance Sheets. The transaction resulted in a pre-tax gain of $88.8. Additionally, the Company recorded tax expense as a result of the reversal of previously recorded deferred tax assets of $116.9, resulting in an after-tax loss of $28.1 recorded in the second quarter of 2021. The following table summarizes our total pre-tax net asbestos-related (benefit).
(a)Includes certain administrative costs such as legal-related costs for insurance asset recoveries and transaction costs related to the divestiture of the entity holding legacy asbestos-related assets and liabilities. Environmental Matters In the ordinary course of business, we are subject to federal, state, local, and foreign environmental laws and regulations. We are responsible, or are alleged to be responsible, for ongoing environmental investigation and site remediation. These sites are in various stages of investigation or remediation and in many of these proceedings our liability is considered de minimis. We have received notification from the U.S. Environmental Protection Agency, and from similar state and foreign environmental agencies, that a number of sites formerly or currently owned or operated by ITT, and other properties or water supplies that may be or have been impacted from those operations, contain disposed or recycled materials or wastes and require environmental investigation or remediation. These sites include instances where we have been identified as a potentially responsible party under federal and state environmental laws and regulations. The following table provides a rollforward of our estimated environmental liability.
(a) During the nine months ended October 1, 2022, we increased the estimated environmental liability for a former site of ITT by $5.4 and recognized an insurance-related asset of $4.3. The resulting net pre-tax expense of $1.1 has been presented as a loss from discontinued operations within the Consolidated Condensed Statements of Operations. Environmental-related assets, including a Qualified Settlement Fund and estimated recoveries from insurance providers and other third parties, were $14.6 and $12.9 as of October 1, 2022 and October 2, 2021, respectively. We are currently involved with 28 active environmental investigation and remediation sites. As of October 1, 2022, we have estimated the potential high-end liability of environmental-related matters to be $98. As actual costs incurred at identified sites in future periods may vary from our current estimates given the inherent uncertainties in evaluating environmental exposures, management believes it is possible that the outcome of these uncertainties may have a material adverse effect on our financial statements.
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Derivative Instruments and Hedging Activities |
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Derivatives and Fair Value | DERIVATIVE FINANCIAL INSTRUMENTS The Company is exposed to various market risks relating to its ongoing business operations. From time to time, we use derivative financial instruments to mitigate our exposure to certain of these risks, including foreign exchange rate and commodity price fluctuations. By using derivatives, the Company is further exposed to credit risk. Our exposure to credit risk includes the counterparty’s failure to fulfill its financial obligations under the terms of the derivative contract. The Company attempts to minimize its exposure by avoiding concentration risk among its counterparties and by entering into transactions with creditworthy counterparties. Foreign Currency Derivative Contracts The Company enters into foreign currency forward or option contracts to mitigate foreign currency risk associated with transacting with international customers, suppliers, and subsidiaries. The notional amounts and fair values of our outstanding foreign currency derivative contracts, which are recorded within other current assets in our Consolidated Condensed Balance Sheets, were as follows:
(a) Our foreign currency derivative contracts are classified within Level 2 of the fair value hierarchy because these contracts are not actively traded and the valuation inputs are based on market observable data of similar instruments. Gains or losses arising from changes in fair value of our foreign currency derivative contracts are recorded within general and administrative expenses in our Consolidated Condensed Statements of Operations, and were as follows:
(b) None of our derivative contracts were designated as hedging instruments under ASC 815 - Derivatives & Hedging. The cash flow impact upon settlement of our foreign currency derivative contracts is included in operating activities in our Consolidated Condensed Statements of Cash Flows. During the nine months ended October 1, 2022 and October 2, 2021, net cash inflows/(outflows) from foreign currency derivative contracts were $2.1 and ($3.6), respectively. Commodity Call Option Contracts The Company enters into call option contracts to mitigate our exposure to adverse commodity price fluctuations. As of October 1, 2022, the notional amount and fair value of outstanding commodity call option contracts were not material. There were no outstanding commodity call option contracts as of December 31, 2021. Gains and losses arising from changes in fair value of commodity call option contracts during the three and nine months ended October 1, 2022 and October 2, 2021, respectively, were not material.
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ACQUISITIONS Acquisitions (Notes) |
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Business Combination Disclosure [Text Block] | ACQUISITIONS AND INVESTMENTS Acquisition of Habonim Industrial Valves and Actuators Ltd (Habonim) On April 4, 2022, we completed the acquisition of 100% of the privately held stock of Habonim for a purchase price of $139.9. Habonim is a designer and manufacturer of valves, valve automation and actuation for the gas distribution (including liquified natural gas), biotech and harsh application service sectors. Habonim sells directly to original equipment manufacturers and integrators for customized solutions. Habonim has operations in Israel, the U.S., and the Netherlands, reported annual sales of $44 in 2021, and has a workforce of approximately 200 employees. Beginning in the second quarter of 2022, Habonim’s results are reported within the Industrial Process segment. The primary areas of the purchase price allocations that are not yet finalized relate to the valuation of certain tangible and intangible assets, liabilities, income tax, and residual goodwill, which represents the excess of the purchase price over the fair value of the net tangible and other intangible assets acquired. We expect to obtain the information necessary to finalize the fair value of the net assets and liabilities during the measurement period, not to exceed one year from the acquisition date. Changes to the preliminary estimates of the fair value during the measurement period will be recorded as adjustments to those assets and liabilities with a corresponding adjustment to goodwill in the period they occur. The goodwill arising from these acquisitions is not expected to be deductible for income tax purposes.
