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RECENT ACCOUNTING PRONOUNCEMENTS
 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Recent Accounting Pronouncements [Abstract]    
Accounting Standards Update and Change in Accounting Principle [Text Block]
RECENT ACCOUNTING PRONOUNCEMENTS
From time to time, the Financial Accounting Standards Board (FASB) or other standards setting bodies issue new accounting pronouncements. Updates to the FASB's accounting standards are communicated through issuance of an Accounting Standards Update (ASU). The Company considers the applicability and impact of all ASUs on our business and financial results.
Recently issued accounting pronouncements not yet adopted
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires disclosure of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The amendment also includes other changes to improve the effectiveness of income tax disclosures, including further disaggregation of income taxes paid for individually significant jurisdictions. This ASU is effective for annual periods beginning after December 15, 2024. Adoption of this ASU should be applied on a prospective basis. We are currently evaluating the impact that this guidance will have on the disclosures within our financial statements and will adopt this ASU for the year ending December 31, 2025.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement- Reporting Comprehensive Income. Expense disaggregation disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses. This ASU requires disclosure of specified information about certain costs and expenses in the notes to financial statements. The effective dates for this ASU were updated in ASU 2025-01 stating it is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Adoption of this ASU should be applied on a prospective basis. Early adoption is permitted. We are currently evaluating the impact that this guidance will have on the disclosures within our financial statements and expect to adopt this ASU for the year ending December 31, 2027.
During 2025, there were no other new accounting standards issued, or that are pending issuance, which are expected to have a material impact on our consolidated condensed financial statements upon adoption.
Change in Accounting Principle - Inventory
Effective January 1, 2025, we changed our method of determining the cost for certain inventories from a last-in, first-out (LIFO) basis to a first-in, first-out (FIFO) basis for all inventories previously accounted for under LIFO. We concluded the FIFO basis of accounting is the preferable method for determining inventory cost for our businesses because it improves comparability with our peers, more accurately reflects the current value and physical flow of inventory, improves consistency across all locations, and aligns operationally with how management views the performance of the business.
We retrospectively applied this change in accounting principle to all prior periods and recorded a cumulative effect adjustment to increase the January 1, 2024 inventory balance by $19.1, with an increase to retained earnings of $14.6, net of tax. The Consolidated Condensed Statement of Operations, Consolidated Condensed Statement of Comprehensive Income, Consolidated Condensed Statement of Cash flows and Consolidated Condensed Statement of Changes in Shareholders’ Equity for the three and nine months ended September 28, 2024, and the Consolidated Condensed Balance Sheet as of December 31, 2024 and the related Notes to the Consolidated Condensed Financial Statements have been adjusted to reflect the change in accounting principle.
The impact of the change in accounting method on our previously issued financial statements is presented in the following tables:
Consolidated Condensed Statement of Operations
Three Months Ended September 28, 2024
As previously reported
Effect of ChangeAs Adjusted
Cost of revenue$571.2 $(0.7)$570.5 
Gross profit314.0 0.7 314.7 
Operating income207.9 0.7 208.6 
Income from continuing operations before income taxes199.7 0.7 200.4 
Income tax expense37.8 0.2 38.0 
Income from continuing operations161.9 0.5 162.4 
Net income161.7 0.5 162.2 
Net income attributable to ITT Inc.161.1 0.5 161.6 
Income from continuing operations attributable to ITT Inc., net of tax
$161.3 $0.5 $161.8 
Basic EPS discontinued operations
$(0.01)$0.01 $— 
Basic EPS net income
$1.97 $0.01 $1.98 
Diluted EPS continuing operations
$1.96 $0.01 $1.97 
Diluted EPS net income
$1.96 $0.01 $1.97 
Nine Months Ended September 28, 2024
Cost of revenue$1,770.8 $(2.1)$1,768.7 
Gross profit930.9 2.1 933.0 
Operating income516.1 2.1 518.2 
Income from continuing operations before income taxes497.9 2.1 500.0 
Income tax expense103.6 0.5 104.1 
Income from continuing operations394.3 1.6 395.9 
Net income394.1 1.6 395.7 
Net income attributable to ITT Inc.391.3 1.6 392.9 
Income from continuing operations attributable to ITT Inc., net of tax
$391.5 $1.6 $393.1 
Basic EPS continuing operations
$4.78 $0.02 $4.80 
Basic EPS net income
$4.78 $0.02 $4.80 
Diluted EPS continuing operations
$4.75 $0.02 $4.77 
Diluted net income
$4.75 $0.02 $4.77 
    
Consolidated Condensed Statement of Comprehensive Income
Three Months Ended September 28, 2024
As previously reported
Effect of Change
As Adjusted
Net income$161.7 $0.5 $162.2 
Comprehensive income219.0 0.5 219.5 
Comprehensive income attributable to ITT Inc.$218.4 $0.5 $218.9 
Nine Months Ended September 28, 2024
Net income$394.1 $1.6 $395.7 
Comprehensive income400.5 1.6 402.1 
Comprehensive income attributable to ITT Inc.$397.7 $1.6 $399.3 
Consolidated Condensed Balance Sheet
December 31, 2024
As previously reported
Effect of Change
As Adjusted
Inventories$591.2 $21.1 $612.3 
Total current assets
1,864.7 21.1 1,885.8 
Other non-current assets
384.6 (0.5)384.1 
Total non-current assets
2,846.0 (0.5)2,845.5 
Total assets
4,710.7 20.6 4,731.3 
Other non-current liabilities
256.3 4.4 260.7 
Total non-current liabilities
607.9 4.4 612.3 
Total liabilities
1,941.1 4.4 1,945.5 
Retained earnings3,099.4 16.2 3,115.6 
Total ITT Inc. shareholders’ equity
2,762.6 16.2 2,778.8 
Total shareholders’ equity2,769.6 16.2 2,785.8 
Total liabilities and shareholders’ equity
$4,710.7 $20.6 $4,731.3 
Consolidated Condensed Statement of Cash Flows
Nine Months Ended September 28, 2024
As previously reported
Effect of Change
As Adjusted
Income from continuing operations
$391.5 1.6 $393.1 
Change in inventories
(2.6)(2.1)(4.7)
Change in income taxes
(15.4)0.5 (14.9)