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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Revenue $ 3,283.0 $ 2,987.7 $ 2,765.0
Costs of revenue 2,175.7 2,065.4 1,865.5
Gross profit 1,107.3 922.3 899.5
General and administrative expenses 302.6 217.2 230.9
Sales and marketing expenses 174.0 156.9 150.8
Research and development expenses 102.6 96.5 94.9
Gain on sale of long-lived assets (0.1) (16.3) (7.0)
Asbestos-related benefit, net 0.0 0.0 (74.4) [1]
Restructuring costs 9.9 3.8 9.6
Operating income 528.2 468.0 504.3
Interest expense (income), net 10.4 6.4 (1.1)
Other non-operating income, net (1.7) (0.2) (3.7)
Income from continuing operations before income tax 519.5 461.8 509.1
Income tax expense 104.8 91.1 189.6
Income from continuing operations 414.7 370.7 319.5
(Loss) income from discontinued operations, net of tax benefit of $0.3, $0.4, and $0.2, respectively (0.9) (1.3) 1.5
Net income 413.8 369.4 321.0
Less: Income attributable to noncontrolling interests 3.3 2.4 4.7
Net income attributable to ITT Inc. 410.5 367.0 316.3
Amounts attributable to ITT Inc.:      
Income from continuing operations, net of tax 411.4 368.3 314.8
(Loss) income from discontinued operations, net of tax (0.9) (1.3) 1.5
Net income attributable to ITT Inc. $ 410.5 $ 367.0 $ 316.3
Basic:      
Continuing operations $ 5.00 $ 4.42 $ 3.66
Discontinued operations (0.01) (0.02) 0.02
Net income 4.99 4.40 3.68
Diluted:      
Continuing operations 4.97 4.40 3.64
Discontinued operations (0.01) (0.02) 0.02
Net income $ 4.96 $ 4.38 $ 3.66
Weighted average common shares – basic 82.3 83.4 86.0
Weighted average common shares – diluted 82.7 83.7 86.5
[1] The 2021 period includes a pre-tax gain of $88.8 resulting from the InTelCo divestiture transaction. See Note 19, Commitments and Contingencies, for further information.