Pro forma results of operations have not been presented because the acquisition was not deemed significant as of the acquisition date. Investments in CRP Technology and CRP USA (CRP) During the second quarter of 2022, we purchased a minority investment of 46% in CRP Technology Srl and 33% in CRP USA LLC (collectively "CRP") for $23.0. CRP is a manufacturer of reinforced composite materials for 3D printing for the aerospace, defense, premium automotive, and motorsports industries. CRP's Windform® high-performance materials enable engineers to develop complex, customized designs while providing lightweight and exceptionally durable products. The CRP investments are accounted for as equity method investments. Other During the second quarter of 2022, we purchased all production assets and proprietary technology related to an energy absorption product line for high-cycle applications in industrial automation. The product line was acquired for $7.0 from Clippard Instrument Laboratory, Inc., which is a U.S. manufacturer of electronic and pneumatic components. These assets are included within the CCT segment.
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DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies) |
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Oct. 01, 2022 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business ITT Inc. is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. Unless the context otherwise indicates, references herein to “ITT,” “the Company,” and such words as “we,” “us,” and “our” include ITT Inc. and its subsidiaries. ITT operates through three reportable segments: Motion Technologies (MT), consisting of friction and shock and vibration equipment; Industrial Process (IP), consisting of industrial flow equipment and services; and Connect & Control Technologies (CCT), consisting of electronic connectors, fluid handling, motion control, composite materials and noise and energy absorption products. Financial information for our segments is presented in Note 3, Segment Information. Business Combination During the second quarter of 2022, we completed the acquisition of 100% of the privately held stock of Habonim Industrial Valves and Actuators Ltd. (Habonim), a leading provider of industrial valves and actuators for the gas distribution (including liquified natural gas), biotech, and harsh application service sectors, for a purchase price of $139.9. Habonim reported 2021 annual sales of $44. Habonim’s results are reported within the Industrial Process segment beginning in the second quarter of 2022. Refer to Note 20, Acquisitions and Investments for detailed information. Divestiture of InTelCo Management LLC (InTelCo) Effective July 1, 2021, the Company divested InTelCo, the entity holding asbestos-related assets and liabilities, to a third-party. See Note 18, Commitments and Contingencies, for further information. Russia-Ukraine War In February 2022, the United States and other leading nations announced targeted economic sanctions on Russia and certain Russian citizens in response to Russia’s war with Ukraine, which has increased regional instability and global economic and political uncertainty. As described in Part I, Item IA, “Risk Factors” in our 2021 Annual Report for the fiscal year ended December 31, 2021, our business may be sensitive to global economic conditions, which can be negatively impacted by instability in the geopolitical environment. Our annual sales directly to customers in Russia and Ukraine were approximately $38 in 2021. During the three and nine months ended October 1, 2022, we recorded total charges of $0.3 and $8.2, respectively, primarily related to inventory and accounts receivable write-downs to reflect the increased risks facing some of our customers that serve the regions impacted by the Russia-Ukraine war. If circumstances worsen, we may experience a further reduction in demand for our products. We are currently exploring alternatives for our operations in Russia, which could include a sale, disposition or wind down of operations, or a combination of these, although we cannot provide any assurance of the timeline for or the success of these alternatives. Such alternatives may cause us to incur additional costs, such as fixed asset impairments, severance and other expenses. For additional discussion of the risks related to the Russia-Ukraine war, see Part II, Item 1A, “Risk Factors” herein.
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Basis of Accounting | Basis of Presentation The unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions) necessary to state fairly the financial position, results of operations, and cash flows for the periods presented. The Consolidated Condensed Balance Sheet as of December 31, 2021, presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K (2021 Annual Report) for the year ended December 31, 2021, but does not include all disclosures required by accounting principles generally accepted in the United States (GAAP). We consistently applied the accounting policies described in the 2021 Annual Report in preparing these unaudited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2021 Annual Report. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, accounting for business combinations, goodwill and other intangible asset impairment testing, environmental liabilities and assets, allowance for credit losses and inventory valuation. Actual results could differ from these estimates. ITT’s quarterly financial periods end on the Saturday that is closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year, which ends on December 31st. ITT’s third quarter for 2022 and 2021 ended on October 1, 2022 and October 2, 2021, respectively. Certain prior year amounts have been reclassified to conform to the current year presentation.
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RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements (Policies) |
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Recent Acconting Pronouncements [Abstract] | |
Recently Adopted Accounting Pronouncements | In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquiror on the acquisition date in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (ASC 606), as if it had originated the contracts. Under the previous guidance, such assets and liabilities were recognized by the acquiror at fair value as of the acquisition date. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022. Early adoption is permitted. We have adopted and applied this guidance in connection with the Habonim acquisition. The adoption of this guidance did not have a significant impact on our operating results, financial position, or cash flows. |
SEGMENT INFORMATION (Tables) |
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Reconciliation of Segment to Consolidated Results Table |
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(a)The 2021 period includes a pre-tax gain of $88.8 resulting from the divestiture of the entity holding asbestos-related assets and liabilities. See Note 18, Commitments and Contingencies, for further information.
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Schedule of Segment Reporting Information | The following table presents our total assets, capital expenditures, and depreciation & amortization expense for each segment.
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REVENUE Revenue (Tables) |
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Disaggregation of Revenue by End Market Table | The following tables present our revenue disaggregated by end market.
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Net Contract Assets and Liabilities Table | The following table represents our net contract assets and liabilities.
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INCOME TAXES Income Tax Expense (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inome Tax Expense (Benefit) Table | The following table summarizes our income tax expense and effective tax rate.
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EARNINGS PER SHARE (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Earnings Per Share Table | The following table provides a reconciliation of the data used in the calculation of basic and diluted earnings per share from continuing operations attributable to ITT.
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RECEIVABLES, NET (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables, Net by Type Table | The following table summarizes our receivables and associated allowance for credit losses.
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Allowance for Credit Losses Table | The following table displays our allowance for credit losses for receivables and contract assets.
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Allowance for Credit Losses Rollforward Table | The following table displays a rollforward of our total allowance for credit losses.
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INVENTORIES, NET (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, Net Table | The following table summarizes our inventories.
(a) The increase in raw materials inventory from December 31, 2021 to October 1, 2022 was due to investments made to support sales growth and to mitigate continued supply chain disruptions, as well as from cost inflation. (b) During the nine months ended October 1, 2022, we recorded inventory write-downs of $5.6 related to inventories held by entities impacted by the Russia-Ukraine war. See Note 1, Description of Business and Basis of Presentation, for further information.
