Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Impacts from Divestiture of Intelco

The following table summarizes the impacts that resulted from the divestiture of InTelCo.

Cash and cash equivalents	$	(398.0)
Current asbestos-related assets	(91.0)
Long-term asbestos-related assets	(310.4)
Accrued liabilities	91.2
Long-term asbestos-related liabilities	797.0
Gain on divestiture of legacy asbestos-related assets and liabilities before income tax	$	88.8
Less: income tax expense	116.9
Loss on divestiture of legacy asbestos-related assets and liabilities, net of tax	$	(28.1)

Summary of Net Asbestos Charges

The table below summarizes our total net asbestos-related (benefit) costs.

For the Year Ended December 31	2022		2021		2020
Asbestos provision, net(a)	$	—	$	14.4	$	30.8
Gain on divestiture before income tax	—		(88.8)		—
Asbestos remeasurement, net(b)	—		—		135.9
Settlement agreements and other	—		—		(100.4)
Asbestos-related (benefit) costs, net	$	—	$	(74.4)	$	66.3

(a)2021 includes costs related to the divestiture of InTelCo as well as certain administrative costs such as legal-related costs for insurance asset recoveries. 2020 included amounts to maintain a rolling 10-year provision prior to the transition in 2020 to full horizon.

(b)In 2020, we extended our projection to include pending claims and claims expected to be filed through 2052, which reflected the full time period over which we expected asbestos-related claims to be filed against InTelCo.

Rollforward of Environmental Liability and Related Assets Table

The following table provides a rollforward of the estimated current and long-term environmental liability.

	2022		2021
Balance as of January 1	$	54.1	$	58.3
Changes in estimates for pre-existing accruals:
Continuing operations	1.7		1.8
Discontinued operations(a)	5.4		—
Accruals added during the period for new matters	0.1		1.8
Cash payments	(4.0)		(7.6)
Foreign currency	(0.2)		(0.2)
Balance as of December 31	$	57.1	$	54.1

(a)During 2022, we increased the estimated environmental liability for a former site of ITT by $5.4 and recognized an insurance-related asset of $4.3. The resulting net pre-tax expense of $1.1 has been presented as a loss from discontinued operations within our Consolidated Statements of Operations.

Range of Environmental Liability and Number of Active Sites for Environmental Matters

The following table illustrates the reasonably possible high range of estimated liability and number of active sites for environmental matters.

As of December 31	2022		2021
High-end estimate of environmental liability	$	93.5	$	93.8
Number of open environmental matters	28		26