XML 55 R2.htm IDEA: XBRL DOCUMENT v3.24.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Dec. 31, 2019
USD ($)
$ / shares
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
​
Year
​ ​
Summary
Compensation
Table Total
for PEO(1)
​ ​
Compensation
Actually Paid
to PEO(2)
​ ​
Average
Summary
Compensation
Table Total for
Non-PEO
NEOs(1)
​ ​
Average
Compensation
Actually Paid
to Non-PEO
NEOs(2)
​ ​
Value of Initial Fixed $100
Investment Based On:
​ ​
Net
Income (in
millions)(5)
​ ​
Company-
Selected
Measure(6)
​
​
Total
Shareholder
Return(3)
​ ​
Peer Group
Total
Shareholder
Return(4)
​
​ 2023 ​ ​ ​ $ 9,336,558 ​ ​ ​ ​ $ 20,000,560 ​ ​ ​ ​ $ 2,607,943 ​ ​ ​ ​ $ 3,918,660 ​ ​ ​ ​ $ 262 ​ ​ ​ ​ $ 251 ​ ​ ​ ​ $ 410.5 ​ ​ ​ ​ $ 5.21 ​ ​
​ 2022 ​ ​ ​ ​ 6,842,118 ​ ​ ​ ​ ​ (2,317,626) ​ ​ ​ ​ ​ 1,979,464 ​ ​ ​ ​ ​ 866,354 ​ ​ ​ ​ ​ 176 ​ ​ ​ ​ ​ 183 ​ ​ ​ ​ ​ 367.0 ​ ​ ​ ​ ​ 4.44 ​ ​
​ 2021 ​ ​ ​ ​ 7,682,129 ​ ​ ​ ​ ​ 16,989,404 ​ ​ ​ ​ ​ 1,724,038 ​ ​ ​ ​ ​ 2,829,322 ​ ​ ​ ​ ​ 218 ​ ​ ​ ​ ​ 203 ​ ​ ​ ​ ​ 316.3 ​ ​ ​ ​ ​ 4.05 ​ ​
​ 2020 ​ ​ ​ ​ 6,625,380 ​ ​ ​ ​ ​ 5,026,488 ​ ​ ​ ​ ​ 1,492,468 ​ ​ ​ ​ ​ 1,094,288 ​ ​ ​ ​ ​ 163 ​ ​ ​ ​ ​ 159 ​ ​ ​ ​ ​ 72.5 ​ ​ ​ ​ ​ 3.20 ​ ​
​ 2019 ​ ​ ​ ​ 7,068,573 ​ ​ ​ ​ ​ 12,612,311 ​ ​ ​ ​ ​ 1,844,792 ​ ​ ​ ​ ​ 4,111,507 ​ ​ ​ ​ ​ 155 ​ ​ ​ ​ ​ 133 ​ ​ ​ ​ ​ 325.1 ​ ​ ​ ​ ​ 3.81 ​ ​
​
(1)
The PEO for each year presented is Luca Savi, who began serving as our Chief Executive Officer and President on January 1, 2019. The non-PEO NEOs for each year presented include the following:
​
•
2023: Emmanuel Caprais, Senior Vice President and Chief Financial Officer; Lori B. Marino, Senior Vice President, General Counsel and Corporate Secretary; Bartek Makowiecki, Senior Vice President of Strategy and Business Development; Davide Barbon, Senior Vice President and President of Motion Technologies and Asia Pacific; and Carlo Ghirardo, our former Senior Vice President and President of Motion Technologies.
​
•
2022: Emmanuel Caprais, Senior Vice President and Chief Financial Officer; Mary Beth Gustafsson, Senior Vice President and General Counsel; Bartek Makowiecki, Senior Vice President of Strategy and Business Development; and Davide Barbon, Senior Vice President and President of Asia Pacific.
​
•
2021: Emmanuel Caprais, Senior Vice President and Chief Financial Officer; Mary Beth Gustafsson, Senior Vice President and General Counsel and Corporate Secretary; Ryan Flynn, Senior Vice President and President of Connect & Control Technologies; and Davide Barbon, Senior Vice President and President of Asia Pacific.