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OTHER CURRENT AND NON-CURRENT ASSETS (Tables) |
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Oct. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current and Non Current Assets Table | The following table summarizes our other current and non-current assets.
(a) During the second quarter of 2022, we purchased minority investments in CRP Technology Srl and CRP USA LLC (collectively "CRP") for $23.0. Refer to Note 20, Acquisitions and Investments, for further information.
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PLANT, PROPERTY AND EQUIPMENT, NET (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plant, Property and Equipment, Net Table | The following table summarizes our property, plant, and equipment, net of accumulated depreciation.
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GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the Carrying Amount of Goodwill Table | The following table provides a rollforward of the carrying amount of goodwill by segment.
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Other Intangible Assets Table | Other Intangible Assets, Net The following table summarizes our other intangible assets, net of accumulated amortization.
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated amortization expense for each of the five succeeding years and thereafter is as follows:
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ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES (Tables) |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities and Other Non-Current Liabilities | The following table summarizes our accrued liabilities and other non-current liabilities.
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DEBT Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt Table | The following table summarizes our outstanding debt obligations.
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Schedule of Outstanding Commercial Paper | The following table presents our outstanding commercial paper borrowings and associated weighted average interest rates as of October 1, 2022 and December 31, 2021.
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POSTRETIREMENT BENEFIT PLANS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost Table | The following tables summarize the components of net periodic benefit cost for pension plans and other employee-related benefit plans.
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LONG-TERM INCENTIVE EMPLOYEE COMPENSATION (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Incentive Employee Compensation Costs Table | The following table summarizes our LTIP costs.
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Summary of Long-Term Incentive Plan Award Grants Table | During the nine months ended October 1, 2022, we granted the following LTIP awards as provided in the table below:
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ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive Loss (Tables) |
3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2022 |
Oct. 02, 2021 |
Oct. 01, 2022 |
Oct. 02, 2021 |
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Statement of Other Comprehensive Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables summarize the changes within each component of accumulated other comprehensive loss.
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COMMITMENTS AND CONTINGENCIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asbestos-related Costs Table | The following table summarizes our total pre-tax net asbestos-related (benefit).
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Rollforward of Environmental Liability and Related Assets Table | The following table provides a rollforward of our estimated environmental liability.
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Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Open Forward Foreign Currency Contract | The notional amounts and fair values of our outstanding foreign currency derivative contracts, which are recorded within other current assets in our Consolidated Condensed Balance Sheets, were as follows:
(a) Our foreign currency derivative contracts are classified within Level 2 of the fair value hierarchy because these contracts are not actively traded and the valuation inputs are based on market observable data of similar instruments. Gains or losses arising from changes in fair value of our foreign currency derivative contracts are recorded within general and administrative expenses in our Consolidated Condensed Statements of Operations, and were as follows:
(b) None of our derivative contracts were designated as hedging instruments under ASC 815 - Derivatives & Hedging.
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ACQUISITIONS Acquisitions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
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DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Apr. 04, 2022 |
Oct. 01, 2022 |
Oct. 02, 2021 |
Oct. 01, 2022 |
Oct. 02, 2021 |
Dec. 31, 2021 |
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Business Combination [Abstract] | ||||||
Acquisitions, net of cash acquired | $ 146.9 | $ 0.0 | ||||
Russia-Ukraine Conflict [Abstract] | ||||||
Revenues | $ 753.6 | $ 689.6 | 2,213.1 | $ 2,079.6 | ||
Habonim | ||||||
Business Combination [Abstract] | ||||||
Business Acquisition, Description of Acquired Entity | completed the acquisition of 100% of the privately held stock of Habonim | |||||
Acquisitions, net of cash acquired | $ 139.9 | |||||
Revenue of Acquired Entity for Last Annual Period | $ 44.0 | |||||
RUSSIAN FEDERATION | ||||||
Russia-Ukraine Conflict [Abstract] | ||||||
Revenues | $ 38.0 | |||||
Asset impairment charges | $ 0.3 | $ 8.2 |
