false2024Q3000021622812-31xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesitt:Segmentxbrli:pureitt:site00002162282024-01-012024-09-2800002162282024-10-2800002162282024-06-302024-09-2800002162282023-07-022023-09-3000002162282023-01-012023-09-3000002162282024-09-2800002162282023-12-3100002162282022-12-3100002162282023-09-300000216228us-gaap:CommonStockMember2024-06-290000216228us-gaap:RetainedEarningsMember2024-06-290000216228us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-290000216228us-gaap:NoncontrollingInterestMember2024-06-2900002162282024-06-290000216228us-gaap:RetainedEarningsMember2024-06-302024-09-280000216228us-gaap:NoncontrollingInterestMember2024-06-302024-09-280000216228us-gaap:CommonStockMember2024-06-302024-09-280000216228us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-302024-09-280000216228us-gaap:CommonStockMember2024-09-280000216228us-gaap:RetainedEarningsMember2024-09-280000216228us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-280000216228us-gaap:NoncontrollingInterestMember2024-09-280000216228us-gaap:CommonStockMember2023-12-310000216228us-gaap:RetainedEarningsMember2023-12-310000216228us-gaap:NoncontrollingInterestMember2023-12-310000216228us-gaap:RetainedEarningsMember2024-01-012024-09-280000216228us-gaap:NoncontrollingInterestMember2024-01-012024-09-280000216228us-gaap:CommonStockMember2024-01-012024-09-280000216228us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-280000216228us-gaap:CommonStockMember2023-07-010000216228us-gaap:RetainedEarningsMember2023-07-010000216228us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-010000216228us-gaap:NoncontrollingInterestMember2023-07-0100002162282023-07-010000216228us-gaap:RetainedEarningsMember2023-07-022023-09-300000216228us-gaap:NoncontrollingInterestMember2023-07-022023-09-300000216228us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-022023-09-300000216228us-gaap:CommonStockMember2023-09-300000216228us-gaap:RetainedEarningsMember2023-09-300000216228us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000216228us-gaap:NoncontrollingInterestMember2023-09-300000216228us-gaap:CommonStockMember2022-12-310000216228us-gaap:RetainedEarningsMember2022-12-310000216228us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000216228us-gaap:NoncontrollingInterestMember2022-12-310000216228us-gaap:RetainedEarningsMember2023-01-012023-09-300000216228us-gaap:NoncontrollingInterestMember2023-01-012023-09-300000216228us-gaap:CommonStockMember2023-01-012023-09-300000216228us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000216228itt:SvanehojMember2024-01-192024-01-190000216228itt:KSARIAMember2024-09-122024-09-120000216228itt:WolverineMember2024-07-222024-07-220000216228itt:MatrixMember2023-12-292023-12-290000216228itt:MotionTechnologiesMember2024-06-302024-09-280000216228itt:MotionTechnologiesMember2023-07-022023-09-300000216228itt:MotionTechnologiesMember2024-01-012024-09-280000216228itt:MotionTechnologiesMember2023-01-012023-09-300000216228itt:IndustrialProcessMember2024-06-302024-09-280000216228itt:IndustrialProcessMember2023-07-022023-09-300000216228itt:IndustrialProcessMember2024-01-012024-09-280000216228itt:IndustrialProcessMember2023-01-012023-09-300000216228itt:ConnectControlTechnologiesMember2024-06-302024-09-280000216228itt:ConnectControlTechnologiesMember2023-07-022023-09-300000216228itt:ConnectControlTechnologiesMember2024-01-012024-09-280000216228itt:ConnectControlTechnologiesMember2023-01-012023-09-300000216228itt:SegmentResultsMember2024-06-302024-09-280000216228itt:SegmentResultsMember2023-07-022023-09-300000216228itt:SegmentResultsMember2024-01-012024-09-280000216228itt:SegmentResultsMember2023-01-012023-09-300000216228itt:SegmentEliminationsMember2024-06-302024-09-280000216228itt:SegmentEliminationsMember2023-07-022023-09-300000216228itt:SegmentEliminationsMember2024-01-012024-09-280000216228itt:SegmentEliminationsMember2023-01-012023-09-300000216228us-gaap:OperatingSegmentsMember2024-06-302024-09-280000216228us-gaap:OperatingSegmentsMember2023-07-022023-09-300000216228us-gaap:OperatingSegmentsMember2024-01-012024-09-280000216228us-gaap:OperatingSegmentsMember2023-01-012023-09-300000216228itt:AggregateEliminationsCorpAndOtherMember2024-06-302024-09-280000216228itt:AggregateEliminationsCorpAndOtherMember2023-07-022023-09-300000216228itt:AggregateEliminationsCorpAndOtherMember2024-01-012024-09-280000216228itt:AggregateEliminationsCorpAndOtherMember2023-01-012023-09-300000216228itt:MotionTechnologiesMember2024-09-280000216228itt:MotionTechnologiesMember2023-12-310000216228itt:IndustrialProcessMember2024-09-280000216228itt:IndustrialProcessMember2023-12-310000216228itt:ConnectControlTechnologiesMember2024-09-280000216228itt:ConnectControlTechnologiesMember2023-12-310000216228us-gaap:CorporateAndOtherMember2024-09-280000216228us-gaap:CorporateAndOtherMember2023-12-310000216228us-gaap:CorporateAndOtherMember2024-01-012024-09-280000216228us-gaap:CorporateAndOtherMember2023-01-012023-09-300000216228itt:AutomotiveandrailMemberitt:MotionTechnologiesMember2024-06-302024-09-280000216228itt:AutomotiveandrailMemberitt:IndustrialProcessMember2024-06-302024-09-280000216228itt:AutomotiveandrailMemberitt:ConnectControlTechnologiesMember2024-06-302024-09-280000216228srt:ConsolidationEliminationsMemberitt:AutomotiveandrailMember2024-06-302024-09-280000216228itt:ChemicalandindustrialpumpsMemberitt:MotionTechnologiesMember2024-06-302024-09-280000216228itt:ChemicalandindustrialpumpsMemberitt:IndustrialProcessMember2024-06-302024-09-280000216228itt:ChemicalandindustrialpumpsMemberitt:ConnectControlTechnologiesMember2024-06-302024-09-280000216228srt:ConsolidationEliminationsMemberitt:ChemicalandindustrialpumpsMember2024-06-302024-09-280000216228us-gaap:OilAndGasMemberitt:MotionTechnologiesMember2024-06-302024-09-280000216228us-gaap:OilAndGasMemberitt:IndustrialProcessMember2024-06-302024-09-280000216228us-gaap:OilAndGasMemberitt:ConnectControlTechnologiesMember2024-06-302024-09-280000216228srt:ConsolidationEliminationsMemberus-gaap:OilAndGasMember2024-06-302024-09-280000216228itt:AerospaceanddefenseMemberitt:MotionTechnologiesMember2024-06-302024-09-280000216228itt:AerospaceanddefenseMemberitt:IndustrialProcessMember2024-06-302024-09-280000216228itt:AerospaceanddefenseMemberitt:ConnectControlTechnologiesMember2024-06-302024-09-280000216228srt:ConsolidationEliminationsMemberitt:AerospaceanddefenseMember2024-06-302024-09-280000216228itt:GeneralindustrialMemberitt:MotionTechnologiesMember2024-06-302024-09-280000216228itt:GeneralindustrialMemberitt:IndustrialProcessMember2024-06-302024-09-280000216228itt:GeneralindustrialMemberitt:ConnectControlTechnologiesMember2024-06-302024-09-280000216228srt:ConsolidationEliminationsMemberitt:GeneralindustrialMember2024-06-302024-09-280000216228srt:ConsolidationEliminationsMember2024-06-302024-09-280000216228itt:AutomotiveandrailMemberitt:MotionTechnologiesMember2024-01-012024-09-280000216228itt:AutomotiveandrailMemberitt:IndustrialProcessMember2024-01-012024-09-280000216228itt:AutomotiveandrailMemberitt:ConnectControlTechnologiesMember2024-01-012024-09-280000216228srt:ConsolidationEliminationsMemberitt:AutomotiveandrailMember2024-01-012024-09-280000216228itt:AutomotiveandrailMember2024-01-012024-09-280000216228itt:ChemicalandindustrialpumpsMemberitt:MotionTechnologiesMember2024-01-012024-09-280000216228itt:ChemicalandindustrialpumpsMemberitt:IndustrialProcessMember2024-01-012024-09-280000216228itt:ChemicalandindustrialpumpsMemberitt:ConnectControlTechnologiesMember2024-01-012024-09-280000216228srt:ConsolidationEliminationsMemberitt:ChemicalandindustrialpumpsMember2024-01-012024-09-280000216228itt:ChemicalandindustrialpumpsMember2024-01-012024-09-280000216228us-gaap:OilAndGasMemberitt:MotionTechnologiesMember2024-01-012024-09-280000216228us-gaap:OilAndGasMemberitt:IndustrialProcessMember2024-01-012024-09-280000216228us-gaap:OilAndGasMemberitt:ConnectControlTechnologiesMember2024-01-012024-09-280000216228srt:ConsolidationEliminationsMemberus-gaap:OilAndGasMember2024-01-012024-09-280000216228us-gaap:OilAndGasMember2024-01-012024-09-280000216228itt:AerospaceanddefenseMemberitt:MotionTechnologiesMember2024-01-012024-09-280000216228itt:AerospaceanddefenseMemberitt:IndustrialProcessMember2024-01-012024-09-280000216228itt:AerospaceanddefenseMemberitt:ConnectControlTechnologiesMember2024-01-012024-09-280000216228srt:ConsolidationEliminationsMemberitt:AerospaceanddefenseMember2024-01-012024-09-280000216228itt:AerospaceanddefenseMember2024-01-012024-09-280000216228itt:GeneralindustrialMemberitt:MotionTechnologiesMember2024-01-012024-09-280000216228itt:GeneralindustrialMemberitt:IndustrialProcessMember2024-01-012024-09-280000216228itt:GeneralindustrialMemberitt:ConnectControlTechnologiesMember2024-01-012024-09-280000216228srt:ConsolidationEliminationsMemberitt:GeneralindustrialMember