​
•
2020: Emmanuel Caprais, Senior Vice President and Chief Financial Officer (effective October 2020); Mary Beth Gustafsson, Senior Vice President and General Counsel; Ryan Flynn, Senior Vice President and President of Connect & Control Technologies; George Hanna, Senior Vice President and President of Industrial Process; and Tom Scalera, Executive Vice President and Chief Financial Officer.
​
•
2019: Tom Scalera, Executive Vice President and Chief Financial Officer; Mary Beth Gustafsson, Senior Vice President, General Counsel and Corporate Secretary and Chief Compliance Officer; Farrokh Batliwala, Senior Vice President and President of Connect & Control Technologies; and Carlo Ghirardo, Senior Vice President and President of Motion Technologies.
​
(2)
The tables below summarizes the adjustments made to the Summary Compensation Table total compensation amount to arrive at CAP for our PEO and non-PEO NEOs. Excluded from these adjustments are the following: (i) dividends paid, given that we do not pay any dividends on unvested stock awards; and (ii) pension plan benefits, given none were paid to our PEO or other non-PEO NEOs during any of the years presented.
​
​ ​ ​ ​
PEO
​ ​
Average of Non-PEO NEOs
​
​ ​ ​ ​
2023
​ ​
2022
​ ​
2021
​ ​
2020
​ ​
2019
​ ​
2023
​ ​
2022
​ ​
2021
​ ​
2020
​ ​
2019
​
​
Summary Compensation Table Total
​ ​ ​ $ 9,336,558 ​ ​ ​ ​ $ 6,842,118 ​ ​ ​ ​ $ 7,682,129 ​ ​ ​ ​ $ 6,625,380 ​ ​ ​ ​ $ 7,068,573 ​ ​ ​ ​ $ 2,607,943 ​ ​ ​ ​ $ 1,979,464 ​ ​ ​ ​ $ 1,724,038 ​ ​ ​ ​ $ 1,492,468 ​ ​ ​ ​ $ 1,844,792 ​ ​
​
Subtract: Grant Date Fair
Value of LTIP Awards Granted
During Covered Year
​ ​ ​ ​ (5,388,142) ​ ​ ​ ​ ​ (4,529,297) ​ ​ ​ ​ ​ (4,723,075) ​ ​ ​ ​ ​ (3,993,378) ​ ​ ​ ​ ​ (3,498,822) ​ ​ ​ ​ ​ (1,017,564) ​ ​ ​ ​ ​ (888,950) ​ ​ ​ ​ ​ (720,105) ​ ​ ​ ​ ​ (707,784) ​ ​ ​ ​ ​ (724,772) ​ ​
​
Add: Fair Value as of 12/31 of
Outstanding and Unvested
LTIP Awards Granted During
Covered Year
​ ​ ​ ​ 8,257,377 ​ ​ ​ ​ ​ 2,809,473 ​ ​ ​ ​ ​ 7,462,255 ​ ​ ​ ​ ​ 3,769,393 ​ ​ ​ ​ ​ 5,234,375 ​ ​ ​ ​ ​ 1,469,539 ​ ​ ​ ​ ​ 522,146 ​ ​ ​ ​ ​ 1,137,742 ​ ​ ​ ​ ​ 687,058 ​ ​ ​ ​ ​ 1,084,288 ​ ​
​
Add: Change in Fair Value as
of 12/31 of Outstanding and
Unvested LTIP Awards
Granted in Prior Years
​ ​ ​ ​ 7,259,052 ​ ​ ​ ​ ​ (6,016,736) ​ ​ ​ ​ ​ 6,298,983 ​ ​ ​ ​ ​ (1,003,634) ​ ​ ​ ​ ​ 3,606,915 ​ ​ ​ ​ ​ 818,378 ​ ​ ​ ​ ​ (634,570) ​ ​ ​ ​ ​ 641,171 ​ ​ ​ ​ ​ (234,021) ​ ​ ​ ​ ​ 1,741,906 ​ ​
​
Add: Change in Fair Value of
LTIP Awards Granted in Prior
Years that Vested During
Covered Year
​ ​ ​ ​ 535,715 ​ ​ ​ ​ ​ (1,423,184) ​ ​ ​ ​ ​ 269,112 ​ ​ ​ ​ ​ (371,273) ​ ​ ​ ​ ​ 201,270 ​ ​ ​ ​ ​ 40,364 ​ ​ ​ ​ ​ (111,736) ​ ​ ​ ​ ​ 46,476 ​ ​ ​ ​ ​ (143,433) ​ ​ ​ ​ ​ 165,293 ​ ​
​
Compensation Actually Paid
​ ​ ​ ​ 20,000,560 ​ ​ ​ ​ ​ (2,317,626) ​ ​ ​ ​ ​ 16,989,404 ​ ​ ​ ​ ​ 5,026,488 ​ ​ ​ ​ ​ 12,612,311 ​ ​ ​ ​ ​ 3,918,660 ​ ​ ​ ​ ​ 866,354 ​ ​ ​ ​ ​ 2,829,322 ​ ​ ​ ​ ​ 1,094,288 ​ ​ ​ ​ ​ 4,111,507 ​ ​
