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CONSOLIDATED CONDENSED INCOME STATEMENTS - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Revenue $ 696.8 $ 630.9 $ 1,386.1 $ 1,256.7
Costs of revenue 470.8 425.9 935.9 848.6
Gross profit 226.0 205.0 450.2 408.1
General and administrative expenses 63.0 64.6 128.1 130.3
Sales and marketing expenses 43.4 43.8 86.9 86.9
Research and development expenses 25.8 22.6 50.5 45.0
Asbestos-related costs (benefit), net 13.5 14.9 (6.2) 29.8
Operating income 80.3 59.1 [1] 190.9 116.1 [1]
Interest and non-operating expenses, net 1.5 0.5 3.3 2.7
Income from continuing operations before income tax expense 78.8 58.6 187.6 113.4
Income tax expense 8.9 10.6 16.5 19.7
Income from continuing operations 69.9 48.0 171.1 93.7
(Loss) income from discontinued operations, net of tax 0.0 (0.1) 0.1 (0.2)
Net income 69.9 47.9 171.2 93.5
Less: Income (loss) attributable to noncontrolling interests 0.2 0.1 0.3 (0.3)
Net income attributable to ITT Inc. 69.7 47.8 170.9 93.8
Amounts attributable to ITT Inc.:        
Income from continuing operations, net of tax 69.7 47.9 170.8 94.0
(Loss) income from discontinued operations, net of tax 0.0 (0.1) 0.1 (0.2)
Net income attributable to ITT Inc. $ 69.7 $ 47.8 $ 170.9 $ 93.8
Basic:        
Continuing operations $ 0.80 $ 0.54 $ 1.95 $ 1.06
Discontinued operations 0 0 0 0
Net income 0.80 0.54 1.95 1.06
Diluted:        
Continuing operations 0.79 0.54 1.93 1.05
Discontinued operations 0 0 0 0
Net income $ 0.79 $ 0.54 $ 1.93 $ 1.05
Weighted average common shares – basic 87.5 88.5 87.8 88.4
Weighted average common shares – diluted 88.4 89.0 88.7 89.1
Cash dividends declared per common share $ 0.134 $ 0.128 $ 0.268 $ 0.256
[1] (a)Operating income and operating margin for the three and six months ended June 30, 2017 has been restated to reflect the adoption of ASU 2017-07. Refer to Note 2, Recent Accounting Pronouncements for further information.