SEGMENT INFORMATION - Schedule of Segment Reporting Information by Segment Revenue (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
Oct. 01, 2022 |
Oct. 02, 2021 |
||||
Segment Reporting Information [Line Items] | |||||||
Revenue | $ 753.6 | $ 689.6 | $ 2,213.1 | $ 2,079.6 | |||
Operating income | $ 122.0 | $ 101.7 | $ 317.1 | $ 391.2 | |||
Operating Margin | 16.20% | 14.70% | 14.30% | 18.80% | |||
Total segment results | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | $ 753.6 | $ 689.6 | $ 2,213.1 | $ 2,079.6 | |||
Operating income | $ 132.4 | $ 111.2 | $ 352.5 | $ 344.1 | |||
Operating Margin | 17.60% | 16.10% | 15.90% | 16.50% | |||
Motion Technologies | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | $ 342.2 | $ 332.3 | $ 1,043.6 | $ 1,045.0 | |||
Operating income | $ 54.0 | $ 53.6 | $ 160.7 | $ 194.3 | |||
Operating Margin | 15.80% | 16.10% | 15.40% | 18.60% | |||
Industrial Process | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | $ 248.5 | $ 210.7 | $ 690.3 | $ 626.9 | |||
Operating income | $ 48.1 | $ 32.4 | $ 107.6 | $ 94.9 | |||
Operating Margin | 19.40% | 15.40% | 15.60% | 15.10% | |||
Connect & Control Technologies | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | $ 163.2 | $ 147.1 | $ 481.0 | $ 408.9 | |||
Operating income | $ 30.3 | $ 25.2 | $ 84.2 | $ 54.9 | |||
Operating Margin | 18.60% | 17.10% | 17.50% | 13.40% | |||
Eliminations | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | $ (0.3) | $ (0.5) | $ (1.8) | $ (1.2) | |||
Total Corporate and Other costs | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 0.0 | 0.0 | 0.0 | 0.0 | |||
Operating income | $ (10.4) | $ (9.5) | $ (35.4) | $ 47.1 | |||
Operating Margin | 0.00% | 0.00% | 0.00% | 0.00% | |||
Asbestos-related benefit, net(a) | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | $ 0.0 | $ 0.0 | |||||
Operating income | $ 0.0 | $ 74.4 | [1] | ||||
Operating Margin | 0.00% | 0.00% | |||||
Other Corporate costs | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating income | $ (35.4) | $ (27.3) | |||||
Operating Margin | 0.00% | 0.00% | |||||
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SEGMENT INFORMATION - Schedule of Segment Reporting Information by Segment Assets (Detail) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
Dec. 31, 2021 |
|
Segment Reporting Information [Line Items] | |||
Total Assets | $ 3,690.2 | $ 3,565.4 | |
Capital Expenditures | 73.7 | $ 52.6 | |
Depreciation & Amortization | 81.5 | 85.3 | |
Motion Technologies | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 1,298.9 | 1,272.8 | |
Capital Expenditures | 52.6 | 42.1 | |
Depreciation & Amortization | 45.5 | 47.8 | |
Industrial Process | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 1,192.2 | 1,030.0 | |
Capital Expenditures | 7.4 | 4.1 | |
Depreciation & Amortization | 19.0 | 16.7 | |
Connect & Control Technologies | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 723.4 | 719.3 | |
Capital Expenditures | 9.4 | 5.3 | |
Depreciation & Amortization | 14.3 | 16.6 | |
Other Corporate costs | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 475.7 | $ 543.3 | |
Capital Expenditures | 4.3 | 1.1 | |
Depreciation & Amortization | $ 2.7 | $ 4.2 |
SEGMENT INFORMATION (Details) $ in Millions |
9 Months Ended | |
---|---|---|
Oct. 01, 2022
Segment
|
Oct. 02, 2021
USD ($)
|
|
Number of Reportable Segments | Segment | 3 | |
Pre-tax Gain on Divestiture of Asbestos Liability | $ | $ 88.8 |
REVENUE Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
Oct. 01, 2022 |
Oct. 02, 2021 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 753.6 | $ 689.6 | $ 2,213.1 | $ 2,079.6 |
Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (0.3) | (0.5) | (1.8) | (1.2) |
Auto and rail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 333.1 | 323.6 | 1,013.8 | 1,021.8 |
Auto and rail | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0.0 | (0.1) | 0.0 | (0.1) |
Chemical and industrial pumps | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 187.9 | 164.6 | 551.7 | 492.0 |
Chemical and industrial pumps | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0.0 | 0.0 | 0.0 | 0.0 |
General industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 78.3 | 76.5 | 237.7 | 206.4 |
General industrial | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (0.3) | (0.4) | (1.8) | (1.1) |
Aerospace and defense | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 82.4 | 68.8 | 239.6 | 197.1 |
Aerospace and defense | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0.0 | 0.0 | 0.0 | 0.0 |
Energy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 71.9 | 56.1 | 170.3 | 162.3 |
Energy | Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0.0 | 0.0 | 0.0 | 0.0 |
Motion Technologies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 342.2 | 332.3 | 1,043.6 | 1,045.0 |
Motion Technologies | Auto and rail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 333.1 | 323.7 | 1,013.8 | 1,021.9 |
Motion Technologies | Chemical and industrial pumps | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0.0 | 0.0 | 0.0 | 0.0 |
Motion Technologies | General industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7.2 | 7.1 | 23.9 | 17.4 |
Motion Technologies | Aerospace and defense | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1.9 | 1.5 | 5.9 | 5.7 |
Motion Technologies | Energy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0.0 | 0.0 | 0.0 | 0.0 |
Industrial Process | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 248.5 | 210.7 | 690.3 | 626.9 |
Industrial Process | Auto and rail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0.0 | 0.0 | 0.0 | 0.0 |
Industrial Process | Chemical and industrial pumps | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 187.9 | 164.6 | 551.7 | 492.0 |
Industrial Process | General industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0.0 | 0.0 | 0.0 | 0.0 |
