XML 81 R41.htm IDEA: XBRL DOCUMENT v3.2.0.727
COMMITMENTS AND CONTINGENCIES (Tables)
 6 Months Ended
Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]  
Product Liability Contingencies [Table Text Block]
As of June 30, 2015, there were 43 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 Six Months Ended June 30 (in thousands)
2015
 
2014
Pending claims – Beginning
62

 
79

New claims
2

 
2

Settlements
(1
)
 
(2
)
Dismissals
(8
)
 
(10
)
Pending claims – Ending
55

 
69

Pending inactive claims(a)
12

 
18

Pending active claims
43

 
51

(a)
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. There were one thousand inactive claims dismissed or settled during the six months ended June 30, 2015.
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 $670.9 and $746.8 as of June 30, 2015 and December 31, 2014, respectively. The following table provides a rollforward of the estimated asbestos liability and related assets for the six months ended June 30, 2015.
 
Liability
 
Asset
 
Net
Balance as of December 31, 2014
$
1,223.2


$
476.4


$
746.8

Asbestos provision
36.6


5.3


31.3

Defense cost adjustment
(124.2
)
 
(23.5
)
 
(100.7
)
Net cash activity
(30.4
)

(23.9
)

(6.5
)
Balance as of June 30, 2015
$
1,105.2


$
434.3


$
670.9

Current portion
$
105.7


$
102.4



Noncurrent portion
$
999.5


$
331.9
Rollforward of Environmental Liability and Related Assets
The following table provides a rollforward of the estimated environmental liability and related assets for the six months ended June 30, 2015. 
 
Liability
 
Asset
 
Net
Balance as of December 31, 2014
$
89.9

 
$
7.7

 
$
82.2

Change in estimates for pre-existing accruals
 
 
 
 
 
Continuing operations
1.1

 
0.3

 
0.8

Discontinued operations
(2.8
)
 
(0.9
)
 
(1.9
)
Net cash activity
(7.2
)
 
(0.3
)
 
(6.9
)
Foreign currency
(0.3
)
 
—

 
(0.3
)
Balance as of June 30, 2015
$
80.7

 
$
6.8

 
$
73.9