2024-01-012024-09-280000216228itt:GeneralindustrialMember2024-01-012024-09-280000216228srt:ConsolidationEliminationsMember2024-01-012024-09-280000216228itt:AutomotiveandrailMemberitt:MotionTechnologiesMember2023-07-022023-09-300000216228itt:AutomotiveandrailMemberitt:IndustrialProcessMember2023-07-022023-09-300000216228itt:AutomotiveandrailMemberitt:ConnectControlTechnologiesMember2023-07-022023-09-300000216228srt:ConsolidationEliminationsMemberitt:AutomotiveandrailMember2023-07-022023-09-300000216228itt:AutomotiveandrailMember2023-07-022023-09-300000216228itt:ChemicalandindustrialpumpsMemberitt:MotionTechnologiesMember2023-07-022023-09-300000216228itt:ChemicalandindustrialpumpsMemberitt:IndustrialProcessMember2023-07-022023-09-300000216228itt:ChemicalandindustrialpumpsMemberitt:ConnectControlTechnologiesMember2023-07-022023-09-300000216228srt:ConsolidationEliminationsMemberitt:ChemicalandindustrialpumpsMember2023-07-022023-09-300000216228itt:ChemicalandindustrialpumpsMember2023-07-022023-09-300000216228us-gaap:OilAndGasMemberitt:MotionTechnologiesMember2023-07-022023-09-300000216228us-gaap:OilAndGasMemberitt:IndustrialProcessMember2023-07-022023-09-300000216228us-gaap:OilAndGasMemberitt:ConnectControlTechnologiesMember2023-07-022023-09-300000216228srt:ConsolidationEliminationsMemberus-gaap:OilAndGasMember2023-07-022023-09-300000216228us-gaap:OilAndGasMember2023-07-022023-09-300000216228itt:AerospaceanddefenseMemberitt:MotionTechnologiesMember2023-07-022023-09-300000216228itt:AerospaceanddefenseMemberitt:IndustrialProcessMember2023-07-022023-09-300000216228itt:AerospaceanddefenseMemberitt:ConnectControlTechnologiesMember2023-07-022023-09-300000216228srt:ConsolidationEliminationsMemberitt:AerospaceanddefenseMember2023-07-022023-09-300000216228itt:AerospaceanddefenseMember2023-07-022023-09-300000216228itt:GeneralindustrialMemberitt:MotionTechnologiesMember2023-07-022023-09-300000216228itt:GeneralindustrialMemberitt:IndustrialProcessMember2023-07-022023-09-300000216228itt:GeneralindustrialMemberitt:ConnectControlTechnologiesMember2023-07-022023-09-300000216228srt:ConsolidationEliminationsMemberitt:GeneralindustrialMember2023-07-022023-09-300000216228itt:GeneralindustrialMember2023-07-022023-09-300000216228srt:ConsolidationEliminationsMember2023-07-022023-09-300000216228itt:AutomotiveandrailMemberitt:MotionTechnologiesMember2023-01-012023-09-300000216228itt:AutomotiveandrailMemberitt:IndustrialProcessMember2023-01-012023-09-300000216228itt:AutomotiveandrailMemberitt:ConnectControlTechnologiesMember2023-01-012023-09-300000216228srt:ConsolidationEliminationsMemberitt:AutomotiveandrailMember2023-01-012023-09-300000216228itt:AutomotiveandrailMember2023-01-012023-09-300000216228itt:ChemicalandindustrialpumpsMemberitt:MotionTechnologiesMember2023-01-012023-09-300000216228itt:ChemicalandindustrialpumpsMemberitt:IndustrialProcessMember2023-01-012023-09-300000216228itt:ChemicalandindustrialpumpsMemberitt:ConnectControlTechnologiesMember2023-01-012023-09-300000216228srt:ConsolidationEliminationsMemberitt:ChemicalandindustrialpumpsMember2023-01-012023-09-300000216228itt:ChemicalandindustrialpumpsMember2023-01-012023-09-300000216228us-gaap:OilAndGasMemberitt:MotionTechnologiesMember2023-01-012023-09-300000216228us-gaap:OilAndGasMemberitt:IndustrialProcessMember2023-01-012023-09-300000216228us-gaap:OilAndGasMemberitt:ConnectControlTechnologiesMember2023-01-012023-09-300000216228srt:ConsolidationEliminationsMemberus-gaap:OilAndGasMember2023-01-012023-09-300000216228us-gaap:OilAndGasMember2023-01-012023-09-300000216228itt:AerospaceanddefenseMemberitt:MotionTechnologiesMember2023-01-012023-09-300000216228itt:AerospaceanddefenseMemberitt:IndustrialProcessMember2023-01-012023-09-300000216228itt:AerospaceanddefenseMemberitt:ConnectControlTechnologiesMember2023-01-012023-09-300000216228srt:ConsolidationEliminationsMemberitt:AerospaceanddefenseMember2023-01-012023-09-300000216228itt:AerospaceanddefenseMember2023-01-012023-09-300000216228itt:GeneralindustrialMemberitt:MotionTechnologiesMember2023-01-012023-09-300000216228itt:GeneralindustrialMemberitt:IndustrialProcessMember2023-01-012023-09-300000216228itt:GeneralindustrialMemberitt:ConnectControlTechnologiesMember2023-01-012023-09-300000216228srt:ConsolidationEliminationsMemberitt:GeneralindustrialMember2023-01-012023-09-300000216228itt:GeneralindustrialMember2023-01-012023-09-300000216228srt:ConsolidationEliminationsMember2023-01-012023-09-300000216228itt:RemainingCurrentFiscalYearMembersrt:MinimumMember2024-09-280000216228itt:RemainingCurrentFiscalYearMembersrt:MaximumMember2024-09-280000216228country:DE2023-07-022023-09-300000216228country:US2023-01-012023-09-300000216228country:IT2023-01-012023-09-300000216228itt:WolverineMember2024-09-280000216228srt:MinimumMemberus-gaap:MachineryAndEquipmentMember2024-09-280000216228srt:MaximumMemberus-gaap:MachineryAndEquipmentMember2024-09-280000216228srt:MinimumMemberus-gaap:BuildingAndBuildingImprovementsMember2024-09-280000216228srt:MaximumMemberus-gaap:BuildingAndBuildingImprovementsMember2024-09-280000216228srt:MinimumMemberus-gaap:FurnitureAndFixturesMember2024-09-280000216228srt:MaximumMemberus-gaap:FurnitureAndFixturesMember2024-09-280000216228us-gaap:CustomerRelationshipsMember2024-09-280000216228us-gaap:CustomerRelationshipsMember2023-12-310000216228us-gaap:TechnologyBasedIntangibleAssetsMember2024-09-280000216228us-gaap:TechnologyBasedIntangibleAssetsMember2023-12-310000216228itt:PatentsAndOtherMember2024-09-280000216228itt:PatentsAndOtherMember2023-12-310000216228itt:SvanehojMember2024-01-190000216228itt:SvanehojMemberus-gaap:CustomerRelationshipsMember2024-01-190000216228itt:SvanehojMemberus-gaap:CustomerRelationshipsMember2024-01-192024-01-190000216228itt:SvanehojMemberus-gaap:TechnologyBasedIntangibleAssetsMember2024-01-190000216228itt:SvanehojMemberus-gaap:TechnologyBasedIntangibleAssetsMember2024-01-192024-01-190000216228itt:SvanehojMemberus-gaap:TradeNamesMember2024-01-192024-01-190000216228itt:SvanehojMemberus-gaap:OrderOrProductionBacklogMember2024-01-190000216228itt:SvanehojMemberus-gaap:OrderOrProductionBacklogMember2024-01-192024-01-190000216228itt:SvanehojMemberus-gaap:OtherIntangibleAssetsMember2024-01-190000216228itt:SvanehojMemberus-gaap:OtherIntangibleAssetsMember2024-01-192024-01-190000216228itt:KSARIAMember2024-09-120000216228itt:SupplyChainFinancingProgramMember2024-09-280000216228itt:SupplyChainFinancingProgramMember2023-12-310000216228country:US2024-09-280000216228country:US2023-12-310000216228itt:TermLoanMember2024-09-280000216228itt:ItalianTermLoanMember2024-06-302024-09-280000216228itt:ItalianTermLoanMember2024-01-012024-09-280000216228itt:ItalianTermLoanMember2024-09-280000216228us-gaap:RevolvingCreditFacilityMember2024-09-280000216228itt:A2021RevolvingCreditFacilityMemberMember2024-09-280000216228itt:A2021RevolvingCreditFacilityMemberMember2024-01-012024-09-280000216228itt:EquityBasedAwardsMember2024-06-302024-09-280000216228itt:EquityBasedAwardsMember2023-07-022023-09-300000216228itt:EquityBasedAwardsMember2024-01-012024-09-280000216228itt:EquityBasedAwardsMember2023-01-012023-09-300000216228itt:LiabilityBasedAwardsMember2024-06-302024-09-280000216228itt:LiabilityBasedAwardsMember2023-07-022023-09-300000216228itt:LiabilityBasedAwardsMember2024-01-012024-09-280000216228itt:LiabilityBasedAwardsMember2023-01-012023-09-300000216228itt:EquityBasedAwardsMember2024-09-280000216228itt:LiabilityBasedAwardsMember2024-09-280000216228us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-280000216228us-gaap:RestrictedStockUnitsRSUMember2024-09-280000216228us-gaap:PerformanceSharesMember2024-01-012024-09-280000216228us-gaap:PerformanceSharesMember2024-09-280000216228us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300000216228us-gaap:PerformanceSharesMember2023-01-012023-09-300000216228itt:A2019ShareRepurchaseProgramMember2024-09-280000216228itt:A2023ShareRepurchaseProgramMember2024-09-280000216228itt:ShareRepurchaseProgramMember2024-06-302024-09-280000216228itt:ShareRepurchaseProgramMember2023-07-022023-09-300000216228itt:ShareRepurchaseProgramMember2024-01-012024-09-280000216228itt:ShareRepurchaseProgramMember2023-01-012023-09-300000216228us-gaap:SegmentContinuingOperationsMember2024-01-012024-09-280000216228us-gaap:SegmentContinuingOperationsMember2023-01-012023-09-300000216228us-gaap:SegmentDiscontinuedOperationsMember2024-01-012024-09-280000216228us-gaap:SegmentDiscontinuedOperationsMember2023-01-012023-09-300000216228itt:EnvironmentalRelatedMattersMembersrt:MaximumMember2024-09-280000216228itt:EnvironmentalRelatedMattersMembersrt:MaximumMember2023-09-300000216228itt:EnvironmentalRelatedMattersMember2024-09-280000216228itt:EnvironmentalRelatedMattersMember2023-09-300000216228itt:MicroModeMember2023-05-020000216228itt:WolverineMember2024-07-222024-07-220000216228itt:WolverineMember2024-07-22