(3)
ITT Total Shareholder Return represents the one-, two-, three-, four-, and five-year growth of the value of an initial $100 investment in ITT stock on December 31, 2018, and assumes that any dividends paid are reinvested.
​
(4)
The S&P 400 Capital Goods Index, in which ITT is included, was selected as the peer group.
​
(5)
Net income presented is on a GAAP basis.
​
(6)
Adjusted EPS was selected as the most important financial metric that links CAP to company financial performance because it is a key factor in our AIP payout and is a driver of stock price. Please refer to Appendix A for the definition of adjusted EPS, the reason we disclose this measure and for a reconciliation to the most directly comparable measure calculated in accordance with GAAP.
       
Company Selected Measure Name Adjusted EPS        
Named Executive Officers, Footnote
(1)
The PEO for each year presented is Luca Savi, who began serving as our Chief Executive Officer and President on January 1, 2019. The non-PEO NEOs for each year presented include the following:
​
•
2023: Emmanuel Caprais, Senior Vice President and Chief Financial Officer; Lori B. Marino, Senior Vice President, General Counsel and Corporate Secretary; Bartek Makowiecki, Senior Vice President of Strategy and Business Development; Davide Barbon, Senior Vice President and President of Motion Technologies and Asia Pacific; and Carlo Ghirardo, our former Senior Vice President and President of Motion Technologies.
​
•
2022: Emmanuel Caprais, Senior Vice President and Chief Financial Officer; Mary Beth Gustafsson, Senior Vice President and General Counsel; Bartek Makowiecki, Senior Vice President of Strategy and Business Development; and Davide Barbon, Senior Vice President and President of Asia Pacific.
​
•
2021: Emmanuel Caprais, Senior Vice President and Chief Financial Officer; Mary Beth Gustafsson, Senior Vice President and General Counsel and Corporate Secretary; Ryan Flynn, Senior Vice President and President of Connect & Control Technologies; and Davide Barbon, Senior Vice President and President of Asia Pacific.
​
•
2020: Emmanuel Caprais, Senior Vice President and Chief Financial Officer (effective October 2020); Mary Beth Gustafsson, Senior Vice President and General Counsel; Ryan Flynn, Senior Vice President and President of Connect & Control Technologies; George Hanna, Senior Vice President and President of Industrial Process; and Tom Scalera, Executive Vice President and Chief Financial Officer.
​
•
2019: Tom Scalera, Executive Vice President and Chief Financial Officer; Mary Beth Gustafsson, Senior Vice President, General Counsel and Corporate Secretary and Chief Compliance Officer; Farrokh Batliwala, Senior Vice President and President of Connect & Control Technologies; and Carlo Ghirardo, Senior Vice President and President of Motion Technologies.