Industrial Process | Aerospace and defense | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0.0 | 0.0 | 0.0 | 0.0 |
Industrial Process | Energy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 60.6 | 46.1 | 138.6 | 134.9 |
Connect & Control Technologies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 163.2 | 147.1 | 481.0 | 408.9 |
Connect & Control Technologies | Auto and rail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0.0 | 0.0 | 0.0 | 0.0 |
Connect & Control Technologies | Chemical and industrial pumps | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0.0 | 0.0 | 0.0 | 0.0 |
Connect & Control Technologies | General industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 71.4 | 69.8 | 215.6 | 190.1 |
Connect & Control Technologies | Aerospace and defense | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 80.5 | 67.3 | 233.7 | 191.4 |
Connect & Control Technologies | Energy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 11.3 | $ 10.0 | $ 31.7 | $ 27.4 |
REVENUE Contract Assets and Liabilities (Details) - USD ($) $ in Millions |
Oct. 01, 2022 |
Dec. 31, 2021 |
---|---|---|
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Current contract assets, net | $ 33.1 | $ 20.6 |
Non-current contract assets, net | 0.3 | 0.3 |
Current contract liabilities | (67.9) | (46.6) |
Non-current contract liabilities | (4.4) | (4.4) |
Net contract liabilities | $ 38.9 | $ 30.1 |
REVENUE Revenue Textuals (Details) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Oct. 01, 2022
USD ($)
|
Oct. 01, 2022
USD ($)
|
|
Contract with Customer, Liability, Revenue Recognized | $ 9.0 | $ 29.3 |
Revenue, Remaining Performance Obligation, Amount | 1,066.8 | 1,066.8 |
Remaining Current Fiscal Year [Member] | Minimum [Member] | ||
Revenue, Remaining Performance Obligation, Amount | 480.0 | 480.0 |
Remaining Current Fiscal Year [Member] | Maximum [Member] | ||
Revenue, Remaining Performance Obligation, Amount | $ 500.0 | $ 500.0 |
INCOME TAXES Income Tax Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
Oct. 01, 2022 |
Oct. 02, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 16.4 | $ 14.1 | $ 59.9 | $ 182.7 |
Effective tax rate | 13.70% | 13.90% | 19.00% | 46.20% |
INCOME TAXES - Additional Information (Detail) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
|
Income Tax Disclosure [Abstract] | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 2.0 | |
Tax Impact on Divestiture of Asbestos Liability | $ 116.9 | |
ITALY | ||
Valuation Allowance [Line Items] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 1.7 |
EARNINGS PER SHARE DATA - Basic and Diluted Loss Per Share (Detail) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
Oct. 01, 2022 |
Oct. 02, 2021 |
|
Earnings Per Share [Abstract] | ||||
Weighted average common shares – basic | 82.7 | 85.9 | 83.6 | 86.1 |
Add: Dilutive impact of outstanding equity awards | 0.3 | 0.4 | 0.3 | 0.5 |
Diluted weighted average common shares outstanding | 83.0 | 86.3 | 83.9 | 86.6 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.0 |
RECEIVABLES, NET - (Detail) - USD ($) $ in Millions |
Oct. 01, 2022 |
Dec. 31, 2021 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade accounts receivable | $ 608.3 | $ 530.4 |
Notes receivable | 14.4 | 19.2 |
Other | 19.1 | 17.5 |
Receivables, gross | 641.8 | 567.1 |
Less: Allowance for credit losses - receivables(a) | (12.9) | (12.0) |
Receivables, net | $ 628.9 | $ 555.1 |
RECEIVABLES, NET Allowance for Credit Losses (Details) - USD ($) $ in Millions |
Oct. 01, 2022 |
Dec. 31, 2021 |
Oct. 02, 2021 |
Dec. 31, 2020 |
|||
---|---|---|---|---|---|---|---|
Credit Loss [Abstract] | |||||||
Allowance for credit losses - receivables(a) | $ 12.9 | [1] | $ 12.0 | ||||
Allowance for credit losses - contract assets | 0.5 | 0.5 | |||||
Total allowance for credit losses | $ 13.4 | $ 12.5 | $ 12.0 | $ 15.6 | |||
|
RECEIVABLES, NET Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions |
9 Months Ended | ||||
---|---|---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
||||
Credit Loss [Abstract] | |||||
Total allowance for credit losses - January 1 | $ 12.5 | $ 15.6 | |||
Charges (recoveries) to income(a) | 2.5 | [1] | (2.7) | ||
Write-offs | (1.1) | (0.8) | |||
Foreign currency and other | (0.5) | (0.1) | |||
Total allowance for credit losses - ending balance | $ 13.4 | $ 12.0 | |||
|
RECEIVABLES, NET Textuals (Details) - USD ($) $ in Millions |
9 Months Ended | ||||
---|---|---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
||||
Charges (recoveries) to income(a) | $ 2.5 | [1] | $ (2.7) | ||
RUSSIAN FEDERATION | |||||
Charges (recoveries) to income(a) | $ 1.2 | ||||
|
INVENTORIES, NET - Components of Inventories, Net (Detail) - USD ($) $ in Millions |
Oct. 01, 2022 |
Dec. 31, 2021 |
|||||
---|---|---|---|---|---|---|---|
Inventory Disclosure [Abstract] | |||||||
Finished goods | $ 83.6 | $ 73.0 | |||||
Work in process | 114.0 | 92.3 | |||||
Raw materials(a) | 327.5 | [1] | 265.6 | ||||
Inventories(b) | $ 525.1 | [2] | $ 430.9 | ||||
|
INVENTORIES, NET Textuals (Details) $ in Millions |
9 Months Ended |
---|---|
Oct. 01, 2022
USD ($)
| |
RUSSIAN FEDERATION | |
Inventory Write-down | $ 5.6 |
OTHER CURRENT AND NON-CURRENT ASSETS - Textuals (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
|
Payments to acquire interest in unconsolidated subsidiaries | $ 25.6 | $ 0.0 |
Minority Investment in CRP Technology | ||
Payments to acquire interest in unconsolidated subsidiaries | $ 23.0 |
PLANT, PROPERTY AND EQUIPMENT, NET - Components of Plant, Property and Equipment, Net (Detail) - USD ($) $ in Millions |
Oct. 01, 2022 |
Dec. 31, 2021 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
Machinery and equipment | $ 1,137.8 | $ 1,202.0 |
Buildings and improvements | 266.1 | 265.5 |
Furniture, fixtures and office equipment | 77.0 | 78.3 |
Construction work in progress | 83.7 | 62.8 |