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 28, 2024
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                    
Commission File Number: 001-05672
ITT INC.
(Exact name of Registrant as specified in its charter)
Indiana 81-1197930
(State or Other Jurisdiction
of Incorporation or Organization)		 (I.R.S. Employer
Identification Number)
100 Washington Boulevard
6th Floor, Stamford, CT    06902
(Address of Principal Executive Offices)    (Zip Code)
(914) 641-2000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareITTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☑    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☑    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
☑Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐    No  ☑
As of October 28, 2024, there were 81.5 million shares of Common Stock (par value $1.00 per share) of the issuer outstanding.


TABLE OF CONTENTS
ITEM
  
PAGE
PART I – FINANCIAL INFORMATION
1.
2.
Liquidity and Capital Resources
3.
4.
PART II – OTHER INFORMATION
1.
1A.
2.
3.
4.
5.
6.


WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly and current reports, proxy statements and other information with the U.S. Securities and Exchange Commission (the SEC). The SEC maintains a website at www.sec.gov on which you may access our SEC filings. In addition, we make available free of charge at investors.itt.com copies of materials we file with, or furnish to, the SEC as soon as reasonably practical after we electronically file or furnish these reports, as well as other important information that we disclose from time to time. Information contained on our website, or that can be accessed through our website, does not constitute a part of this Quarterly Report on Form 10-Q (this Report). We have included our website address only as an inactive textual reference and do not intend it to be an active link to our website.
Our corporate headquarters are located at 100 Washington Boulevard, 6th Floor, Stamford, CT 06902 and the telephone number of this location is (914) 641-2000.
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
Some of the information included herein includes forward-looking statements within the meaning of the Securities Exchange Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical facts, but rather represent only a belief regarding future events based on current expectations, estimates, assumptions and projections about our business, future financial results and the industry in which we operate, and other legal, regulatory and economic developments. These forward-looking statements include, but are not limited to, future strategic plans and other statements that describe the company’s business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future events and future operating or financial performance.
We use words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “future,” “guidance,” “project,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will,” and other similar expressions to identify such forward-looking statements. Forward-looking statements are uncertain and, by their nature, many are inherently unpredictable and outside of ITT’s control, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied in, or reasonably inferred from, such forward-looking statements.
Where in any forward-looking statement we express an expectation or belief as to future results or events, such expectation or belief is based on current plans and expectations of our management, expressed in good faith and believed to have a reasonable basis. However, we cannot provide any assurance that the expectation or belief will occur or that anticipated results will be achieved or accomplished.
Among the factors that could cause our results to differ materially from those indicated by forward-looking statements are risks and uncertainties inherent in our business including, without limitation:
•uncertain global economic and capital markets conditions, which have been influenced by heightened geopolitical tensions, inflation, changes in monetary policies, the threat of a possible regional or global economic recession, trade disputes between the U.S. and its trading partners, political and social unrest, and the availability and fluctuations in prices of energy and commodities, including steel, oil, copper and tin;
•fluctuations in interest rates and the impact of such fluctuations on customer behavior and on our cost of debt;
•fluctuations in foreign currency exchange rates and the impact of such fluctuations on our revenues, customer demand for our products and on our hedging arrangements;
•volatility in raw material prices and our suppliers’ ability to meet quality and delivery requirements;
•impacts and risk of liabilities from recent mergers, acquisitions, or venture investments, and past divestitures and spin-offs;
•our inability to hire or retain key personnel;
•failure to compete successfully and innovate in our markets;
•failure to manage the distribution of products and services effectively;
•failure to protect our intellectual property rights or violations of the intellectual property rights of others;
•the extent to which there are quality problems with respect to manufacturing processes or finished goods;


•the risk of cybersecurity breaches or failure of any information systems used by the Company, including any flaws in the implementation of any enterprise resource planning systems;
•loss of or decrease in sales from our most significant customers;
•risks due to our operations and sales outside the U.S. and in emerging markets, including the imposition of tariffs and trade sanctions;
•fluctuations in demand or customers’ levels of capital investment, maintenance expenditures, production, and market cyclicality;
•the risk of material business interruptions, particularly at our manufacturing facilities;
•risks related to government contracting, including changes in levels of government spending and regulatory and contractual requirements applicable to sales to the U.S. government;
•fluctuations in our effective tax rate, including as a result of changing tax laws and other possible tax reform legislation in the U.S. and other jurisdictions;
•changes in environmental laws or regulations, discovery of previously unknown or more extensive contamination, or the failure of a potentially responsible party to perform;
•failure to comply with the U.S. Foreign Corrupt Practices Act (or other applicable anti-corruption legislation), export controls and trade sanctions; and
•risk of product liability claims and litigation.
More information on factors that could cause actual results or events to differ materially from those anticipated is included in Part II, Item 1A, “Risk Factors” herein, as well as in our reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023 (particularly under the caption “Risk Factors”), our Quarterly Reports on Form 10-Q and in other documents we file from time to time with the SEC.
The forward-looking statements included in this Report speak only as of the date of this Report. We undertake no obligation (and expressly disclaim any obligation) to update any forward-looking statements, whether written or oral or as a result of new information, future events or otherwise.


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Revenue$885.2 $822.1 $2,701.7 $2,453.9 
Cost of revenue571.2 542.7 1,770.8 1,632.6 
Gross profit314.0 279.4 930.9 821.3 
General and administrative expenses74.8 66.9 223.1 210.8 
Sales and marketing expenses50.5 44.4 151.2 131.2 
Research and development expenses28.6 25.0 88.3 77.1 
Gain on sale of businesses
(47.8)— (47.8)(7.2)
Operating income207.9 143.1 516.1 409.4 
Interest expense
10.0 4.2 25.1 15.4 
Interest income
(1.6)(1.9)(5.0)(6.5)
Other non-operating income, net
(0.2)(0.9)(1.9)(1.5)
Income before income tax expense
199.7 141.7 497.9 402.0 
Income tax expense37.8 29.9 103.6 80.6 
Income from continuing operations161.9 111.8 394.3 321.4 
Loss from discontinued operations, net of tax benefit of $0.0, $0.0, $0.0, and $0.0, respectively
(0.2)— (0.2)— 
Net income161.7 111.8 394.1 321.4 
Less: Income attributable to noncontrolling interests0.6 1.0 2.8 2.4 
Net income attributable to ITT Inc.$161.1 $110.8 $391.3 $319.0 
Amounts attributable to ITT Inc.:
Income from continuing operations$161.3 $110.8 $391.5 $319.0 
Loss from discontinued operations, net of tax(0.2)— (0.2)— 
Net income attributable to ITT Inc.$161.1 $110.8 $391.3 $319.0 
Earnings per share attributable to ITT Inc.:
Basic:
Continuing operations
$1.98 $1.35 $4.78 $3.87 
Discontinued operations(0.01)— — — 
Net income
$1.97 $1.35 $4.78 $3.87 
Diluted:
Continuing operations
$1.96 $1.34 $4.75 $3.86 
Discontinued operations— — — — 
Net income
$1.96 $1.34 $4.75 $3.86 
Weighted average common shares – basic81.6 82.1 81.9 82.4 
Weighted average common shares – diluted82.1 82.5 82.4 82.7 
The accompanying Notes to the Consolidated Condensed Financial Statements are an integral part of the Statements of Operations.
ITT Inc. | Q3 2024 Form 10-Q | 1

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(IN MILLIONS) 
 
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Net income$161.7 $111.8 $394.1 $321.4 
Other comprehensive income (loss):
Net foreign currency translation adjustment59.2 (30.5)10.0 (34.7)
Net change in postretirement benefit plans, net of tax impacts of $0.6, $(0.3), $1.2, and $1.8, respectively
(1.9)0.9 (3.6)0.2 
Other comprehensive income (loss)57.3 (29.6)6.4 (34.5)
Comprehensive income219.0 82.2 400.5 286.9 
Less: Comprehensive income attributable to noncontrolling interests0.6 1.0 2.8 2.4 
Comprehensive income attributable to ITT Inc.$218.4 $81.2 $397.7 $284.5 
Disclosure of reclassification adjustments and other adjustments to postretirement benefit plans:
Amortization of prior service benefit, net of tax expense of $0.3, $0.4, $1.0, and $1.1, respectively
$(1.0)$(1.1)$(3.2)$(3.4)
Amortization of net actuarial loss, net of tax benefit of $—, $(0.1), $—, and $(0.1), respectively
0.2 (0.2)0.3 — 
Gain on plan settlement due to divestiture, net of tax expense of $0.2, $—, $0.2, and $—
(0.8)— (0.8)— 
Other adjustments to postretirement benefit plans:
Net actuarial gain, net of tax expense of $0.1, $(0.6), $—, and $(0.6), respectively
(0.3)2.2 0.1 2.2 
Deferred tax asset valuation allowance reversal— — — 1.4 
Net change in postretirement benefit plans, net of tax$(1.9)$0.9 $(3.6)$0.2 
The accompanying Notes to the Consolidated Condensed Financial Statements are an integral part of the Statements of Comprehensive Income.    
ITT Inc. | Q3 2024 Form 10-Q | 2

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 
As of the Period EndedSeptember 28,
2024		December 31,
2023
Assets
Current assets:
Cash and cash equivalents$460.9 $489.2 
Receivables, net802.0 675.2 
Inventories620.5 575.4 
Other current assets127.4 117.9 
Total current assets2,010.8 1,857.7 
Non-current assets:
Plant, property and equipment, net578.8 561.0 
Goodwill1,498.3 1,016.3 
Other intangible assets, net462.9 116.6 
Other non-current assets393.7 381.0 
Total non-current assets2,933.7 2,074.9 
Total assets$4,944.5 $3,932.6 
Liabilities and Shareholders’ Equity
Current liabilities:
Short-term borrowings$362.6 $187.7 
Accounts payable460.4 437.0 
Accrued and other current liabilities451.7 413.1 
Total current liabilities1,274.7 1,037.8 
Non-current liabilities:
Long-term debt467.8 5.7 
Postretirement benefits135.0 138.7 
Other non-current liabilities311.3 211.3 
Total non-current liabilities914.1 355.7 
Total liabilities2,188.8 1,393.5 
Shareholders’ equity:
Common stock:
Authorized – 250 shares, $1 par value per share
Issued and outstanding – 81.5 shares and 82.1 shares, respectively
81.5 82.1 
Retained earnings2,993.2 2,778.0 
Accumulated other comprehensive loss:
Postretirement benefits(5.2)(1.6)
Cumulative translation adjustments(320.3)(330.3)
Total accumulated other comprehensive loss(325.5)(331.9)
Total ITT Inc. shareholders’ equity2,749.2 2,528.2 
Noncontrolling interests6.5 10.9 
Total shareholders’ equity2,755.7 2,539.1 
Total liabilities and shareholders’ equity$4,944.5 $3,932.6 
The accompanying Notes to the Consolidated Condensed Financial Statements are an integral part of the Balance Sheets.
ITT Inc. | Q3 2024 Form 10-Q | 3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
(IN MILLIONS)
For the Nine Months Ended
September 28,
2024		September 30,
2023
Operating Activities
Income from continuing operations attributable to ITT Inc.$391.5 $319.0 
Adjustments to income from continuing operations:
Depreciation and amortization100.7 82.8 
Equity-based compensation19.8 15.1 
Gain on sale of business(47.8)(7.2)
Other non-cash charges, net23.8 22.5 
Changes in assets and liabilities:
Change in receivables(93.5)(54.7)
Change in inventories(2.6)(40.9)
Change in contract assets(5.0)0.5 
Change in contract liabilities(1.6)11.1 
Change in accounts payable(11.4)16.5 
Change in accrued expenses(14.1)29.4 
Change in income taxes(15.4)(2.1)
Other, net(5.0)(24.4)
Net Cash – Operating Activities339.4 367.6 
Investing Activities
Capital expenditures(87.5)(68.5)
Proceeds from sale of business, net of cash divested
162.4 10.5 
Acquisitions, net of cash acquired(864.8)(79.3)
Other, net(4.7)(4.7)
Net Cash – Investing Activities(794.6)(142.0)
Financing Activities
Commercial paper, net borrowings174.7 (204.3)
Long-term debt issued, net of debt issuance costs
762.4 — 
Long-term debt repayments
(301.3)(1.2)
Share repurchases under repurchase plan(104.0)(60.0)
Payments for taxes related to net share settlement of stock incentive plans(13.2)(6.7)
Dividends paid(78.7)(71.9)
Other, net(7.9)(1.1)
Net Cash – Financing Activities432.0 (345.2)
Exchange rate effects on cash and cash equivalents(4.4)(10.4)
Net cash – operating activities of discontinued operations(0.4)(0.2)
Net change in cash and cash equivalents(28.0)(130.2)
Cash and cash equivalents – beginning of year (includes restricted cash of $0.7 and $0.7, respectively)
489.9 561.9 
Cash and Cash Equivalents – End of Period (includes restricted cash of $1.0 and $0.9, respectively)
$461.9 $431.7 
Supplemental Disclosures of Cash Flow and Non-Cash Information:
Cash paid for interest
$21.3 $12.3 
Cash paid for income taxes, net of refunds received
$106.8 $72.0 
Capital expenditures included in current liabilities
$23.0 $16.3 
The accompanying Notes to the Consolidated Condensed Financial Statements are an integral part of the Statements of Cash Flows.
ITT Inc. | Q3 2024 Form 10-Q | 4

