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Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]  
Activity Related to Asbestos Claims
As of December 31, 2013, there were 61 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:
(in thousands)
2013

 
2012

 
2011

Pending claims – Beginning
96

 
105

 
104

New claims
5

 
4

 
5

Settlements
(3
)
 
(1
)
 
(2
)
Dismissals(a)
(19
)
 
(12
)
 
(2
)
Pending claims – Ending
79

 
96

 
105

Pending inactive claims(a)
18

 
29

 
39

Pending active claims
61

 
67

 
66

(a)
The 2013, 2012, and the 2011 dismissals reported in the table above include the dismissal of approximately 12 thousand ,12 thousand, and 10 thousand claims respectively, which 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.
Summary of Net Asbestos Charges
The tables below summarize the total net asbestos charges for the years ended December 31, 2013, 2012 and 2011.
 
2013

 
2012

 
2011

Continuing operations:
 
 
 
 
 
Asbestos provision
$
63.3

 
$
53.8

 
$
59.5

Asbestos remeasurement, net
0.5

 
2.9

 
40.9

Settlement Agreement
(31.0
)
 
(5.8
)
 
—

Net asbestos charge - continuing operations
32.8

 
50.9

 
100.4

Discontinued Operations:
 
 
 
 
 
Asbestos provision
—

 
0.5

 
2.8

Asbestos remeasurement, net
—

 
—

 
(9.2
)
Settlement Agreement
—

 
(5.6
)
 
—

Net asbestos charge - discontinued operations
—

 
(5.1
)
 
(6.4
)
Total net asbestos charge
$
32.8

 
$
45.8

 
$
94.0
Roll Forward of Asbestos Liability and Related Assets
The following table provides a rollforward of the estimated asbestos liability and related assets for the years ended December 31, 2013 and 2012.
 
2013
 
2012
 
Liability

 
Asset

 
Net

 
Liability

 
Asset

 
Net

Balance as of January 1
$
1,347.4

 
$
607.9

 
$
739.5

 
$
1,667.9

 
$
954.2

 
$
713.7

Changes in estimate during the period:
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
11.4

 
(52.4
)
 
63.8

 
6.6

 
(50.2
)
 
56.8

Discontinued operations
—

 
—

 
—

 
11.5

 
11.0

 
0.5

Settlement Agreement
—

 
31.0

 
(31.0
)
 
(245.2
)
 
(233.8
)
 
(11.4
)
Net cash activity
(94.1
)
 
(68.7
)
 
(25.4
)
 
(93.4
)
 
(73.3
)
 
(20.1
)
Balance as of December 31
$
1,264.7

 
$
517.8

 
$
746.9

 
$
1,347.4

 
$
607.9

 
$
739.5

Current portion
85.1

 
84.5

 
 
 
92.4

 
82.6

 
 
Noncurrent portion
1,179.6

 
433.3

 
 
 
1,255.0

 
525.3

 
 
Rollforward of Environmental Liability and Related Assets Table
The following table provides a rollforward of the estimated environmental liability and related assets for the years ended December 31, 2013 and 2012.
 
2013
 
2012
 
Liability

 
Asset

 
Net

 
Liability

 
Asset

 
Net

Balance as of January 1
$
96.1

 
$
12.3

 
$
83.8

 
$
101.8

 
$
—

 
$
101.8

Changes in estimates for pre-existing accruals:
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
8.5

 
(0.1
)
 
8.6

 
7.1

 
10.8

 
(3.7
)
Discontinued operations
1.5

 
—

 
1.5

 
(1.4
)
 
1.5

 
(2.9
)
Accruals added during the period for new matters
0.5

 
—

 
0.5

 
—

 
—

 
—

Net cash activity
(12.1
)
 
(0.5
)
 
(11.6
)
 
(11.5
)
 
—

 
(11.5
)
Foreign currency
0.1

 
—

 
0.1

 
0.1

 
—

 
0.1

Balance as of December 31
$
94.6

 
$
11.7

 
$
82.9

 
$
96.1

 
$
12.3

 
$
83.8
Range of Environmental Liability and Number of Active Sites for Environmental Matters
The following table illustrates the reasonably possible range of estimated liability, and number of active sites for environmental matters.
 
2013

 
2012

Low-end range
$
73.3

 
$
76.9

High end range
$
168.0

 
$
167.1

Number of active environmental investigation and remediation sites
60

 
58