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Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Summary of Funded Status of Postretirement Benefit Plans and Presentation of Such Balances within Consolidated Balance Sheet The following table provides a summary of the funded status of our postretirement benefit plans and the presentation of the funded status within our Consolidated Balance Sheet as of December 31, 2018 and 2017.
 
2018
 
2017
 
Pension

 
Other
Benefits

 
Total

 
Pension

 
Other
Benefits

 
Total

Fair value of plan assets
$
278.4

 
$
2.9

 
$
281.3

 
$
321.5

 
$
5.2

 
$
326.7

Projected benefit obligation
381.2

 
118.6

 
499.8

 
419.0

 
138.1

 
557.1

Funded status
$
(102.8
)
 
$
(115.7
)
 
$
(218.5
)
 
$
(97.5
)
 
$
(132.9
)
 
$
(230.4
)
Amounts reported within:
 
 
 
 
 
 
 
 
 
 
 
Non-current assets
$
1.7

 
$
—

 
$
1.7

 
$
10.3

 
$
—

 
$
10.3

Accrued liabilities
(4.1
)
 
(7.9
)
 
(12.0
)
 
(4.8
)
 
(8.6
)
 
(13.4
)
Non-current liabilities
(100.4
)
 
(107.8
)
 
(208.2
)
 
(103.0
)
 
(124.3
)
 
(227.3
)
Amount Recognized in Accumulated Other Comprehensive Income Loss The following table provides a summary of amounts recorded within accumulated other comprehensive loss at December 31, 2018 and 2017.
 
2018
 
2017
 
Pension

 
Other
Benefits

 
Total

 
Pension

 
Other
Benefits

 
Total

Net actuarial loss
$
148.7

 
$
36.7

 
$
185.4

 
$
141.1

 
$
56.3

 
$
197.4

Prior service cost (benefit)
1.1

 
(39.0
)
 
(37.9
)
 
2.0

 
(44.3
)
 
(42.3
)
Total
$
149.8

 
$
(2.3
)
 
$
147.5

 
$
143.1

 
$
12.0

 
$
155.1
Changes in Projected Benefit Obligations of Pension and Other Employee-Related Defined Benefit Plans The following tables provide a rollforward of the benefit obligation, plan assets and funded status for our U.S. and international pension plans and our other employee-related defined benefit plans for the years ended December 31, 2018 and 2017.
 
2018
 
2017
 
U.S.

 
Int’l

 
Other Benefits

 
Total

 
U.S.

 
Int’l

 
Other Benefits

 
Total

Change in benefit obligation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation – January 1
$
325.7

 
$
93.3

 
$
138.1

 
$
557.1

 
$
312.3

 
$
79.9

 
$
138.8

 
$
531.0

Service cost
0.4

 
1.3

 
0.9

 
2.6

 
1.5

 
1.4

 
0.8

 
3.7

Interest cost
10.1

 
1.4

 
4.5

 
16.0

 
10.5

 
1.6

 
4.4

 
16.5

Amendments
—

 
(0.1
)
 
—

 
(0.1
)
 
1.6

 
—

 
0.4

 
2.0

Actuarial (gain) loss
(18.9
)
 
0.9

 
(15.8
)
 
(33.8
)
 
19.1

 
(0.3
)
 
1.9

 
20.7

Benefits paid
(19.6
)
 
(3.0
)
 
(9.1
)
 
(31.7
)
 
(19.3
)
 
(3.0
)
 
(8.2
)
 
(30.5
)
Acquired
—

 
—

 
—

 
—

 
—

 
3.5

 
—

 
3.5

Settlement
(5.9
)
 
(0.4
)
 
—

 
(6.3
)
 
—

 
(0.4
)
 
—

 
(0.4
)
Foreign currency translation
—

 
(4.0
)
 
—

 
(4.0
)
 
—

 
10.6

 
—

 
10.6

Benefit obligation – December 31
$
291.8

 
$
89.4

 
$
118.6

 
$
499.8

 
$
325.7

 
$
93.3

 
$
138.1

 
$
557.1
Changes in Fair Value of Plan Assets of Pension Plans
 
2018
 
2017
 
U.S.