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 
As of and for the Three Months Ended
September 28, 2024
Common StockRetained EarningsAccumulated Other Comprehensive LossNoncontrolling InterestTotal Shareholders' Equity
(Shares)(Dollars)
June 29, 202481.7$81.7 $2,877.7 $(382.8)$12.6 $2,589.2 
Net income— — 161.1 — 0.6 161.7 
Shares issued and activity from stock incentive plans— — 6.1 — — 6.1 
Shares repurchased under repurchase plan(0.2)(0.2)(25.1)— — (25.3)
Shares withheld related to net share settlement of stock incentive plans— — (0.4)— — (0.4)
Dividends declared ($0.319 per share)
— — (26.1)— — (26.1)
Dividends to noncontrolling interest— — — — (1.8)(1.8)
Purchase of noncontrolling interest— — (0.1)— (4.9)(5.0)
Net change in postretirement benefit plans, net of tax— — — (1.9)— (1.9)
Net foreign currency translation adjustment— — — 59.2 — 59.2 
September 28, 2024
81.5 $81.5 $2,993.2 $(325.5)$6.5 $2,755.7 
As of and for the Nine Months Ended
September 28, 2024
December 31, 2023
82.1 $82.1 $2,778.0 $(331.9)$10.9 $2,539.1 
Net income— — 391.3 — 2.8 394.1 
Shares issued and activity from stock incentive plans0.3 0.3 19.8 — — 20.1 
Shares repurchased under repurchase plan(0.8)(0.8)(104.1)— — (104.9)
Shares withheld related to net share settlement of stock incentive plans(0.1)(0.1)(13.1)— — (13.2)
Dividends declared ($0.957 per share)
— — (78.6)— — (78.6)
Dividends to noncontrolling interest— — — — (2.3)(2.3)
Purchase of noncontrolling interest— — (0.1)— (4.9)(5.0)
Net change in postretirement benefit plans, net of tax— — — (3.6)— (3.6)
Net foreign currency translation adjustment— — — 10.0 — 10.0 
September 28, 2024
81.5 $81.5 $2,993.2 $(325.5)$6.5 $2,755.7 

ITT Inc. | Q3 2024 Form 10-Q | 5

As of and for the Three Months Ended
September 30, 2023
Common StockRetained EarningsAccumulated Other Comprehensive LossNoncontrolling InterestTotal Shareholders' Equity
July 1, 202382.1 $82.1 $2,614.0 $(349.2)$10.7 $2,357.6 
Net income— — 110.8 — 1.0 111.8 
Shares issued and activity from stock incentive plans— — 5.2 — — 5.2 
Shares withheld related to net share settlement of stock incentive plans— — (0.3)— — (0.3)
Dividends declared ($0.290 per share)
— — (23.9)— — (23.9)
Dividends to noncontrolling interest— — — — (1.6)(1.6)
Net change in postretirement benefit plans, net of tax— — — 0.9 — 0.9 
Net foreign currency translation adjustment— — — (30.5)— (30.5)
September 30, 2023
82.1 $82.1 $2,705.8 $(378.8)$10.1 $2,419.2 
As of and for the Nine Months Ended
September 30, 2023
December 31, 202282.7 $82.7 $2,509.7 $(344.3)$9.3 $2,257.4 
Net income— — 319.0 — 2.4 321.4 
Shares issued and activity from stock incentive plans0.2 0.2 15.5 — — 15.7 
Share repurchased under repurchase plan(0.7)(0.7)(59.8)— — (60.5)
Shares withheld related to net share settlement of stock incentive plans(0.1)(0.1)(6.6)— — (6.7)
Dividends declared ($0.870 per share)
— — (72.0)— — (72.0)
Dividends to noncontrolling interest— — — — (1.7)(1.7)
Net change in postretirement benefit plans, net of tax— — — 0.2 — 0.2 
Net foreign currency translation adjustment— — — (34.7)— (34.7)
Other
— — — — 0.1 0.1 
September 30, 2023
82.1 $82.1 $2,705.8 $(378.8)$10.1 $2,419.2 
The accompanying Notes to the Consolidated Condensed Financial Statements are an integral part of the Statements of Changes in Shareholders’ Equity.
ITT Inc. | Q3 2024 Form 10-Q | 6

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
(DOLLARS AND SHARES (EXCEPT PER SHARE AMOUNTS) IN MILLIONS, UNLESS OTHERWISE STATED)
NOTE 1
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business
ITT Inc. is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. Unless the context otherwise indicates, references herein to “ITT,” “the Company,” and such words as “we,” “us,” and “our” include ITT Inc. and its subsidiaries. ITT operates through three reportable segments: Motion Technologies (MT), consisting of friction and shock and vibration equipment; Industrial Process (IP), consisting of industrial flow equipment and services; and Connect & Control Technologies (CCT), consisting of electronic connectors, fluid handling, motion control, composite materials and noise and energy absorption products. Financial information for our segments is presented in Note 3, Segment Information.
Business Combinations and Divestitures
On January 19, 2024, we completed the acquisition of Svanehøj Group A/S (Svanehøj) for a purchase price of $407.6, net of cash acquired. Subsequent to the acquisition, Svanehøj’s results are reported within our IP segment.
On September 12, 2024, we completed the acquisition of kSARIA Parent, Inc. (kSARIA) for a preliminary purchase price of $461.9, net of cash acquired. The final price is subject to a customary working capital adjustment. Subsequent to the acquisition, kSARIA’s results are reported within our CCT segment.
On July 22, 2024, the Company completed the sale of its Wolverine Advanced Materials (Wolverine) business, part of the MT segment prior to the divestiture, to an unrelated third party for a preliminary price of $171. The final price is subject to a customary working capital adjustment. The Company evaluates all disposal transactions to determine whether such disposal qualifies as discontinued operations in accordance with Accounting Standards Codification (ASC) 205-20, Discontinued Operations. We concluded that the divestiture does not qualify as a discontinued operation.
On December 29, 2023, we completed the sale of our Matrix business, an aerospace and defense components manufacturer within our CCT segment, to a third party for total cash proceeds of $1.0.
Refer to Note 18, Acquisitions and Divestitures, for more information.
Basis of Presentation
The unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions) necessary to state fairly the financial position, results of operations, and cash flows for the periods presented. The Consolidated Condensed Balance Sheet as of December 31, 2023, presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K (2023 Annual Report) for the year ended December 31, 2023, but does not include all disclosures required by accounting principles generally accepted in the United States (GAAP). We consistently applied the accounting policies described in the 2023 Annual Report in preparing these unaudited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2023 Annual Report.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, accounting for business combinations, goodwill and other intangible asset impairment testing, environmental liabilities and assets, allowance for credit losses, inventory valuation, and assets held for sale. Actual results could differ from these estimates.
ITT Inc. | Q3 2024 Form 10-Q | 7

ITT’s quarterly financial periods end on the Saturday that is closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year, which ends on December 31st. ITT’s third quarter for 2024 and 2023 ended on September 28, 2024 and September 30, 2023, respectively.
Certain prior year amounts have been reclassified to conform to the current year presentation.
NOTE 2
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 November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (CODM) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. This ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. 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, 2024.
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. 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, 2025.
During 2024, 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.
ITT Inc. | Q3 2024 Form 10-Q | 8

NOTE 3
SEGMENT INFORMATION
The Company’s segments are reported on the same basis used by our Chief Executive Officer, who is also our CODM, for evaluating performance and for allocating resources. Our three reportable segments are referred to as Motion Technologies, Industrial Process, and Connect & Control Technologies.
Motion Technologies manufactures brake components, shock absorbers and damping technologies primarily for the global automotive and rail transportation markets.
Industrial Process manufactures engineered fluid process equipment serving a diversified mix of customers in global industries such as chemical, energy, marine, mining, and other industrial process markets and is a provider of plant optimization and efficiency solutions and aftermarket services and parts.
Connect & Control Technologies manufactures harsh-environment connector solutions, cable assemblies, critical energy absorption, flow control components, and composite materials for the aerospace and defense, general industrial, medical, and energy markets.
Assets of our reportable segments exclude general corporate assets, which principally consist of cash, investments, deferred taxes, and certain property, plant and equipment. These assets are included within Corporate and Other, which is described further below.
Corporate and Other consists of corporate office expenses including compensation, benefits, occupancy, depreciation, and other administrative costs, as well as charges related to certain matters, including environmental liabilities, that are managed at a corporate level and are not included in segment results when evaluating performance or allocating resources. In addition, Corporate and Other includes research and development-related expenses associated with a subsidiary that does not constitute a reportable segment.
The following table presents our revenue for each segment and reconciles our total segment revenue to total consolidated revenue.
 Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Motion Technologies$344.9 $359.5 $1,121.8 $1,093.1 
Industrial Process333.8 279.8 998.4 839.9 
Connect & Control Technologies207.2 184.0 584.1 523.8 
Total segment revenue
885.9 823.3 2,704.3 2,456.8 
Eliminations(0.7)(1.2)(2.6)(2.9)
Total consolidated revenue
$885.2 $822.1 $2,701.7 $2,453.9 
The following table presents our operating income for each segment and reconciles our total segment operating income to income from continuing operations before income tax.
 Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Motion Technologies$110.0 $59.4 $251.8 $170.5 
Industrial Process69.8 64.7 199.4 186.4 
Connect & Control Technologies38.1 33.2 106.2 91.0 
Total segment operating income
217.9 157.3 557.4 447.9 
Other corporate costs
(10.0)(14.2)(41.3)(38.5)
Interest and non-operating expense, net
(8.2)(1.4)(18.2)(7.4)
Income from continuing operations before income tax$199.7 $141.7 $497.9 $402.0 
ITT Inc. | Q3 2024 Form 10-Q | 9