Land and improvements | 29.0 | 32.5 |
Other | 3.2 | 4.3 |
Plant, property and equipment, gross | 1,596.8 | 1,645.4 |
Less: Accumulated depreciation | (1,105.3) | (1,136.3) |
Plant, property and equipment, net | $ 491.5 | $ 509.1 |
PLANT, PROPERTY AND EQUIPMENT, NET (Details) - Estimated Useful Lives |
9 Months Ended |
---|---|
Oct. 01, 2022 | |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 2 |
Minimum [Member] | Building and Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 |
Minimum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 |
Maximum [Member] | Building and Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 40 |
Maximum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 7 |
PLANT, PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
Oct. 01, 2022 |
Oct. 02, 2021 |
|
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 19.4 | $ 21.3 | $ 61.4 | $ 64.2 |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Changes in the Carrying Amount of Goodwill (Detail) $ in Millions |
9 Months Ended |
---|---|
Oct. 01, 2022
USD ($)
| |
Goodwill [Roll Forward] | |
Goodwill - December 31, 2021 | $ 924.3 |
Acquired | 68.2 |
Foreign exchange translation | (44.9) |
Goodwill - October 1, 2022 | 947.6 |
Motion Technologies | |
Goodwill [Roll Forward] | |
Goodwill - December 31, 2021 | 292.3 |
Acquired | 0.0 |
Foreign exchange translation | (10.8) |
Goodwill - October 1, 2022 | 281.5 |
Industrial Process | |
Goodwill [Roll Forward] | |
Goodwill - December 31, 2021 | 352.4 |
Acquired | 67.9 |
Foreign exchange translation | (30.8) |
Goodwill - October 1, 2022 | 389.5 |
Connect & Control Technologies | |
Goodwill [Roll Forward] | |
Goodwill - December 31, 2021 | 279.6 |
Acquired | 0.3 |
Foreign exchange translation | (3.3) |
Goodwill - October 1, 2022 | $ 276.6 |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET Other Intangible Assets (Detail) - USD ($) $ in Millions |
Oct. 01, 2022 |
Dec. 31, 2021 |
---|---|---|
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | ||
Finite-Lived Intangible Assets, Gross | $ 265.4 | $ 223.9 |
Indefinite-lived intangibles | 18.6 | 16.4 |
Other Intangible Assets, Gross Carrying Amount | 284.0 | 240.3 |
Accumulated Amortization | (167.7) | (154.6) |
Finite-live intangible asset, net of accumulated amortization | 97.7 | 69.3 |
Other intangible assets | 116.3 | 85.7 |
Customer relationships | ||
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | ||
Customer relationships | 189.8 | 162.1 |
Accumulated Amortization | (122.9) | (113.7) |
Finite-live intangible asset, net of accumulated amortization | 66.9 | 48.4 |
Technology-Based Intangible Assets | ||
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | ||
Proprietary technology | 58.4 | 46.1 |
Accumulated Amortization | (29.3) | (26.9) |
Finite-live intangible asset, net of accumulated amortization | 29.1 | 19.2 |
Patents and other | ||
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | ||
Patents and Other, Gross Carrying Amount | 17.2 | 15.7 |
Accumulated Amortization | (15.5) | (14.0) |
Finite-live intangible asset, net of accumulated amortization | $ 1.7 | $ 1.7 |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET Intangibles Textuals (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Apr. 04, 2022 |
Oct. 01, 2022 |
Oct. 02, 2021 |
Oct. 01, 2022 |
Oct. 02, 2021 |
Dec. 31, 2021 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Amortization of Intangible Assets | $ 5.3 | $ 4.7 | $ 15.3 | $ 14.7 | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 18.6 | 18.6 | $ 16.4 | |||
Customer relationships | ||||||
Customer relationships | 189.8 | 189.8 | 162.1 | |||
Customer relationships | Series of Individually Immaterial Asset Acquisitions | ||||||
Other Finite-Lived Intangible Assets, Gross | 0.5 | 0.5 | ||||
Technology-Based Intangible Assets | ||||||
Other Finite-Lived Intangible Assets, Gross | 58.4 | 58.4 | $ 46.1 | |||
Technology-Based Intangible Assets | Series of Individually Immaterial Asset Acquisitions | ||||||
Other Finite-Lived Intangible Assets, Gross | $ 5.5 | $ 5.5 | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||
Habonim | Trade Names | ||||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 3.1 | |||||
Habonim | Customer relationships | ||||||
Customer relationships | $ 33.0 | |||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||
Habonim | Technology-Based Intangible Assets | ||||||
Other Finite-Lived Intangible Assets, Gross | $ 8.8 | |||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||
Habonim | Order or Production Backlog | ||||||
Other Finite-Lived Intangible Assets, Gross | $ 2.3 | |||||
Finite-Lived Intangible Asset, Useful Life | 9 months |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET Schedule of Estimated Future Intangible Amortization by Year (Details) $ in Millions |
Oct. 01, 2022
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remaining of 2022 | $ 6.7 |
2023 | 19.4 |
2024 | 14.0 |
2025 | 13.2 |
2026 | 9.4 |
2027 | 8.1 |
Thereafter | $ 26.9 |
ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES - (Detail) - USD ($) $ in Millions |
Oct. 01, 2022 |
Dec. 31, 2021 |
---|---|---|
Payables and Accruals [Abstract] | ||
Compensation and other employee-related benefits | $ 129.3 | $ 155.2 |
Contract liabilities and other customer-related liabilities | 89.3 | 69.1 |
Accrued income taxes and other tax-related liabilities | 35.3 | 33.6 |
Operating lease liabilities | 17.3 | 20.1 |
Accrued warranty costs | 14.2 | 17.7 |
Environmental liabilities and other legal matters | 8.9 | 13.5 |
Accrued restructuring costs | 4.8 | 11.0 |
Other | 37.9 | 37.1 |
Accrued liabilities | 337.0 | 357.3 |
Operating lease liabilities | 54.4 | 64.0 |
Environmental liabilities | 51.8 | 50.1 |
Compensation and other employee-related benefits | 24.2 | 29.2 |
Deferred income taxes and other tax-related liabilities | 21.2 | 29.0 |
