XML 18 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]      
Revenue $ 2,745.1 $ 2,585.3 $ 2,405.4
Costs of revenue 1,857.9 1,765.4 1,644.5
Gross profit 887.2 819.9 760.9
General and administrative expenses 259.1 258.4 260.5
Sales and marketing expenses 168.2 169.5 169.8
Research and development expenses 98.4 93.5 80.5
Gain on sale of long-lived assets (40.7) (0.9) (0.9)
Asbestos-related expense (benefit), net 4.9 (19.9) (25.6)
Operating income [1] 397.3 319.3 276.6
Interest and non-operating expenses, net 6.3 9.9 18.2
Income from continuing operations before income tax 391.0 309.4 258.4
Income tax expense 57.7 194.6 76.0
Income from continuing operations 333.3 114.8 182.4
Income (loss) from discontinued operations, including tax (expense) benefit of $(0.3), $1.9, and $(0.3), respectively 1.3 (1.5) 4.2
Net income 334.6 113.3 186.6
Less: Income (loss) attributable to noncontrolling interests 0.9 (0.2) 0.5
Net income attributable to ITT Inc. 333.7 113.5 186.1
Amounts attributable to ITT Inc.:      
Income from continuing operations, net of tax 332.4 115.0 181.9
Income (loss) from discontinued operations, including tax (expense) benefit of $(0.3), $1.9, and $(0.3), respectively 1.3 (1.5) 4.2
Net income attributable to ITT Inc. $ 333.7 $ 113.5 $ 186.1
Basic earnings per share:      
Continuing operations $ 3.79 $ 1.30 $ 2.04
Discontinued operations 0.02 (0.01) 0.05
Net income 3.81 1.29 2.09
Diluted earnings per share:      
Continuing operations 3.75 1.29 2.02
Discontinued operations 0.01 (0.01) 0.05
Net income $ 3.76 $ 1.28 $ 2.07
Weighted average common shares – basic 87.7 88.3 89.2
Weighted average common shares – diluted 88.7 89.0 89.9
[1] (a)Operating income and operating margin for the years ended December 31, 2017 and 2016 has been restated to reflect the adoption of ASU 2017-07. Refer to Note 2, Recent Accounting Pronouncements for further information.