The following table presents our operating margin for each segment. Segment operating margin is calculated as segment operating income divided by segment revenue.
 Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Motion Technologies
31.9 %16.5 %22.4 %15.6 %
Industrial Process
20.9 %23.1 %20.0 %22.2 %
Connect & Control Technologies
18.4 %18.0 %18.2 %17.4 %
The following table presents our total assets, capital expenditures, and depreciation & amortization expense for each segment.
As of and for the
Nine Months Ended
Total AssetsCapital
Expenditures		Depreciation &
Amortization
September 28,
2024		December 31,
2023		September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Motion Technologies$1,271.1 $1,366.6 $53.7 $44.9 $46.8 $49.3 
Industrial Process1,897.5 1,323.2 24.5 10.6 34.9 16.7 
Connect & Control Technologies1,367.0 834.6 8.6 11.7 17.1 14.9 
Corporate and Other408.9 408.2 0.7 1.3 1.9 1.9 
Total$4,944.5 $3,932.6 $87.5 $68.5 $100.7 $82.8 
NOTE 4
REVENUE
The following tables present our revenue disaggregated by end market.
For the Three Months Ended September 28, 2024
Motion TechnologiesIndustrial ProcessConnect & Control TechnologiesEliminationsTotal
Auto and rail$341.0 $— $— $0.1 $341.1 
Chemical and industrial pumps— 226.4 — — 226.4 
Energy— 107.4 14.3 — 121.7 
Aerospace and defense1.9 — 128.0 — 129.9 
General industrial1.9 — 65.0 (0.8)66.1 
Total$344.8 $333.8 $207.3 $(0.7)$885.2 
For the Nine Months Ended September 28, 2024
Auto and rail$1,100.8 $— $— $— $1,100.8 
Chemical and industrial pumps— 675.7 — — 675.7 
Energy— 322.7 40.8 — 363.5 
Aerospace and defense5.6 — 346.8 — 352.4 
General industrial15.3 — 196.6 (2.6)209.3 
Total$1,121.7 $998.4 $584.2 $(2.6)$2,701.7 
ITT Inc. | Q3 2024 Form 10-Q | 10

For the Three Months Ended September 30, 2023
Motion TechnologiesIndustrial ProcessConnect & Control TechnologiesEliminationsTotal
Auto and rail$351.5 $— $— $— $351.5 
Chemical and industrial pumps— 219.7 — (0.1)219.6 
Energy— 60.1 13.6 — 73.7 
Aerospace and defense2.0 — 99.2 — 101.2 
General industrial6.0 — 71.2 (1.1)76.1 
Total$359.5 $279.8 $184.0 $(1.2)$822.1 
For the Nine Months Ended September 30, 2023
Auto and rail$1,067.5 $— $— $— $1,067.5 
Chemical and industrial pumps— 664.2 — (0.1)664.1 
Energy— 175.7 37.7 — 213.4 
Aerospace and defense5.9 — 280.2 — 286.1 
General industrial19.7 — 205.9 (2.8)222.8 
Total$1,093.1 $839.9 $523.8 $(2.9)$2,453.9 
Contract Assets and Liabilities
Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings, net of allowances for credit losses. Contract assets are included in other current assets and other non-current assets in our Consolidated Condensed Balance Sheets. Contract liabilities consist of advance customer payments and billings in excess of revenue recognized. Contract liabilities are included in accrued liabilities and other non-current liabilities in our Consolidated Condensed Balance Sheets.
The following table represents our net contract assets and liabilities.
As of the Period EndedSeptember 28,
2024		December 31,
2023
Current contract assets
$34.4 $25.8 
Non-current contract assets
1.4 1.6 
Current contract liabilities(a)
(126.0)(95.9)
Non-current contract liabilities(4.4)(4.5)
Net contract liabilities$(94.6)$(73.0)
(a)The increase in current contract liabilities from December 31, 2023 to September 28, 2024 was primarily driven by the acquisition of Svanehøj. Refer to Note 18, Acquisitions and Divestitures, for further information.
During the three and nine months ended September 28, 2024, we recognized revenue of $20.0 and $70.1, related to contract liabilities as of December 31, 2023, respectively. The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations as of September 28, 2024 was $1,661.3. Of this amount, we expect to recognize approximately $640 to $660 of revenue during the remainder of 2024.
ITT Inc. | Q3 2024 Form 10-Q | 11

NOTE 5
INCOME TAXES
The following table summarizes our income tax expense and effective tax rate (ETR).
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Income tax expense$37.8 $29.9 $103.6 $80.6 
Effective tax rate18.9 %21.1 %20.8 %20.0 %
The decrease in the ETR for the three months ended September 28, 2024 was primarily due to a benefit recognized on the sale of our Wolverine business. The increase in the ETR for the nine months ended September 28, 2024 was due to prior year benefits of $16.3 from the valuation allowance reversal on deferred tax assets in Germany and $4.9 from filing an amended 2017 consolidated federal tax return. These benefits were partially offset by a prior year expense of $14.3 relating to an Italian tax audit settlement covering tax years 2016-2022.
In October 2021, more than 135 countries and jurisdictions agreed to participate in a “two-pillar” international tax approach developed by the Organisation for Economic Co-operation and Development (OECD), which includes establishing a global minimum corporate tax rate of 15 percent. The OECD published Tax Challenges Arising from the Digitalisation of the Economy — Global Anti-Base Erosion Model Rules (Pillar Two) in December 2021 and subsequently issued additional commentary and administrative guidance clarifying several aspects of the model rules. Since the model rules have been released, many countries have enacted Pillar Two-related laws, some of which became effective January 1, 2024, and it is anticipated that many more will follow suit throughout 2024 and 2025. As of September 28, 2024, the Company does not expect Pillar Two taxes to have a significant impact on its 2024 financial statements.
The Company operates in various tax jurisdictions and is subject to examination by tax authorities in these jurisdictions. The Company is currently under examination in several jurisdictions including China, Czechia, Germany, India, Italy, and the U.S. The estimated tax liability calculation for unrecognized tax benefits considers uncertainties in the application of complex tax laws and regulations in various tax jurisdictions. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the unrecognized tax benefit. Over the next 12 months, the net amount of the tax liability for unrecognized tax benefits in foreign and domestic jurisdictions could decrease by approximately $0.5 due to changes in audit status, expiration of statutes of limitations and other events.
NOTE 6
EARNINGS PER SHARE DATA
The following table provides a reconciliation of the data used in the calculation of basic and diluted earnings per share from continuing operations attributable to ITT.
Three Months Ended
Nine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Basic weighted average common shares outstanding81.6 82.1 81.9 82.4 
Add: Dilutive impact of outstanding equity awards0.5 0.4 0.5 0.3 
Diluted weighted average common shares outstanding82.1 82.5 82.4 82.7 
Anti-dilutive shares(a)
— — 0.1 0.1 
(a)    Anti-dilutive shares related to equity stock unit awards excluded from the computation of diluted earnings per share.
ITT Inc. | Q3 2024 Form 10-Q | 12

NOTE 7
RECEIVABLES, NET 
The following table summarizes our receivables and associated allowance for credit losses.
As of the Period EndedSeptember 28,
2024		December 31,
2023
Trade accounts receivable$754.2 $641.3 
Notes receivable19.7 25.5 
Other (a)
44.6 22.6 
Receivables, gross818.5 689.4 
Less: Allowance for credit losses
(16.5)(14.2)
Receivables, net$802.0 $675.2 
(a)    Other receivables as of September 28, 2024 include $17.0 estimated working capital recovery related to the sale of the Wolverine business.
The following table displays a rollforward of our total allowance for credit losses.
September 28,
2024		September 30,
2023
Total allowance for credit losses - January 1 $14.2 $12.2 
Charges to income
4.5 3.4 
Write-offs(2.6)(1.2)
Foreign currency and other0.4 (0.1)
Total allowance for credit losses - ending balance$16.5 $14.3 
NOTE 8
INVENTORIES 
The following table summarizes our inventories.
As of the Period EndedSeptember 28,
2024		December 31,
2023
Raw materials$402.5 $366.6 
Work in process121.3 111.8 
Finished goods96.7 97.0 
Inventories$620.5 $575.4 
Government Assistance (ASU 2021-10)
ASU 2021-10 requires entities to provide information about the nature of transactions, related policies and effect of government grants on an entity’s financial statements. In particular, to qualify for an energy subsidy in Italy, a company must apply for and receive a certificate attesting that the company is an "energy and gas consuming company" (high energy consumption connected to the production cycle). The amount of subsidies granted is calculated based on a percentage of actual consumption, ranging from 25% to 40%. One of our Italian subsidiaries within our MT segment obtained this certificate and was granted energy subsidies from the Italian government beginning in April 2022. This program concluded in the second quarter of 2023. Accordingly, no energy subsidies were granted for the three or nine months ended September 28, 2024, or the three months ended September 30, 2023. For the nine months ended September 30, 2023, we recognized a benefit of $6.3 related to energy subsidies, which we recorded within Costs of revenue in our Consolidated Condensed Statements of Operations. There was no other material government assistance received by the Company or any of our subsidiaries during the periods.
ITT Inc. | Q3 2024 Form 10-Q | 13

NOTE 9
OTHER CURRENT AND NON-CURRENT ASSETS 
The following table summarizes our other current and non-current assets.
As of the Period EndedSeptember 28,
2024		December 31,
2023
Advance payments and other prepaid expenses$47.3 $55.3 
Current contract assets, net34.4 25.8 
Prepaid income taxes27.9 16.9 
Other17.8 19.9 
Other current assets$127.4 $117.9 
Other employee benefit-related assets$134.6 $128.6 
Operating lease right-of-use assets
93.5 87.4 
Deferred income taxes77.7 76.0 
Equity-method and other investments47.8 46.6 
Environmental-related assets7.6 6.0 
Capitalized software costs6.1 7.9 
Other26.4 28.5 
Other non-current assets$393.7 $381.0 

NOTE 10
PLANT, PROPERTY AND EQUIPMENT, NET 
The following table summarizes our property, plant, and equipment, net of accumulated depreciation.
Useful life
(in years)		September 28,
2024		December 31,
2023
Machinery and equipment
  2 - 10
$1,326.7 $1,317.9 
Buildings and improvements
  5 - 40
316.9 298.4 
Furniture, fixtures and office equipment
3 - 7
84.3 83.7 
Construction work in progress96.8 78.1 
Land and improvements26.9 29.5 
Other2.1 1.7 
Plant, property and equipment, gross1,853.7 1,809.3 
Less: Accumulated depreciation(1,274.9)(1,248.3)
Plant, property and equipment, net$578.8 $561.0 
The following table summarizes our depreciation expense.
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Depreciation expense$21.6 $21.8 $65.9 $62.9 