Non-current maturities of long-term debt | 8.2 | 9.9 |
Other | 25.6 | 24.3 |
Other non-current liabilities | $ 185.4 | $ 206.5 |
DEBT Debt (Details) - USD ($) $ in Millions |
Oct. 01, 2022 |
Dec. 31, 2021 |
|||
---|---|---|---|---|---|
Debt Disclosure [Abstract] | |||||
Commercial paper(a) | $ 536.2 | [1] | $ 195.4 | ||
Other short-term notes payable | 3.2 | 0.0 | |||
Current maturities of long-term debt and finance leases | 2.0 | 2.2 | |||
Commercial paper and current maturities of long-term debt | 541.4 | 197.6 | |||
Non-current maturities of long-term debt | 8.2 | 9.9 | |||
Total debt and finance leases | $ 549.6 | $ 207.5 | |||
|
DEBT Commercial Paper - Table (Details) - USD ($) $ in Millions |
Oct. 01, 2022 |
Dec. 31, 2021 |
|||
---|---|---|---|---|---|
Short-term Debt [Line Items] | |||||
Commercial paper(a) | $ 536.2 | [1] | $ 195.4 | ||
UNITED STATES | |||||
Short-term Debt [Line Items] | |||||
Commercial paper(a) | 399.5 | 150.0 | |||
Europe [Member] | |||||
Short-term Debt [Line Items] | |||||
Commercial paper(a) | $ 136.7 | $ 45.4 | |||
Commercial Paper [Member] | UNITED STATES | |||||
Short-term Debt [Line Items] | |||||
Weighted Average Interest Rate | 3.08% | 0.28% | |||
Commercial Paper [Member] | Europe [Member] | |||||
Short-term Debt [Line Items] | |||||
Weighted Average Interest Rate | 0.98% | (0.47%) | |||
|
DEBT Short-term Loans (Details) $ in Millions |
9 Months Ended |
---|---|
Oct. 01, 2022
USD ($)
| |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Interest Margin Above LIBOR | 1.10% |
2014 Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Aggregate Borrowing Capacity | $ 500 |
2021 Revolving Credit Facility Member | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Aggregate Borrowing Capacity | 700 |
Line of Credit Facility, Incremental Borrowing Capacity Maximum | 350 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,050 |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% |
POSTRETIREMENT BENEFIT PLANS - Net Periodic Benefit Cost of Pension Plans and Other Employee Related Benefit Plans (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
Oct. 01, 2022 |
Oct. 02, 2021 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0.5 | $ 0.6 | $ 1.5 | $ 1.7 |
Interest cost | 0.9 | 0.7 | 2.6 | 2.1 |
Amortization of prior service benefit | (1.5) | (0.9) | (4.0) | (3.4) |
Amortization of net actuarial loss | 0.8 | 1.0 | 2.5 | 3.3 |
Total net periodic benefit cost (benefit) | 0.7 | 1.4 | 2.6 | 3.7 |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.4 | 0.4 | 1.0 | 1.1 |
Interest cost | 0.3 | 0.3 | 1.0 | 0.8 |
Amortization of prior service benefit | 0.0 | 0.0 | 0.0 | 0.0 |
Amortization of net actuarial loss | 0.4 | 0.5 | 1.1 | 1.5 |
Total net periodic benefit cost (benefit) | 1.1 | 1.2 | 3.1 | 3.4 |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.1 | 0.2 | 0.5 | 0.6 |
Interest cost | 0.6 | 0.4 | 1.6 | 1.3 |
Amortization of prior service benefit | (1.5) | (0.9) | (4.0) | (3.4) |
Amortization of net actuarial loss | 0.4 | 0.5 | 1.4 | 1.8 |
Total net periodic benefit cost (benefit) | $ (0.4) | $ 0.2 | $ (0.5) | $ 0.3 |
POSTRETIREMENT BENEFIT PLANS Postretirement Textuals (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
Oct. 01, 2022 |
Oct. 02, 2021 |
Jul. 02, 2022 |
|
Reclassification of Postretirement Costs from AOCI, Net of Tax | $ 0.4 | $ (0.2) | $ 0.9 | $ 0.2 | |
Payment for Pension and Other Postretirement Benefits | 8.7 | 8.1 | |||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | 16.9 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax | 1.9 | 0.0 | 1.9 | 0.0 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | $ 1.8 | $ 0.9 | 1.8 | $ 0.9 | |
Expected Decrease in Postretirement Benefit Payments | 1.0 | ||||
Other Postretirement Benefits Plan [Member] | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax | 8.1 | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | $ 8.8 | ||||
Other Postretirement Benefits Plan [Member] | Change in Assumptions for Defined Benefit Plans | |||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.50% | 4.50% | 2.70% | ||
Minimum [Member] | |||||
Defined Benefit Plan, Expected Future Benefit Payment, Remainder of Fiscal Year | $ 3.0 | $ 3.0 | |||
Maximum [Member] | |||||
Defined Benefit Plan, Expected Future Benefit Payment, Remainder of Fiscal Year | $ 4.0 | $ 4.0 |
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Summary of Long-Term Incentive Plan Awards (Detail) shares in Millions |
9 Months Ended |
---|---|
Oct. 01, 2022
$ / shares
shares
| |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Awards Granted | shares | 0.2 |
Grant Date Fair Value | $ / shares | $ 78.45 |
Performance Stock Unit [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Awards Granted | shares | 0.1 |
Grant Date Fair Value | $ / shares | $ 78.90 |
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions |
9 Months Ended | |
---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Proceeds from the exercise of stock options | $ 1.8 | $ 1.1 |
Equity Based Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 26.9 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 10 months 24 days | |
Liability Based Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1.4 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 2 months 12 days | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock vested during period | 0.1 | 0.1 |
Performance Stock Unit [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock vested during period | 0.1 | 0.2 |
ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
Oct. 01, 2022 |
Oct. 02, 2021 |
|
AOCI - Postretirement Benefits, Beginning Balance | $ (41.3) | $ (55.9) | $ (40.8) | $ (55.9) |
AOCI - Cumulative Translation Adjustment, Beginning Balance | (363.0) | (245.1) | (280.5) | (223.5) |
Total accumulated other comprehensive loss, Beginning Balance | (404.3) | (301.0) | (321.3) | (279.4) |
