COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Product Liability Contingencies [Table Text Block]

As of March 31, 2017, there were approximately 27 thousand pending claims against ITT subsidiaries, including Goulds Pumps LLC, 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 Three Months Ended March 31 (in thousands)	2017
Pending claims – Beginning	30
New claims	1
Settlements	(1	)
Dismissals	(3	)
Pending claims – Ending	27

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 $575.6 and $573.7 as of March 31, 2017 and December 31, 2016.The following table provides a rollforward of the estimated asbestos liability and related assets for the three months ended March 31, 2017 and 2016.

	2017									2016
For the Three Months Ended March 31	Liability			Asset			Net			Liability			Asset			Net
Beginning balance	$	954.3		$	380.6		$	573.7		$	1,042.8		$	412.0		$	630.8
Asbestos provision	17.4			2.5			14.9			17.8			2.4			15.4
Insurance settlement agreements	—			—			—			—			2.6			(2.6		)
Net cash activity	(28.8		)	(15.8		)	(13.0		)	(15.5		)	(11.2		)	(4.3		)
Ending balance	$	942.9		$	367.3		$	575.6		$	1,045.1		$	405.8		$	639.3
Current portion	$	76.3		$	66.0					$	88.1		$	74.5
Noncurrent portion	$	866.6		$	301.3					$	957.0		$	331.3

Rollforward of Environmental Liability and Related Assets

The following table provides a rollforward of the estimated environmental liability for the three months ended March 31, 2017 and 2016. 

For the Three Months Ended March 31	2017			2016
Environmental liability - beginning balance	$	76.6		$	82.6
Change in estimates for pre-existing accruals
Continuing operations	(0.7		)	0.7
Discontinued operations	—			0.5
Net cash activity	(3.4		)	(5.1		)
Foreign currency	—			0.1
Environmental liability - ending balance	$	72.5		$	78.8