ITT Inc. | Q3 2024 Form 10-Q | 14

NOTE 11
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
Goodwill
The following table provides a rollforward of the carrying amount of goodwill by segment. 
Motion
Technologies		Industrial
Process		Connect & Control
Technologies		Total
Goodwill - December 31, 2023
$292.3 $403.0 $321.0 $1,016.3 
Acquired(a)
— 215.6 276.0 491.6 
Adjustments to purchase price allocations— — 0.6 0.6 
Allocated to divestiture(16.0)— — (16.0)
Foreign exchange translation1.3 4.3 0.2 5.8 
Goodwill - September 28, 2024
$277.6 $622.9 $597.8 $1,498.3 
(a)    Goodwill acquired for our IP and CCT segments is related to our acquisitions of Svanehøj and kSARIA, respectively, representing the preliminary calculation of the excess purchase price over the net assets acquired. Refer to Note 18, Acquisitions and Divestitures, for further information.
Other Intangible Assets, Net 
The following table summarizes our other intangible assets, net of accumulated amortization. 
September 28, 2024December 31, 2023
Gross
Carrying
Amount		Accumulated AmortizationNet IntangiblesGross
Carrying
Amount		Accumulated AmortizationNet Intangibles
Customer relationships$367.5 $(88.3)$279.2 $202.4 $(138.4)$64.0 
Developed technology
110.5 (22.8)87.7 61.5 (32.5)29.0 
Patents and other65.3 (30.0)35.3 22.0 (17.5)4.5 
Finite-lived intangible total543.3 (141.1)402.2 285.9 (188.4)97.5 
Indefinite-lived intangibles60.7 — 60.7 19.1 — 19.1 
Other intangible assets$604.0 $(141.1)$462.9 $305.0 $(188.4)$116.6 
The preliminary fair values of intangible assets acquired in connection with the purchase of Svanehøj total $212.6 and consist of the following:
Useful life
(in years)
Fair value
Customer relationships16$107.0 
Developed technology1765.0 
Trade name
Indefinite
23.0 
Backlog1.2517.0 
Other
100.6 
Total intangible assets acquired$212.6 
The preliminary fair values of intangible assets acquired in connection with the purchase of kSARIA total $166.0, inclusive of customer relationships, backlog and trade names. Refer to Note 18, Acquisitions and Divestitures, for further information.
ITT Inc. | Q3 2024 Form 10-Q | 15

The following table summarizes our amortization expense related to finite-lived intangible assets.
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Amortization expense$10.6 $5.6 $28.7 $15.4 
Estimated amortization expense for each of the five succeeding years and thereafter is as follows:
2024$18.6 
202555.3 
202629.0 
202727.0 
202827.0 
Thereafter$245.3 
NOTE 12 ACCOUNTS PAYABLE, ACCRUED LIABILITIES AND OTHER NON-CURRENT LIABILITIES 
The following table summarizes our accrued liabilities and other non-current liabilities.
As of the Period EndedSeptember 28,
2024		December 31,
2023
Compensation and other employee-related benefits$151.8 $165.5 
Contract liabilities and other customer-related liabilities169.9 133.6 
Accrued income taxes and other tax-related liabilities36.2 30.7 
Operating lease liabilities21.8 19.5 
Accrued warranty costs16.8 14.0 
Environmental liabilities and other legal matters4.6 5.8 
Accrued restructuring costs2.9 4.8 
Other47.7 39.2 
Accrued and other current liabilities$451.7 $413.1 
Deferred income taxes and other tax-related liabilities(a)
$104.4 $25.0 
Operating lease liabilities
76.9 72.3 
Environmental liabilities49.9 52.0 
Compensation and other employee-related benefits39.3 38.0 
Other40.8 24.0 
Other non-current liabilities$311.3 $211.3 
(a)    The increase in deferred income taxes and other tax-related liabilities primarily relates to deferred tax liabilities recognized in connection with the acquisitions of Svanehøj and kSARIA.
Supply Chain Financing
The Company has supply chain financing (SCF) programs in place under which participating suppliers may elect to obtain payment from an intermediary. The Company confirms the validity of invoices from participating suppliers and agrees to pay the intermediary an amount based on invoice totals. The majority of amounts payable under these programs are due within 90 to 180 days and are considered commercially reasonable. There are no assets pledged as security or other forms of guarantees provided for the committed payments. As of September 28, 2024 and December 31, 2023, there were $24.4 and $19.7, respectively, of outstanding amounts payable to suppliers who have elected to participate in these SCF programs. These amounts were recorded within Accounts payable in our Consolidated Condensed Balance Sheets.

ITT Inc. | Q3 2024 Form 10-Q | 16

NOTE 13
DEBT
The following table summarizes our outstanding debt obligations.
As of the Period EndedSeptember 28,
2024		December 31,
2023
Commercial paper(a)
$359.6 $184.9 
Current maturities of long-term debt
2.5 2.3 
Short-term loans
0.5 0.5 
Total short-term borrowings
362.6 187.7 
Non-current maturities of long-term debt(b)
467.8 5.7 
Total debt and finance leases$830.4 $193.4 
(a)    The associated weighted average interest rates as of September 28, 2024 and December 31, 2023 were 5.12% and 5.61%, respectively. Outstanding commercial paper for both periods had maturity terms less than three months from the date of issuance.
(b) Long-term debt is primarily related to a term loan that the Company entered into in September 2024 in connection with the acquisition of kSARIA. See additional details in section titled, “U.S. Term Loan”, below.
U.S. Term Loan
On September 12, 2024, the Company entered into a credit agreement (the kSARIA Credit Agreement) among the Company, as borrower, each lender from time to time party thereto, and U.S. Bank National Association, as the administrative agent, sole lead arranger and sole bookrunner.
The kSARIA Credit Agreement has a maturity of three years (September 2027) and provides for a term loan of $464, which had been borrowed and was used to finance the Company’s acquisition of kSARIA on September 12, 2024. Debt issuance costs were $0.9 and will be amortized over the term of the debt.
Borrowings under the kSARIA Credit Agreement bear interest at an annual rate equal to, at the Company’s option, either (i) term secured overnight financing rate (Term SOFR) (subject to a 0.10% “credit spread adjustment”) plus a margin ranging from 0.875% to 1.500%, or (ii) an alternate base rate plus a margin ranging from 0.0% to 0.5%, with the applicable margin determined by reference to the Company’s debt ratings set forth in the kSARIA Credit Agreement. The annual interest rate as of September 28, 2024 was 6.26%. The loans under the kSARIA Credit Agreement may be prepaid by the Company at any time, in whole or in part, without penalty or premium, subject to certain conditions.
The kSARIA Credit Agreement contains customary affirmative and negative covenants, as well as financial covenants (e.g., leverage ratio), that are similar to those contained in our 2021 Revolving Credit Agreement, as described below. As of September 28, 2024, the Company was in compliance with all covenants.
The following table provides the future maturities related to the outstanding balance as of September 28, 2024.
2024$— 
2025— 
2026— 
September 2027464.0 
Total maturities$464.0 
Italian Term Loan
On January 12, 2024, ITT Italia S.r.l. (ITT Italia), an indirect wholly owned subsidiary of the Company, entered into a facility agreement (the ITT Italia Credit Agreement), among the Company, as a guarantor, ITT Italia, as borrower, and BNP Paribas, Italian Branch, as bookrunner, sole underwriter and global coordinator, mandated lead arranger and agent.
The ITT Italia Credit Agreement had an initial maturity of three years (January 2027) and provided for term loan borrowings in an aggregate principal amount of €300 (or $328.9), €275 (or $301.5) of which had been borrowed and were used to finance the Company’s acquisition of Svanehøj, which closed on January 19, 2024.
ITT Inc. | Q3 2024 Form 10-Q | 17

During the third quarter of 2024, ITT Italia repaid €175, representing the remaining outstanding balance on the ITT Italia Credit Agreement. Year-to-date repayments of the facility agreement totaled €275. Debt issuance costs totaled $1.8, which were fully amortized as of September 28, 2024.
The interest rate per annum on the ITT Italia Credit Agreement was based on the EURIBOR rate for Euros, plus a margin of 1.00%.
The ITT Italia Credit Agreement contained customary affirmative and negative covenants, as well as financial covenants (e.g., leverage ratio), that were similar to those contained in our 2021 Revolving Credit Agreement, as described below. The Company was in compliance with all covenants during the period outstanding.
Revolving Credit Agreement
On August 5, 2021, the Company entered into a revolving credit facility agreement with a syndicate of third party lenders including Bank of America, N.A., as administrative agent (the 2021 Revolving Credit Agreement). Upon its effectiveness, this agreement replaced our existing $500 revolving credit facility due November 2022. The 2021 Revolving Credit Agreement matures in August 2026 and provides for an aggregate principal amount of up to $700. The 2021 Revolving Credit Agreement provides for a potential increase of commitments of up to $350 for a possible maximum of $1,050 in aggregate commitments at the request of the Company and with the consent of the institutions providing such increase of commitments.
On May 10, 2023, the Company entered into the First Amendment (the Amendment) to the Company’s 2021 Revolving Credit Agreement. In connection with the phase out of LIBOR as a reference interest rate, the Amendment replaced LIBOR as a benchmark for United States Dollar revolving borrowings with the term SOFR, and replaced LIBOR as a benchmark for Euro swing line borrowings with the Euro overnight short-term rate (ESTR). The Amendment did not have a significant impact on the Company’s consolidated condensed financial statements.
Since the Amendment, the interest rate per annum on the 2021 Revolving Credit Agreement is based on the term SOFR of the currency we borrow in, plus a margin of 1.1%. As of September 28, 2024 and December 31, 2023, we had no outstanding borrowings under the 2021 Revolving Credit Agreement. There is a 0.15% fee per annum applicable to the commitments under the 2021 Revolving Credit Agreement. The margin and fees are subject to adjustment should the Company’s credit ratings change.
The 2021 Revolving Credit Agreement contains customary affirmative and negative covenants that, among other things, will limit or restrict our ability to: incur additional debt or issue guarantees; create certain liens; merge or consolidate with another person; sell, transfer, lease or otherwise dispose of assets; liquidate or dissolve; and enter into restrictive covenants. Additionally, the 2021 Revolving Credit Agreement requires us not to permit the ratio of consolidated total indebtedness to consolidated earnings before interest, taxes, depreciation, amortization, and other special, extraordinary, unusual, or non-recurring items (adjusted consolidated EBITDA) (leverage ratio) to exceed 3.50 to 1.00, with a qualified acquisition step up immediately following such qualified acquisition of 4.00 to 1.00 for four quarters, 3.75 to 1.00 for two quarters thereafter, and returning to 3.50 to 1.00 thereafter.
As of September 28, 2024, all financial covenants (e.g., leverage ratio) associated with the 2021 Revolving Credit Agreement were within the prescribed thresholds.