 
Int’l

 
Other Benefits

 
Total

 
U.S.

 
Int’l

 
Other Benefits

 
Total

Change in plan assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Plan assets – January 1
$
320.9

 
$
0.6

 
$
5.2

 
$
326.7

 
$
262.2

 
$
0.9

 
$
6.1

 
$
269.2

Actual return on plan assets
(16.8
)
 
—

 
(0.1
)
 
(16.9
)
 
45.2

 
—

 
1.2

 
46.4

Employer contributions
0.9

 
3.4

 
6.9

 
11.2

 
35.9

 
3.0

 
6.1

 
45.0

Benefits and expenses paid
(21.3
)
 
(3.0
)
 
(9.1
)
 
(33.4
)
 
(22.4
)
 
(3.0
)
 
(8.2
)
 
(33.6
)
Settlement
(5.9
)
 
(0.4
)
 
—

 
(6.3
)
 
—

 
(0.4
)
 
—

 
(0.4
)
Foreign currency translation
—

 
—

 
—

 
—

 
—

 
0.1

 
—

 
0.1

Plan assets – December 31
$
277.8

 
$
0.6

 
$
2.9

 
$
281.3

 
$
320.9

 
$
0.6

 
$
5.2

 
$
326.7

Funded status at end of year
$
(14.0
)
 
$
(88.8
)
 
$
(115.7
)
 
$
(218.5
)
 
$
(4.8
)
 
$
(92.7
)
 
$
(132.9
)
 
$
(230.4
)
Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets Information for pension plans with an accumulated benefit obligation in excess of plan assets is included in the following table.
 
2018(a)

 
2017

Projected benefit obligation
$
233.2

 
$
107.8

Accumulated benefit obligation
231.0

 
105.4

Fair value of plan assets
128.6

 
—
Other Changes in Plan Assets and Net Periodic Postretirement Cost Recognized in Other Comprehensive Income (Loss) The following table provides the components of net periodic postretirement cost and other amounts recognized in other comprehensive loss for each of the years ended December 31, 2018, 2017 and 2016 as they pertain to our defined benefit pension plans.
 
2018
 
2017
 
2016
 
U.S.

 
Int’l

 
Total

 
U.S.

 
Int’l

 
Total

 
U.S.

 
Int’l

 
Total

Net periodic postretirement cost - pension
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
0.4

 
$
1.3

 
$
1.7

 
$
1.5

 
$
1.4

 
$
2.9

 
$
1.6

 
$
1.3

 
$
2.9

Interest cost
10.1

 
1.4

 
11.5

 
10.5

 
1.6

 
12.1

 
11.9

 
1.5

 
13.4

Expected return on plan assets(b)
(15.8
)
 
—

 
(15.8
)
 
(15.2
)
 
—

 
(15.2
)
 
(17.6
)
 
—

 
(17.6
)
Amortization of net actuarial loss
4.9

 
0.9

 
5.8

 
6.6

 
1.0

 
7.6

 
7.1

 
0.7

 
7.8

Amortization of prior service cost
0.9

 
—

 
0.9

 
1.0

 
—

 
1.0

 
0.9

 
—

 
0.9

Net periodic postretirement cost
0.5

 
3.6

 
4.1

 
4.4

 
4.0

 
8.4

 
3.9

 
3.5

 
7.4

Curtailment or settlement charges
1.7

 
—

 
1.7

 
3.7

 
—

 
3.7

 
12.7

 
—

 
12.7

Total net periodic postretirement cost
2.2

 
3.6

 
5.8

 
8.1

 
4.0

 
12.1

 
16.6

 
3.5

 
20.1

Other changes in plan assets and benefit obligations recognized in other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial loss (gain)
15.4

 
0.8

 
16.2

 
(7.9
)
 
(0.3
)
 
(8.2
)
 
2.1

 
4.0

 
6.1

Prior service cost
—

 
(0.1
)
 
(0.1
)
 