       
Peer Group Issuers, Footnote
(4)
The S&P 400 Capital Goods Index, in which ITT is included, was selected as the peer group.
       
PEO Total Compensation Amount $ 9,336,558 $ 6,842,118 $ 7,682,129 $ 6,625,380 $ 7,068,573
PEO Actually Paid Compensation Amount $ 20,000,560 (2,317,626) 16,989,404 5,026,488 12,612,311
Adjustment To PEO Compensation, Footnote
(2)
The tables below summarizes the adjustments made to the Summary Compensation Table total compensation amount to arrive at CAP for our PEO and non-PEO NEOs. Excluded from these adjustments are the following: (i) dividends paid, given that we do not pay any dividends on unvested stock awards; and (ii) pension plan benefits, given none were paid to our PEO or other non-PEO NEOs during any of the years presented.
​
​ ​ ​ ​
PEO
​ ​
Average of Non-PEO NEOs
​
​ ​ ​ ​
2023
​ ​
2022
​ ​
2021
​ ​
2020
​ ​
2019
​ ​
2023
​ ​
2022
​ ​
2021
​ ​
2020
​ ​
2019
​
​
Summary Compensation Table Total
​ ​ ​ $ 9,336,558 ​ ​ ​ ​ $ 6,842,118 ​ ​ ​ ​ $ 7,682,129 ​ ​ ​ ​ $ 6,625,380 ​ ​ ​ ​ $ 7,068,573 ​ ​ ​ ​ $ 2,607,943 ​ ​ ​ ​ $ 1,979,464 ​ ​ ​ ​ $ 1,724,038 ​ ​ ​ ​ $ 1,492,468 ​ ​ ​ ​ $ 1,844,792 ​ ​
​
Subtract: Grant Date Fair
Value of LTIP Awards Granted
During Covered Year
​ ​ ​ ​ (5,388,142) ​ ​ ​ ​ ​ (4,529,297) ​ ​ ​ ​ ​ (4,723,075) ​ ​ ​ ​ ​ (3,993,378) ​ ​ ​ ​ ​ (3,498,822) ​ ​ ​ ​ ​ (1,017,564) ​ ​ ​ ​ ​ (888,950) ​ ​ ​ ​ ​ (720,105) ​ ​ ​ ​ ​ (707,784) ​ ​ ​ ​ ​ (724,772) ​ ​
​
Add: Fair Value as of 12/31 of
Outstanding and Unvested
LTIP Awards Granted During
Covered Year
​ ​ ​ ​ 8,257,377 ​ ​ ​ ​ ​ 2,809,473 ​ ​ ​ ​ ​ 7,462,255 ​ ​ ​ ​ ​ 3,769,393 ​ ​ ​ ​ ​ 5,234,375 ​ ​ ​ ​ ​ 1,469,539 ​ ​ ​ ​ ​ 522,146 ​ ​ ​ ​ ​ 1,137,742 ​ ​ ​ ​ ​ 687,058 ​ ​ ​ ​ ​ 1,084,288 ​ ​
​
Add: Change in Fair Value as
of 12/31 of Outstanding and
Unvested LTIP Awards
Granted in Prior Years
​ ​ ​ ​ 7,259,052 ​ ​ ​ ​ ​ (6,016,736) ​ ​ ​ ​ ​ 6,298,983 ​ ​ ​ ​ ​ (1,003,634) ​ ​ ​ ​ ​ 3,606,915 ​ ​ ​ ​ ​ 818,378 ​ ​ ​ ​ ​ (634,570) ​ ​ ​ ​ ​ 641,171 ​ ​ ​ ​ ​ (234,021) ​ ​ ​ ​ ​ 1,741,906 ​ ​
​
Add: Change in Fair Value of
LTIP Awards Granted in Prior
Years that Vested During
Covered Year
​ ​ ​ ​ 535,715 ​ ​ ​ ​ ​ (1,423,184) ​ ​ ​ ​ ​ 269,112 ​ ​ ​ ​ ​ (371,273) ​ ​ ​ ​ ​ 201,270 ​ ​ ​ ​ ​ 40,364 ​ ​ ​ ​ ​ (111,736) ​ ​ ​ ​ ​ 46,476 ​ ​ ​ ​ ​ (143,433) ​ ​ ​ ​ ​ 165,293 ​ ​
​
Compensation Actually Paid
