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COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Product Liability Contingencies [Table Text Block]
As of September 30, 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 Nine Months Ended September 30 (in thousands)
2017
Pending claims – Beginning
30

New claims
3

Settlements
(1
)
Dismissals
(5
)
Pending claims – Ending
27
Net Asbestos Charges Table [Table Text Block]
The table below summarizes the total net asbestos charges for the three and nine months ended September 30, 2017 and 2016.
 
Three Months
 
Nine Months
For the Periods Ended September 30
2017
 
2016
 
2017
 
2016
Asbestos provision
$
13.6

 
$
13.7

 
$
43.4

 
$
44.3

Net asbestos remeasurement benefit
(76.4
)
 
(81.8
)
 
(76.4
)
 
(81.8
)
Defense cost adjustment
—

 
—

 
—

 
(4.9
)
Settlement agreements
—

 
—

 
—

 
2.1

Asbestos-related benefit, net
$
(62.8
)
 
$
(68.1
)
 
$
(33.0
)
 
$
(40.3
)
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 $501.2 and $573.7 as of September 30, 2017 and December 31, 2016. The following table provides a rollforward of the estimated asbestos liability and related assets for the nine months ended September 30, 2017 and 2016.
 
2017
 
2016
For the Nine Months Ended September 30
Liability
 
Asset
 
Net
 
Liability
 
Asset
 
Net
Beginning balance
$
954.3


$
380.6


$
573.7

 
$
1,042.8

 
$
412.0

 
$
630.8

Asbestos provision
51.1


7.7


43.4

 
51.6

 
7.3

 
44.3

Asbestos remeasurement
(66.4
)
 
10.0

 
(76.4
)
 
(75.9
)
 
5.9

 
(81.8
)
Defense costs adjustment
—

 
—

 
—

 
(4.9
)
 
—

 
(4.9
)
Insurance settlement agreements
—

 
—

 
—

 
—

 
(2.1
)
 
2.1

Net cash activity
(63.5
)

(24.0
)

(39.5
)
 
(61.8
)
 
(37.3
)
 
(24.5
)
Ending balance
$
875.5


$
374.3


$
501.2

 
$
951.8

 
$
385.8

 
$
566.0

Current portion
$
77.4


$
64.7



 
$
76.1

 
$
66.0

 
 
Noncurrent portion
$
798.1


$
309.6




 
$
875.7

 
$
319.8

 
 
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, 2017 and 2016. 
For the Nine Months Ended September 30
2017
 
2016
Environmental liability - beginning balance
$
76.6

 
$
82.6

Change in estimates for pre-existing accruals
 
 
 
Continuing operations
2.4

 
2.4

Discontinued operations
—

 
0.7

Net cash activity
(7.4
)
 
(10.2
)
Foreign currency
0.1

 
—

Environmental liability - ending balance
$
71.7

 
$
75.5