Organization, Consolidation and Presentation of Financial Statements (Tables)

9 Months Ended

Sep. 28, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Change in Accounting Estimate

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 Change		As Adjusted
Cost of revenue	$	571.2	$	(0.7)	$	570.5
Gross profit	314.0		0.7		314.7
Operating income	207.9		0.7		208.6
Income from continuing operations before income taxes	199.7		0.7		200.4
Income tax expense	37.8		0.2		38.0
Income from continuing operations	161.9		0.5		162.4
Net income	161.7		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 profit	930.9		2.1		933.0
Operating income	516.1		2.1		518.2
Income from continuing operations before income taxes	497.9		2.1		500.0
Income tax expense	103.6		0.5		104.1
Income from continuing operations	394.3		1.6		395.9
Net income	394.1		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 income	219.0		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 income	400.5		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 earnings	3,099.4		16.2		3,115.6
Total ITT Inc. shareholders’ equity	2,762.6		16.2		2,778.8
Total shareholders’ equity	2,769.6		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)