​ ​ ​ ​ 20,000,560 ​ ​ ​ ​ ​ (2,317,626) ​ ​ ​ ​ ​ 16,989,404 ​ ​ ​ ​ ​ 5,026,488 ​ ​ ​ ​ ​ 12,612,311 ​ ​ ​ ​ ​ 3,918,660 ​ ​ ​ ​ ​ 866,354 ​ ​ ​ ​ ​ 2,829,322 ​ ​ ​ ​ ​ 1,094,288 ​ ​ ​ ​ ​ 4,111,507 ​ ​
       
Non-PEO NEO Average Total Compensation Amount $ 2,607,943 1,979,464 1,724,038 1,492,468 1,844,792
Non-PEO NEO Average Compensation Actually Paid Amount $ 3,918,660 866,354 2,829,322 1,094,288 4,111,507
Adjustment to Non-PEO NEO Compensation Footnote
(2)
The tables below summarizes the adjustments made to the Summary Compensation Table total compensation amount to arrive at CAP for our PEO and non-PEO NEOs. Excluded from these adjustments are the following: (i) dividends paid, given that we do not pay any dividends on unvested stock awards; and (ii) pension plan benefits, given none were paid to our PEO or other non-PEO NEOs during any of the years presented.
​
​ ​ ​ ​
PEO
​ ​
Average of Non-PEO NEOs
​
​ ​ ​ ​
2023
​ ​
2022
​ ​
2021
​ ​
2020
​ ​
2019
​ ​
2023
​ ​
2022
​ ​
2021
​ ​
2020
​ ​
2019
​
​
Summary Compensation Table Total
​ ​ ​ $ 9,336,558 ​ ​ ​ ​ $ 6,842,118 ​ ​ ​ ​ $ 7,682,129 ​ ​ ​ ​ $ 6,625,380 ​ ​ ​ ​ $ 7,068,573 ​ ​ ​ ​ $ 2,607,943 ​ ​ ​ ​ $ 1,979,464 ​ ​ ​ ​ $ 1,724,038 ​ ​ ​ ​ $ 1,492,468 ​ ​ ​ ​ $ 1,844,792 ​ ​
​
Subtract: Grant Date Fair
Value of LTIP Awards Granted
During Covered Year
​ ​ ​ ​ (5,388,142) ​ ​ ​ ​ ​ (4,529,297) ​ ​ ​ ​ ​ (4,723,075) ​ ​ ​ ​ ​ (3,993,378) ​ ​ ​ ​ ​ (3,498,822) ​ ​ ​ ​ ​ (1,017,564) ​ ​ ​ ​ ​ (888,950) ​ ​ ​ ​ ​ (720,105) ​ ​ ​ ​ ​ (707,784) ​ ​ ​ ​ ​ (724,772) ​ ​
​
Add: Fair Value as of 12/31 of
Outstanding and Unvested
LTIP Awards Granted During
Covered Year
​ ​ ​ ​ 8,257,377 ​ ​ ​ ​ ​ 2,809,473 ​ ​ ​ ​ ​ 7,462,255 ​ ​ ​ ​ ​ 3,769,393 ​ ​ ​ ​ ​ 5,234,375 ​ ​ ​ ​ ​ 1,469,539 ​ ​ ​ ​ ​ 522,146 ​ ​ ​ ​ ​ 1,137,742 ​ ​ ​ ​ ​ 687,058 ​ ​ ​ ​ ​ 1,084,288 ​ ​
​
Add: Change in Fair Value as
of 12/31 of Outstanding and
Unvested LTIP Awards
Granted in Prior Years
​ ​ ​ ​ 7,259,052 ​ ​ ​ ​ ​ (6,016,736) ​ ​ ​ ​ ​ 6,298,983 ​ ​ ​ ​ ​ (1,003,634) ​ ​ ​ ​ ​ 3,606,915 ​ ​ ​ ​ ​ 818,378 ​ ​ ​ ​ ​ (634,570) ​ ​ ​ ​ ​ 641,171 ​ ​ ​ ​ ​ (234,021) ​ ​ ​ ​ ​ 1,741,906 ​ ​
​
Add: Change in Fair Value of
LTIP Awards Granted in Prior
Years that Vested During
Covered Year
​ ​ ​ ​ 535,715 ​ ​ ​ ​ ​ (1,423,184) ​ ​ ​ ​ ​ 269,112 ​ ​ ​ ​ ​ (371,273) ​ ​ ​ ​ ​ 201,270 ​ ​ ​ ​ ​ 40,364 ​ ​ ​ ​ ​ (111,736) ​ ​ ​ ​ ​ 46,476 ​ ​ ​ ​ ​ (143,433) ​ ​ ​ ​ ​ 165,293 ​ ​
​
Compensation Actually Paid