ITT Inc. | Q3 2024 Form 10-Q | 18

NOTE 14
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION
Our long-term incentive plan (LTIP) costs are primarily recorded within general and administrative expenses in our Consolidated Condensed Statements of Operations. The following table summarizes our LTIP costs.
Three Months Ended
Nine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Equity-based awards$6.1 $5.0 $19.8 $15.1 
Liability-based awards0.7 0.4 2.0 1.2 
Total share-based compensation expense$6.8 $5.4 $21.8 $16.3 
As of September 28, 2024, there was $38.4 of total unrecognized compensation cost related to non-vested equity awards. This cost is expected to be recognized ratably over a weighted-average period of 1.9 years. Additionally, unrecognized compensation cost related to liability-based awards was $3.9, which is expected to be recognized ratably over a weighted-average period of 2 years.
Year-to-Date 2024 LTIP Activity (Equity-based Awards)
The majority of our LTIP awards are granted during the first quarter of each year and have three-year service periods. The majority of these awards either vest equally each year or at the completion of the three-year service period. During the nine months ended September 28, 2024, we granted the following LTIP awards as provided in the table below:
# of Awards GrantedWeighted Average Grant Date Fair Value Per Share
Restricted stock units (RSUs)0.2$129.26 
Performance stock units (PSUs)0.1$143.20 
During the nine months ended September 28, 2024 and September 30, 2023, a nominal amount of non-qualified stock options were exercised resulting in proceeds of $0.2 and $0.6, respectively. During the nine months ended September 28, 2024 and September 30, 2023, RSUs of 0.1 and 0.1, respectively, vested and were issued. During the nine months ended September 28, 2024 and September 30, 2023, PSUs of 0.1 and 0.1 that vested on December 31, 2023 and 2022, respectively, were issued.
ITT Inc. | Q3 2024 Form 10-Q | 19

NOTE 15
CAPITAL STOCK
On October 30, 2019, the Board of Directors approved an indefinite term $500 open-market share repurchase program (the 2019 Plan). On October 4, 2023, the Board of Directors approved an indefinite term $1,000 open-market share repurchase program (the 2023 Plan). The following table summarizes our share repurchase activity during the three and nine months ended September 28, 2024 and September 30, 2023, respectively.
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Shares repurchased and retired0.2 — 0.8 0.7 
Cost of share repurchases$25.0 $— $104.0 $60.5 
During the second quarter of 2024, we exhausted the remaining capacity under the 2019 Plan. There was $975 of remaining capacity left under the 2023 Plan as of September 28, 2024.
Separate from the open-market share repurchase program, the Company withholds shares of common stock in settlement of employee tax withholding obligations due upon the vesting of equity-based compensation awards. The following table summarizes Company share withholdings related to net shares settlement of stock incentive plans.
Three Months Ended
Nine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Shares withheld for taxes related to net share settlement of stock incentive plans
— — 0.1 0.1 
Payments for taxes related to net share settlement of stock incentive plans$0.3 $0.3 $13.2 $6.7 
NOTE 16
COMMITMENTS AND CONTINGENCIES
From time to time, we are involved in litigation, claims, government inquiries, investigations and proceedings, including but not limited to those relating to environmental exposures, intellectual property matters, personal injury claims, product liabilities, regulatory matters, commercial and government contract issues, employment and employee benefit matters, commercial or contractual disputes, and securities matters.
Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including our assessment of the merits of the particular claim, as well as our current reserves and insurance coverage, we do not expect that such legal proceedings will have any material adverse impact on our financial statements, unless otherwise noted below. However, there can be no assurance that an adverse outcome in any of the proceedings described below will not result in material fines, penalties or damages, changes to the Company's business practices, loss of (or litigation with) customers or a material adverse effect on our financial statements.
Environmental Matters
In the ordinary course of business, we are subject to federal, state, local, and foreign environmental laws and regulations. We are responsible, or are alleged to be responsible, for ongoing environmental investigation and site remediation. These sites are in various stages of investigation or remediation and in many of these proceedings our liability is considered de minimis. We have received notification from the U.S. Environmental Protection Agency, and from similar state and foreign environmental agencies, that a number of sites formerly or currently owned or operated by ITT, and other properties or water supplies that may be or have been impacted from those operations, contain disposed or recycled materials or wastes and require environmental investigation or remediation. These sites include instances where we have been identified as a potentially responsible party under federal and state environmental laws and regulations.
ITT Inc. | Q3 2024 Form 10-Q | 20

The following table provides a rollforward of our estimated environmental liability.
For the Nine Months Ended
September 28,
2024		September 30,
2023
Environmental liability - beginning balance$56.0 $57.1 
Change in estimates for pre-existing accruals:
Continuing operations0.3 0.8 
Discontinued operations0.3 — 
Payments(2.7)(2.9)
Foreign currency— (0.1)
Environmental liability - ending balance$53.9 $54.9 
Environmental-related assets, including estimated recoveries from insurance providers and other third parties, were $8.1 and $10.0 as of September 28, 2024 and December 31, 2023, respectively.
The following table illustrates the reasonably possible high range of estimated liability and number of active sites.
As of the Period EndedSeptember 28,
2024		December 31,
2023
High-end estimate of environmental liability $94.7 $98.2 
Number of open environmental sites26 26 
As actual costs incurred at identified sites in future periods may vary from our current estimates given the inherent uncertainties in evaluating environmental exposures, management believes it is possible that the outcome of these uncertainties may have a material adverse effect on our financial statements.
NOTE 17
DERIVATIVE FINANCIAL INSTRUMENTS
The Company is exposed to various market risks relating to its ongoing business operations. From time to time, we use derivative financial instruments to mitigate our exposure to certain of these risks, including foreign exchange rate fluctuations. By using derivatives, the Company is further exposed to credit risk. Our exposure to credit risk includes the counterparty’s failure to fulfill its financial obligations under the terms of the derivative contract. The Company attempts to minimize its exposure by avoiding concentration risk among its counterparties and by entering into transactions with creditworthy counterparties.
Foreign Currency Derivative Contracts
The Company enters into foreign currency forward or option contracts to mitigate foreign currency risk associated with transacting with international customers, suppliers, and subsidiaries. The notional amounts and fair values of our outstanding foreign currency derivative contracts, which are recorded within Other current assets in our Consolidated Condensed Balance Sheets, were as follows:
As of the Period EndedSeptember 28,
2024		December 31,
2023
Notional amount (U.S. dollar equivalent)(a)
$89.5 $258.4 
Fair value of foreign currency derivative contracts(b)
$0.5 $3.8 
(a)    The higher notional balance as of December 31, 2023 relates to a foreign currency derivative contract related to the purchase price of Svanehøj, which closed in January 2024.
(b)    Our foreign currency derivative contracts are classified within Level 2 of the fair value hierarchy because these contracts are not actively traded and the valuation inputs are based on market observable data of similar instruments.
ITT Inc. | Q3 2024 Form 10-Q | 21

Gains or losses arising from changes in fair value of our foreign currency derivative contracts are recorded within General and administrative expenses in our Consolidated Condensed Statements of Operations, and were as follows:
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Loss on foreign currency derivative contracts(a)
$(1.8)$(1.4)$(5.2)$(4.6)
(a)    None of our derivative contracts were designated as hedging instruments under ASC 815 - Derivatives & Hedging.
The cash flow impact upon settlement of our foreign currency derivative contracts is included in operating activities in our Consolidated Condensed Statements of Cash Flows. During the nine months ended September 28, 2024 and September 30, 2023, net cash (outflows)/inflows from foreign currency derivative contracts were $(3.4) and $2.4, respectively.
NOTE 18
ACQUISITIONS AND DIVESTITURES
Acquisitions
On September 12, 2024, we completed the acquisition of 100% of the privately held stock of kSARIA for a preliminary purchase price of $461.9, net of cash acquired and including deferred consideration of $4.5 expected to be paid in 2025. The final price is subject to a customary working capital adjustment. kSARIA is a leading manufacturer of mission-critical cable assembly and networking application solutions primarily for the aerospace and defense market. kSARIA is headquartered in New Hampshire, with approximately 1,000 employees across five manufacturing sites in the U.S. and one in Mexico. kSARIA and its acquired subsidiaries generated sales of approximately $175 in 2023. Subsequent to the acquisition, kSARIA’s financial results are reported within our CCT segment.
On January 19, 2024, the Company completed the acquisition of 100% of the privately held stock of Svanehøj for a purchase price of $407.6, net of cash acquired of $28.0. Svanehøj is a Denmark-based supplier of pumps and related aftermarket services with leading positions in cryogenic applications for the marine sector. Svanehøj employs approximately 400 employees and has operations in Denmark, Singapore and France. Svanehøj had sales of approximately $148 in 2023. Subsequent to the acquisition, Svanehøj’s financial results are reported within our IP segment.
The primary areas of the purchase price allocations that are not yet finalized for kSARIA and Svanehøj relate to the valuation of certain tangible and intangible assets, liabilities, income tax, and residual goodwill, which represents the excess of the purchase price over the fair value of the net tangible and other intangible assets acquired. The Company expects to obtain the information necessary to finalize the fair value of the net assets and liabilities during the measurement periods, not to exceed one year from respective the acquisition dates. Changes to the preliminary estimates of the fair value during the measurement period will be recorded as adjustments to those assets and liabilities with a corresponding adjustment to goodwill in the period they occur.
On May 2, 2023, the Company completed the acquisition of 100% of the privately held stock of Micro-Mode for a purchase price of $79.0, net of cash acquired. Micro-Mode is a specialty designer and manufacturer of high-bandwidth radio frequency (RF) connectors for harsh environment defense and space applications. Micro-Mode has a single manufacturing site near San Diego, California. Subsequent to the acquisition, Micro-Mode’s financial results are reported within our CCT segment. As of September 28, 2024, the allocation of the purchase price to the assets acquired and liabilities assumed was finalized related to our acquisition of Micro-Mode.
ITT Inc. | Q3 2024 Form 10-Q | 22

The assets acquired and liabilities assumed for kSARIA, Svanehøj and Micro-Mode acquisitions were recorded at fair value and are shown in the table below.
Allocation of Purchase Price
kSARIA
(Preliminary)
Svanehøj (Preliminary)
Micro-Mode (Final)
Receivables$28.1 $22.4 $2.7 
Inventory50.6 39.5 5.3 
Plant, property and equipment5.8 19.1 6.1 
Goodwill(a)
276.0 215.6 44.9 
Other intangible assets166.0 212.6 28.7 
Other assets8.9 9.0 0.2 
Accounts payable and accrued liabilities(27.9)(28.0)(2.6)
Other liabilities(42.6)(52.8)(6.3)
Contract liabilities
(3.0)(29.8)— 
Net assets acquired$461.9 $407.6 $79.0 
(a)    Goodwill acquired with kSARIA is primarily attributable to the complementary nature of its product portfolio to ITT’s existing connectors portfolio. Goodwill related to the acquisition of Svanehøj is primarily attributable to future economic benefits expected from our entrance into the marine sector, our expanded presence in the energy market, and geographic expansion. Goodwill arising from acquisitions is not expected to be deductible for income tax purposes.
Pro forma results of operations have not been presented because the acquisitions were not deemed significant as of the acquisition date.
Divestiture of Wolverine Business
On July 22, 2024, the Company completed the sale of its Wolverine business, part of the MT segment prior to the divestiture, to an unrelated third party for a preliminary price of $171. The final sale price is subject to a customary working capital adjustment. The transaction resulted in a pre-tax gain of $47.8, including an estimated working capital recovery of $17.0. In connection with the divestiture, cumulative translation losses of $3.6 were reclassified out of Accumulated Other Comprehensive Loss and included in the gain on sale. Subsequent to the sale, Wolverine will act as a third-party supplier to the Company’s MT segment.
ITT Inc. | Q3 2024 Form 10-Q | 23

