XML 55 R43.htm IDEA: XBRL DOCUMENT v3.5.0.2
COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]  
Product Liability Contingencies [Table Text Block]
As of September 30, 2016, there were approximately 30 thousand pending claims against ITT subsidiaries, 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)
2016
Pending claims – Beginning
37

New claims
3

Settlements
(1
)
Dismissals
(9
)
Pending claims – Ending
30
Roll Forward of Asbestos Liability and Related Assets
Changes in Financial Position
The following table provides a rollforward of the estimated asbestos liability and related assets for the nine months ended September 30, 2016 and 2015.
 
2016
 
2015
For the Nine Months Ended September 30
Liability
 
Asset
 
Net
 
Liability
 
Asset
 
Net
Beginning balance
$
1,042.8


$
412.0


$
630.8

 
$
1,223.2

 
$
476.4

 
$
746.8

Asbestos provision
51.6


7.3


44.3

 
54.8

 
7.8

 
47.0

Asbestos remeasurement
(75.9
)
 
5.9

 
(81.8
)
 
(52.7
)
 
(7.9
)
 
(44.8
)
Defense costs adjustment
(4.9
)
 
—

 
(4.9
)
 
(124.2
)
 
(23.5
)
 
(100.7
)
Settlement agreements
—

 
(2.1
)
 
2.1

 
—

 
1.2

 
(1.2
)
Net cash activity
(61.8
)

(37.3
)

(24.5
)
 
(52.3
)
 
(37.1
)
 
(15.2
)
Ending balance
$
951.8


$
385.8


$
566.0

 
$
1,048.8

 
$
416.9

 
$
631.9

Current portion
$
76.1


$
66.0



 
$
87.6

 
$
74.5

 
 
Noncurrent portion
$
875.7


$
319.8




 
$
961.2

 
$
342.4

 
 
Rollforward of Environmental Liability and Related Assets
The following table provides a rollforward of the estimated environmental liability for the nine months ended September 30, 2016 and 2015. 
For the Nine Months Ended September 30
2016
 
2015
Environmental liability - beginning balance
$
82.6

 
$
89.9

Change in estimates for pre-existing accruals
 
 
 
Continuing operations
2.4

 
1.4

Discontinued operations
0.7

 
(2.8
)
Net cash activity
(10.2
)
 
(9.1
)
Foreign currency
—

 
(0.4
)
Environmental liability - ending balance
$
75.5

 
$
79.0