1.6

 
—

 
1.6

 
—

 
0.4

 
0.4

Amortization of net actuarial loss
(6.6
)
 
(0.9
)
 
(7.5
)
 
(6.6
)
 
(1.0
)
 
(7.6
)
 
(19.8
)
 
(0.7
)
 
(20.5
)
Amortization of prior service cost
(0.9
)
 
—

 
(0.9
)
 
(4.7
)
 
—

 
(4.7
)
 
(0.9
)
 
—

 
(0.9
)
Foreign currency translation
—

 
(1.0
)
 
(1.0
)
 
—

 
2.9

 
2.9

 
—

 
(0.5
)
 
(0.5
)
Total change recognized in other comprehensive income
7.9

 
(1.2
)
 
6.7

 
(17.6
)
 
1.6

 
(16.0
)
 
(18.6
)
 
3.2

 
(15.4
)
Total impact from net periodic postretirement cost and changes in other comprehensive income
$
10.1

 
$
2.4

 
$
12.5

 
$
(9.5
)
 
$
5.6

 
$
(3.9
)
 
$
(2.0
)
 
$
6.7

 
$
4.7


(b)
Plan administrative expenses of $3.1 and $2.5 during the years ended December 31, 2017 and 2016, respectively, have been reclassified from the service cost component line to the expected return on plan assets component line to conform to the current year presentation.
In 2018, we recorded a settlement loss of $1.7 related to retiree lump sum pension payments in our Industrial Process segment. In 2017, we recorded a curtailment loss of $3.7 related to a freeze of benefit accruals for certain employees at our Industrial Process segment. During 2016, we recognized a non-cash pretax pension settlement charge of $12.7 as the result of a program offering certain former U.S. employees with a vested pension benefit an option to take a one-time lump sum distribution as part of ITT's overall plan to de-risk its pension plans. Approximately 1,100 participants accepted the offer, resulting in a payment of $28.0 from the plan and a reduction in the Company's projected benefit obligation of $26.6, including an actuarial loss of $1.4.
Net Loss and Prior Service Cost that will be Amortized from Accumulated Other Comprehensive Income Loss The following table provides the estimated net actuarial loss and prior service cost that is expected to be amortized from accumulated other comprehensive loss into net periodic postretirement cost during 2019.
 
Pension

 
Other
Benefits

 
Total

Net actuarial loss
$
5.0

 
$
2.5

 
$
7.5

Prior service cost (credit)
0.7

 
(5.3
)
 
(4.6
)
Total
$
5.7

 
$
(2.8
)
 
$
2.9
Weighted Average Assumptions used to Determine Benefit Obligations The following table provides the weighted-average assumptions used to determine projected benefit obligations and net periodic postretirement cost, as they pertain to our U.S. and non-U.S. defined benefit pension plans and other employee-related defined benefit plans.
 
2018
 
2017
 
U.S.

 
Int’l

 
Other Benefits

 
U.S.

 
Int’l

 
Other Benefits

Obligation Assumptions:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.3
%
 
1.7
%
 
4.3
%
 
3.6
%
 
1.7
%
 
3.6
%
Rate of future compensation increase
N/A

 
3.2
%
 
N/A

 
N/A

 
3.3
%
 
N/A

Cost Assumptions:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.6
%
 
1.7
%
 
3.6
%
 
4.2
%
 
1.7
%
 
4.1
%
Expected return on plan assets
6.0
%
 
1.0
%
 
6.0
%
 
7.0
%
 
1.0
%
 
7.0
%
Actual Versus Expected Long Term Returns for Our Domestic Pension Plans The chart below shows actual returns compared to the expected long-term returns for our postretirement plans that were utilized in the calculation of the net periodic postretirement cost for each respective year.
 
2018

 
2017

 
2016

Expected rate of return on plan assets
6.0
 %
 
7.0
%
 
7.2
%
Actual rate of return on plan assets
(5.4
)%
 
18.0
%
 
9.2
%
Asset Allocation Range The following table provides the allocation of postretirement benefit plan assets by asset category, as of December 31, 2018 and 2017, and the current asset allocation ranges by asset category.
 