Net change in postretirement benefit plans, net of tax expense of $3.4, $0.8, $3.1 and $0.6, respectively | 11.4 | 3.1 | 10.9 | 3.1 |
Net change during period - AOCI Cumulative Translation Adjustment | (44.6) | (21.5) | (127.1) | (43.1) |
AOCI - Postretirement Benefits, Ending Balance | (29.9) | (52.8) | (29.9) | (52.8) |
AOCI - Cumulative Translation Adjustment, Ending Balance | (407.6) | (266.6) | (407.6) | (266.6) |
Total accumulated other comprehensive loss, Ending Balance | $ (437.5) | $ (319.4) | $ (437.5) | $ (319.4) |
COMMITMENTS AND CONTINGENCIES Summary of Net Asbestos Charges (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
Oct. 01, 2022 |
Oct. 02, 2021 |
||||
Asbestos provision(a) | $ 0.0 | $ 0.0 | $ 0.0 | $ 14.4 | [1] | ||
Gain on divestiture before income tax | 0.0 | 0.0 | 0.0 | 88.8 | |||
Asbestos-related benefit, net | $ 0.0 | $ 0.0 | $ 0.0 | $ (74.4) | |||
|
COMMITMENTS AND CONTINGENCIES Asbestos Matters Textuals (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
|
Asbestos Related Contingencies [Line Items] | ||
Payments for Divestiture of Asbestos Liabilities | $ 0.0 | $ 398.0 |
Pre-tax Gain on Divestiture of Asbestos Liability | 88.8 | |
Tax Impact on Divestiture of Asbestos Liability | 116.9 | |
Deconsolidation, Gain (Loss), Amount | 28.1 | |
Asbestos Issue [Member] | ||
Asbestos Related Contingencies [Line Items] | ||
Payments for Divestiture of Asbestos Liabilities | $ 398.0 |
COMMITMENTS AND CONTINGENCIES Rollforward of Environmental Liability and Related Assets (Detail) - USD ($) $ in Millions |
9 Months Ended | ||||
---|---|---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
||||
Loss Contingency Accrual [Roll Forward] | |||||
Environmental liability - beginning balance | $ 54.1 | $ 58.3 | |||
Accrual for Environmental Loss Contingencies, Period Increase (Decrease) | 0.2 | 1.0 | |||
Payments | (3.4) | (7.2) | |||
Foreign currency | (0.5) | (0.2) | |||
Environmental liability - ending balance | 55.8 | 51.8 | |||
Continuing Operations [Member] | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Change in estimates for pre-existing accruals: | 0.0 | 0.0 | |||
Discontinued Operations [Member] | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Change in estimates for pre-existing accruals: | $ 5.4 | [1] | $ (0.1) | ||
|
COMMITMENTS AND CONTINGENCIES Environmental Matters Textuals (Details) $ in Millions |
9 Months Ended | ||||
---|---|---|---|---|---|
Oct. 01, 2022
USD ($)
site
|
Oct. 02, 2021
USD ($)
|
||||
Site Contingency [Line Items] | |||||
Environmental-related assets | $ 14.6 | $ 12.9 | |||
Discontinued Operations [Member] | |||||
Site Contingency [Line Items] | |||||
Changes In Pre-Existing Environmental Accruals | 5.4 | [1] | $ (0.1) | ||
Environmental-related assets | 4.3 | ||||
Changes in Pre-Existing Environmental Accruals, Net of Insurance Recovery | $ 1.1 | ||||
Environmental Related Matters [Member] | |||||
Site Contingency [Line Items] | |||||
Number Of Active Environmental Investigation And Remediation Sites | site | 28 | ||||
Maximum [Member] | Environmental Related Matters [Member] | |||||
Site Contingency [Line Items] | |||||
Loss Contingency, Range of Possible Loss, Maximum | $ 98.0 | ||||
|
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Oct. 01, 2022 |
Oct. 02, 2021 |
Oct. 01, 2022 |
Oct. 02, 2021 |
Dec. 31, 2021 |
|||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||
Derivative, Notional Amount | $ 50.7 | $ 50.7 | $ 24.2 | ||||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | [1] | 6.4 | 6.4 | $ 1.9 | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 1.8 | $ (1.1) | 7.3 | $ (3.3) | |||
Cash inflow (outflow) from settlement of foreign currency derivative contracts | $ 2.1 | $ (3.6) | |||||
|
ACQUISITIONS Acquisitions (Details) - USD ($) $ in Millions |
Oct. 01, 2022 |
Apr. 04, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Goodwill | $ 947.6 | $ 924.3 | |
Habonim | |||
Business Acquisition [Line Items] | |||
Receivables | $ 10.2 | ||
Inventory | 17.8 | ||
Plant, property and equipment | 16.1 | ||
Goodwill | 67.9 | ||
Other intangible assets | 47.2 | ||
Other assets | 4.2 | ||
Accounts payable and accrued liabilities | (8.7) | ||
Other liabilities | (12.1) | ||
Noncontrolling interest | 2.7 | ||
Net assets acquired | $ 139.9 |
ACQUISITIONS Acquisitions Textuals (Details) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Apr. 04, 2022
USD ($)
Employees
|
Oct. 01, 2022
USD ($)
|
Oct. 01, 2022
USD ($)
|
Oct. 02, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Business Acquisition [Line Items] | |||||
Acquisitions, net of cash acquired | $ 146.9 | $ 0.0 | |||
Goodwill | $ 947.6 | 947.6 | $ 924.3 | ||
Payments to acquire interest in unconsolidated subsidiaries | $ 25.6 | $ 0.0 | |||
Minority Investment in CRP USA LLC | |||||
Business Acquisition [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 33.00% | 33.00% | |||
Minority Investment in CRP Technology | |||||
Business Acquisition [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 46.00% | 46.00% | |||
Habonim | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Effective Date of Acquisition | Apr. 04, 2022 | ||||
Acquisitions, net of cash acquired | $ 139.9 | ||||
Revenue of Acquired Entity for Last Annual Period | $ 44.0 | ||||
Number of Employees at Entity to be Acquired | Employees | 200 | ||||
Goodwill | $ 67.9 | ||||
Business Acquisition, Description of Acquired Entity | completed the acquisition of 100% of the privately held stock of Habonim | ||||
Clippard Instrument Laboratory | |||||
Business Acquisition [Line Items] | |||||
Acquisitions, net of cash acquired | $ 7.0 | ||||
Minority Investment in CRP Technology | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire interest in unconsolidated subsidiaries | $ 23.0 |
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