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COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]  
Product Liability Contingencies [Table Text Block]
As of September 30, 2014, there were approximately 50 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)
2014
 
2013
Pending claims – Beginning
79

 
96

New claims
3

 
4

Settlements
(2
)
 
(3
)
Dismissals(a)
(12
)
 
(20
)
Pending claims – Ending
68

 
77

Pending inactive claims(a)
18

 
18

Pending active claims
50

 
59

(a)
The 2013 dismissals reported in the table above include the dismissal of approximately 12 thousand claims, that were considered pending inactive claims. There were no inactive claims dismissed during 2014. Inactive claims represent pending claims in Mississippi filed in 2004 or prior, 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.
Net Asbestos Charges [Table Text Block]
The table below summarizes the total net asbestos charges for the three and nine months ended September 30, 2014 and 2013.
 
Three Months
 
Nine Months
 
2014
 
2013
 
2014
 
2013
Asbestos provision
$
16.3

 
$
15.1

 
$
48.0

 
$
47.0

Asbestos remeasurement, net
(58.8
)
 
0.5

 
(58.8
)
 
0.5

Settlement agreement
—

 
(31.0
)
 
—

 
(31.0
)
Asbestos-related (benefit) costs, net
$
(42.5
)
 
$
(15.4
)
 
$
(10.8
)
 
$
16.5
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 $727.2 and $746.9 as of September 30, 2014 and December 31, 2013, respectively. The following table provides a rollforward of the estimated asbestos liability and related assets for the nine months ended September 30, 2014.
 
Liability
 
Asset
 
Net
Balance as of December 31, 2013
$
1,264.7


$
517.8


$
746.9

Asbestos provision
55.5


7.5


48.0

Asbestos remeasurement, net
(42.8
)
 
16.0

 
(58.8
)
Net cash and other activity
(52.9
)

(44.0
)

(8.9
)
Balance as of September 30, 2014
$
1,224.5


$
497.3


$
727.2

Current portion
$
106.4


$
100.1



Noncurrent portion
$
1,118.1


$
397.2
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, 2014. 
 
Liability
 
Asset
 
Net
Balance as of December 31, 2013
$
94.6

 
$
11.7

 
$
82.9

Change in estimates for pre-existing accruals:
 
 
 
 
 
Continuing operations
1.3

 
(3.3
)
 
4.6

Discontinued operations
2.4

 
(0.6
)
 
3.0

Accruals added during the period for new matters
0.1

 
—

 
0.1

Net cash activity
(9.4
)
 
(0.2
)
 
(9.2
)
Foreign currency
(0.2
)
 
—

 
(0.2
)
Balance as of September 30, 2014
$
88.8

 
$
7.6

 
$
81.2
Range Of Liability And Number Of Active Sites For Environmental Matters Table [Table Text Block]
The following table illustrates the reasonably possible range of estimated liability, and number of active sites for environmental matters, at September 30, 2014. 
Low-end estimate
$
68.5

High end estimate
$
156.5

Number of active environmental investigation and remediation sites
54