2018

 
2017

 
Asset Allocation
Range
U.S. equities
18
%
 
22
%
 
0-50 %
International equities
9
%
 
8
%
 
0-25 %
Fixed income
72
%
 
68
%
 
50-100 %
Cash and other
1
%
 
2
%
 
0-10 %
Fair Value of Plan Assets Held by Our Postretirement Benefits Plans The following table provides the investments at fair value held by our postretirement benefit plans at December 31, 2018 and 2017, by asset class.
 
Pension
 
Other Benefits
2018
Level 1
 
Measured at NAV
 
Total
 
Level 1
 
Total
Collective Trusts:
 
 
 
 
 
 
 
 
 
U.S. equity
$
—

 
$
49.4

 
$
49.4

 
$
—

 
$
—

International equity
—

 
25.1

 
25.1

 
—

 
—

Fixed income
—

 
201.8

 
201.8

 
—

 
—

Mutual funds
—

 
—

 
—

 
2.9

 
2.9

Cash and other
2.1

 
—

 
2.1

 
—

 
—

Total
$
2.1

 
$
276.3

 
$
278.4

 
$
2.9

 
$
2.9


 
Pension
 
Other Benefits
2017
Level 1
 
Measured at NAV
 
Total
 
Level 1
 
Total
Collective Trusts:
 
 
 
 
 
 
 
 
 
U.S. equity
$
—

 
$
70.6

 
$
70.6

 
$
—

 
$
—

International equity
—

 
26.6

 
26.6

 
—

 
—

Fixed income
—

 
218.7

 
218.7

 
—

 
—

Mutual funds
—

 
—

 
—

 
5.2

 
5.2

Cash and other
5.6

 
—

 
5.6

 
—

 
—

Total
$
5.6

 
$
315.9

 
$
321.5

 
$
5.2

 
$
5.2
Estimated Future Benefit Payments The following table provides the projected timing of payments for benefits earned to date and the expectation that certain future service will be earned by current active employees for our pension and other employee-related benefit plans.
 
U.S.
Pension

 
Int’l
Pension

 
Other
Benefits

2019
$
23.2

 
$
3.4

 
$
10.3

2020
22.9

 
3.8

 
9.8

2021
22.6

 
3.8

 
9.6

2022
22.2

 
3.6

 
9.3

2023
21.5

 
3.8

 
8.9

2024 - 2028
99.8

 
19.5

 
38.5
Other Postretirement Benefit Plan, Defined Benefit [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Other Changes in Plan Assets and Net Periodic Postretirement Cost Recognized in Other Comprehensive Income (Loss) The following table provides the components of net periodic postretirement cost and other amounts recognized in other comprehensive loss for each of the years ended December 31, 2018, 2017 and 2016 as they pertain to other employee-related defined benefit plans.
 
2018

 
2017

 
2016

Net periodic postretirement cost - other postretirement
 
 
 
 
 
Service cost
$
0.9

 
$
0.8

 
$
0.9

Interest cost
4.5

 
4.4

 
4.9

Expected return on plan assets
(0.1
)
 
(0.3
)
 
(0.5
)
Amortization of net actuarial loss
4.0

 
4.4

 
4.6

Amortization of prior service credit
(5.3
)
 
(5.8
)
 
(6.5
)
Total net periodic postretirement cost
4.0

 
3.5

 
3.4

Other changes in plan assets and benefit obligations recognized in other comprehensive income
 
 
 
 
 
Net actuarial (gain) loss
(15.6
)
 
1.0

 
(1.9
)
Prior service cost
—

 
0.5

 
—

Amortization of net actuarial loss
(4.0
)
 
(4.4
)
 
(4.6
)
Amortization of prior service credit
5.3

 
5.8

 
6.5

Total changes recognized in other comprehensive income
(14.3
)
 
2.9

 
—

Total impact from net periodic postretirement cost and changes in other comprehensive income
$
(10.3
)
 
$
6.4

 
$
3.4