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COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]  
Product Liability Contingencies [Table Text Block]
As of September 30, 2015, there were 38 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)
2015
 
2014
Pending claims – Beginning
62

 
79

New claims
3

 
3

Settlements
(1
)
 
(2
)
Dismissals
(26
)
 
(12
)
Pending claims – Ending
38

 
68

Pending inactive claims(a)
—

 
18

Pending active claims
38

 
50

(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. As of September 30, 2015, all inactive claims have been dismissed.
Net Asbestos Charges [Table Text Block]
In addition to the charges associated with our annual remeasurement, we record a net asbestos charge each quarter to maintain a rolling 10-year forecast period. The table below summarizes the total net asbestos charges for the three and nine months ended September 30, 2015 and 2014.
 
Three Months
 
Nine Months
For the Periods Ended September 30
2015
 
2014
 
2015
 
2014
Asbestos provision
$
15.7

 
$
16.3

 
$
47.0

 
$
48.0

Defense cost adjustment
—

 
—

 
(100.7
)
 
—

Net asbestos remeasurement
(44.8
)
 
(58.8
)
 
(44.8
)
 
(58.8
)
Settlement agreement
(1.2
)
 
—

 
(1.2
)
 
—

Asbestos-related (benefit) costs, net
$
(30.3
)
 
$
(42.5
)
 
$
(99.7
)
 
$
(10.8
)
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 $631.9 and $746.8 as of September 30, 2015 and December 31, 2014, respectively. The following table provides a rollforward of the estimated asbestos liability and related assets for the nine months ended September 30, 2015.
 
Liability
 
Asset
 
Net
Balance as of December 31, 2014
$
1,223.2


$
476.4


$
746.8

Asbestos provision
54.8


7.8


47.0

Defense cost adjustment
(124.2
)
 
(23.5
)
 
(100.7
)
Asbestos remeasurement
(52.7
)
 
(7.9
)
 
(44.8
)
Settlement agreement
—

 
1.2

 
(1.2
)
Net cash activity
(52.3
)

(37.1
)

(15.2
)
Balance as of September 30, 2015
$
1,048.8


$
416.9


$
631.9

Current portion
$
87.6


$
74.5



Noncurrent portion
$
961.2


$
342.4
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, 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
1.4

 
0.3

 
1.1

Discontinued operations
(2.8
)
 
(0.9
)
 
(1.9
)
Accruals added during the period for new matters
—

 
—

 
—

Net cash activity
(9.1
)
 
(0.4
)
 
(8.7
)
Foreign currency
(0.4
)
 
—

 
(0.4
)
Balance as of September 30, 2015
$
79.0

 
$
6.7

 
$
72.3