​ ​ ​ ​ 20,000,560 ​ ​ ​ ​ ​ (2,317,626) ​ ​ ​ ​ ​ 16,989,404 ​ ​ ​ ​ ​ 5,026,488 ​ ​ ​ ​ ​ 12,612,311 ​ ​ ​ ​ ​ 3,918,660 ​ ​ ​ ​ ​ 866,354 ​ ​ ​ ​ ​ 2,829,322 ​ ​ ​ ​ ​ 1,094,288 ​ ​ ​ ​ ​ 4,111,507 ​ ​
       
Tabular List, Table
Most Important Financial Performance Measures
The following table lists the most important financial performance measures in 2023 that we used to link compensation actually paid to our PEO and other NEOs to company performance.
​
Financial Performance Measure
​ ​
Explanation
​
​ Adjusted EPS ​ ​ This measure is a factor in our AIP payout and is a driver of our stock price. ​
​ Relative TSR ​ ​
Weighted equally with ROIC, this measure is used to determine PSU payouts, which comprises 60% of each NEO’s annual LTI award value.
​
​ ROIC ​ ​
Weighted equally with relative TSR, this measure is used to determine PSU payouts, which comprises 60% of each NEO’s annual LTI award value.
​
       
Total Shareholder Return Amount $ 262 176 218 163 155
Peer Group Total Shareholder Return Amount 251 183 203 159 133
Net Income (Loss) $ 410,500,000 $ 367,000,000 $ 316,300,000 $ 72,500,000 $ 325,100,000
Company Selected Measure Amount | $ / shares 5.21 4.44 4.05 3.2 3.81
PEO Name Luca Savi        
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted EPS        
Measure:: 2          
Pay vs Performance Disclosure          
Name Relative TSR        
Measure:: 3          
Pay vs Performance Disclosure          
Name ROIC        
PEO | Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (5,388,142) $ (4,529,297) $ (4,723,075) $ (3,993,378) $ (3,498,822)
PEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 8,257,377 2,809,473 7,462,255 3,769,393 5,234,375
PEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 7,259,052 (6,016,736) 6,298,983 (1,003,634) 3,606,915
PEO | Change In Fair Value As Of Vesting Date Of Awards Vested During Current Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 535,715 (1,423,184) 269,112 (371,273) 201,270
Non-PEO NEO | Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,017,564) (888,950) (720,105) (707,784) (724,772)
Non-PEO NEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,469,539 522,146 1,137,742 687,058 1,084,288
Non-PEO NEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 818,378 (634,570) 641,171 (234,021) 1,741,906
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Awards Vested During Current Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 40,364 $ (111,736) $ 46,476 $ (143,433) $ 165,293