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COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]  
Product Liability Contingencies [Table Text Block]
As of September 30, 2013, there were approximately 59 thousand pending active claims against ITT, including Goulds Pumps, filed in various state and federal courts alleging injury as a result of exposure to asbestos. Activity related to these asserted asbestos claims during the period was as follows: 
For the Nine Months Ended September 30 (in thousands)
2013
 
2012
Pending claims – Beginning
96

 
105

New claims
4

 
3

Settlements
(3
)
 
(1
)
Dismissals(a)
(20
)
 
(11
)
Pending claims – Ending
77

 
96

Pending inactive claims(a)
18

 
29

Pending active claims
59

 
67

(a)
The 2013 and 2012 dismissals reported in the table above include the dismissal of approximately 12 thousand claims and 10 thousand claims, respectively, that were considered pending inactive claims. Inactive claims represent pending claims in Mississippi filed prior to 2004, which have been excluded from our asbestos measurement because the plaintiffs cannot demonstrate a significant compensable loss. As such, management believes these claims have little to no value.
Components of Asbestos Related Charges, Net
The tables below summarize the total net asbestos charges for the three and nine months ended September 30, 2013 and 2012.
 
 
Three Months
 
Nine Months
 
 
2013
 
2012
 
2013
 
2012
Continuing Operations:
 
 
 
 
 
 
 
 
Asbestos provision
 
$
15.1

 
$
15.7

 
$
47.0

 
$
38.0

Asbestos remeasurement, net
 
0.5

 
2.9

 
0.5

 
2.9

Settlement agreement
 
(31.0
)
 
(5.8
)
 
(31.0
)
 
(5.8
)
Net asbestos charge - Continuing Operations
 
(15.4
)
 
12.8

 
16.5

 
35.1

Discontinued Operations:
 
 
 
 
 
 
 
 
Asbestos provision
 
—

 
—

 
—

 
0.7

Settlement agreement
 
—

 
(5.6
)
 
—

 
(5.6
)
Net asbestos charge - Discontinued Operations
 
—

 
(5.6
)
 
—

 
(4.9
)
Total net asbestos charge
 
$
(15.4
)
 
$
7.2

 
$
16.5

 
$
30.2
Roll Forward of Asbestos Liability and Related Assets
Changes in Financial Position
The Company's estimated asbestos exposure, net of expected recoveries, for the resolution of all pending claims and claims estimated to be filed in the next 10 years was $736.8 and $739.5 as of September 30, 2013 and December 31, 2012, respectively. The following table provides a rollforward of the estimated asbestos liability and related assets for the nine months ended September 30, 2013.
 
Liability
Asset
Net
Balance as of December 31, 2012
$
1,347.4

$
607.9

$
739.5

Asbestos provision
57.6

10.6

47.0

Asbestos remeasurement
(65.0
)
(65.5
)
0.5

Settlement agreement
—

31.0

(31.0
)
Net cash activity
(70.1
)
(50.9
)
(19.2
)
Balance as of September 30, 2013
$
1,269.9

$
533.1

$
736.8

Current portion
$
84.5

$
84.5

 
Noncurrent portion
$
1,185.4

$
448.6

 
Rollforward of Environmental Liability and Related Assets
The following table provides a rollforward of the estimated environmental liability and related assets for the nine months ended September 30, 2013. 
 
Liability
 
Asset
 
Net
Environmental liability - December 31, 2012
$
96.1

 
$
12.3

 
$
83.8

Change in estimates for pre-existing accruals:
 
 
 
 
 
Continuing operations
5.0

 
(0.1
)
 
5.1

Discontinued operations
1.4

 
—

 
1.4

Accruals added during the period for new matters
0.4

 
—

 
0.4

Net cash activity
(9.4
)
 
(0.5
)
 
(8.9
)
Environmental liability - September 30, 2013
$
93.5

 
$
11.7

 
$
81.8



The following table illustrates the reasonably possible range of estimated liability, and number of active sites for environmental matters, at September 30, 2013. 
Low-end estimate
$
73.0

High end estimate
$
166.0

Number of active environmental investigation and remediation sites
63