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(In millions, except per share amounts, unless otherwise stated)
OVERVIEW
ITT Inc. is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. We manufacture components that are integral to the operation of systems and manufacturing processes in these key markets. Our products enable functionality for applications where reliability and performance are critically important to our customers and the users of their products.
Our businesses share a common, repeatable operating model centered on our engineering capabilities. Each business applies its technology and engineering expertise to solve our customers’ most pressing challenges. Our applied engineering provides a valuable business relationship with our customers given the critical nature of their applications. This in turn provides us with unique insight to our customers’ requirements and enables us to develop solutions to assist our customers in achieving their business goals. Our technology and customer intimacy produce opportunities to capture recurring revenue streams, aftermarket opportunities and long-lived platforms from original equipment manufacturers (OEMs).
Our product and service offerings are organized into three reportable segments: Motion Technologies (MT), Industrial Process (IP), and Connect & Control Technologies (CCT). See Note 3, Segment Information, to the Consolidated Condensed Financial Statements for a summary description of each segment. Additional information is also available in our 2023 Annual Report within Part I, Item 1, “Description of Business.”
All comparisons included within Management’s Discussion and Analysis of Financial Condition and Results of Operations refer to the comparable three and nine months ended September 30, 2023, unless stated otherwise.
Macroeconomic Conditions
During the third quarter of 2024, there has been continued uncertainty in the global economy, which has been, and will continue to be, influenced by a number of external factors, which are described below.
Middle East Conflict
Throughout 2024, the Israel-Hamas conflict has been ongoing. Our operations in Israel are limited to Habonim Industrial Valves and Actuators Ltd. (Habonim), which we acquired in April 2022 and is part of our IP segment. While there has been no material impact on our business to date, further escalation of this conflict, or an escalation of the conflict between Israel and Hezbollah in Lebanon, Iran or Yemen, could result in supply chain disruptions, inflation, workforce disruptions, demand fluctuations, or the inability to fulfill customer requests in the region. We are closely monitoring this situation, and are unable to reasonably estimate future impacts on our business and financial results at this time.
Inflationary Pressures
Inflationary pressures, driven by factors such as supply chain disruptions and the ongoing Russia-Ukraine and Middle East conflicts, have led to increased prices for energy and raw materials we use in our production processes, including commodities such as steel, oil, copper, and tin. Additionally, the manufacturing industry continues to experience a skilled labor shortage, which has created difficulties in attracting and retaining factory employees and has resulted in higher labor costs. We have been able to offset most of these negative impacts through pricing actions and productivity savings, which we continue to pursue. Future impacts on our business and financial results as a result of these conditions are not estimable at this time, and depend, in part, on the extent to which these conditions improve or worsen, which remains uncertain. For additional discussion of the risks related to global macroeconomic conditions, see Part I, Item IA, “Risk Factors” in our 2023 Annual Report.



ITT Inc. | Q3 2024 Form 10-Q | 24

EXECUTIVE SUMMARY
The following table provides a summary of key performance indicators for the third quarter of 2024 as compared to the third quarter of 2023.
RevenueOperating IncomeOperating MarginEPS
$885$20823.5%$1.96
8% Increase45% Increase610 bps46% Increase
Organic Revenue*
Adjusted Operating Income*
Adjusted Operating Margin*
Adjusted EPS*
$832$16218.3%$1.46
6% Increase11% Increase60 bps7% Increase
*Represents a non-GAAP financial measure
Further details related to these results are contained elsewhere in the Discussion of Financial Results section. Refer to the section titled “Key Performance Indicators and Non-GAAP Measures” for definitions and reconciliations between GAAP and non-GAAP metrics, including organic revenue, adjusted operating income, adjusted operating margin, and adjusted EPS.
Our third quarter 2024 results are summarized below:
•Revenue of $885.2 increased by $63.1 due to higher sales volume, particularly within MT’s Friction aftermarket and KONI rail businesses, IP’s short-cycle business and CCT’s connectors business. In addition, the acquisitions of kSARIA and Svanehøj contributed $55.2 to total revenue growth while the Wolverine and Matrix divestitures reduced total revenue by $33.9. The increase in revenue during the period was partially offset by unfavorable foreign currency translation of $1.7.
•Operating income of $207.9 increased by $64.8 primarily due to a $47.8 gain on sale of the Wolverine business in MT, as well as higher sales volume, pricing actions and productivity savings. The increase in operating income was partially offset by higher material and labor costs, temporary acquisition amortization and unfavorable foreign currency impacts.
•Income from continuing operations was $1.96 per diluted share, an increase of $0.62 as compared to the prior year, primarily due to higher operating income, as discussed above. Adjusted income from continuing operations was $1.46 per diluted share, an increase of $0.09 as compared to the prior year.
ITT Inc. | Q3 2024 Form 10-Q | 25

DISCUSSION OF FINANCIAL RESULTS
 
Three Months Ended
Nine Months Ended
September 28,
2024		September 30,
2023		ChangeSeptember 28,
2024		September 30,
2023		Change
Revenue$885.2 $822.1 7.7 %$2,701.7 $2,453.9 10.1 %
Gross profit314.0 279.4 12.4 %930.9 821.3 13.3 %
Operating expenses106.1 136.3 (22.2)%414.8 411.9 0.7 %
Operating income207.9 143.1 45.3 %516.1 409.4 26.1 %
Interest and non-operating expenses, net8.2 1.4 485.7 %18.2 7.4 145.9 %
Income tax expense37.8 29.9 26.4 %103.6 80.6 28.5 %
Net income attributable to ITT Inc.$161.1 $110.8 45.4 %$391.3 $319.0 22.7 %
Gross margin35.5 %34.0 %150 bps34.5 %33.5 %100 bps
Operating expense to revenue ratio12.0 %16.6 %(460)bps15.4 %16.8 %(140)bps
Operating margin23.5 %17.4 %610 bps19.1 %16.7 %240 bps
Effective tax rate18.9 %21.1 %(220)bps20.8 %20.0 %80 bps
REVENUE
The following table illustrates the revenue derived from each of our segments.
For the Three Months EndedSeptember 28,
2024		September 30,
2023		Change
Organic Growth(a)
Motion Technologies$344.9 $359.5 (4.1)%4.7 %
Industrial Process333.8 279.8 19.3 %6.1 %
Connect & Control Technologies207.2 184.0 12.6 %5.7 %
Eliminations(0.7)(1.2)
Total Revenue$885.2 $822.1 7.7 %5.5 %
For the Nine Months Ended
September 28,
2024		September 30,
2023		Change
Organic Growth(a)
Motion Technologies$1,121.8 $1,093.1 2.6 %6.5 %
Industrial Process998.4 839.9 18.9 %6.9 %
Connect & Control Technologies584.1 523.8 11.5 %9.2 %
Eliminations(2.6)(2.9)
Total Revenue$2,701.7 $2,453.9 10.1 %7.2 %
(a)See the section titled “Key Performance Indicators and Non-GAAP Measures” for a definition and reconciliation of organic revenue.
Motion Technologies
MT revenue for the three months ended September 28, 2024 decreased by $14.6 primarily due to a decline of $31.4 from the divestiture of Wolverine in July 2024. Revenue for the three-month period reflected strength in the Friction aftermarket and KONI rail businesses, which increased by 9% and 32%, respectively. MT revenue for the nine-month period increased $28.7, as higher sales volume in our Friction business of 6% and KONI rail business of 23% was partially offset by the divestiture of Wolverine. The growth in the Friction business for the nine-month period is primarily attributable to strength in both OE and aftermarket. Foreign currency translation favorably impacted revenue by $1.5 during the third quarter and unfavorably impacted revenue by $8.4 during the nine-month period. Excluding the impact of foreign currency translation and the divestiture of Wolverine, organic revenue during the three- and nine-months periods increased by $15.3 and $68.5, respectively.

ITT Inc. | Q3 2024 Form 10-Q | 26

Industrial Process
IP revenue for the three and nine months ended September 28, 2024 increased by $54.0 and $158.5, respectively, primarily driven by the acquisition of Svanehøj, which closed in January 2024 and contributed $40.0 and $107.2, respectively, to total revenue growth. In addition, both periods benefited from higher sales volume and pricing actions. The three-month period benefited from growth in the short-cycle business of 8%, primarily in the energy and general industrial markets. The nine-month period saw growth in pump projects of 26%, primarily attributable to the energy market. The increases in revenue during the three- and nine-month periods were partially offset by unfavorable foreign currency translation of $3.1 and $6.9, respectively. Excluding the impacts from the acquisition and foreign currency translation, organic revenue for the three- and nine-month periods increased by $17.1 and $58.2, respectively.
Connect & Control Technologies
CCT revenue for the three and nine months ended September 28, 2024 increased by $23.2 and $60.3, respectively. The acquisitions of kSARIA in September 2024 and Micro-Mode in May 2023 contributed $15.3 and $22.4 to the three- and nine-month periods, respectively, while the divestiture of the Matrix business in December 2023 partially offset the periods by $2.5 and $8.4, respectively. Connector sales grew 6% and 10% in the three- and nine-month periods, respectively. The nine-month period also included growth in component sales of 7%, particularly within the aerospace and defense markets. Both periods benefited from pricing actions. Excluding the impacts from the acquisitions, the divestiture of Matrix, and foreign currency translation, organic revenue for the three- and nine-month periods increased by $10.4 and $47.6, respectively.
GROSS PROFIT
Gross profit for the three months ended September 28, 2024 and September 30, 2023 was $314.0 and $279.4, respectively, reflecting gross margins of 35.5% and 34.0%, respectively. Gross profit for the nine months ended September 28, 2024 and September 30, 2023 was $930.9 and $821.3, respectively, reflecting gross margins of 34.5% and 33.5%, respectively. The increases in gross profit and margin for both periods were primarily driven by increases in revenue, as described above, and productivity savings, partially offset by increases in material and labor costs. See section titled, “Macroeconomic Conditions”, for further information.
OPERATING EXPENSES
The following table summarizes our operating expenses, including by segment.
 Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		ChangeSeptember 28,
2024		September 30,
2023		Change
General and administrative expenses$74.8 $66.9 11.8 %$223.1 $210.8 5.8 %
Sales and marketing expenses50.5 44.4 13.7 %151.2 131.2 15.2 %
Research and development expenses28.6 25.0 14.4 %88.3 77.1 14.5 %
Gain on sale of businesses
(47.8)— 100.0 %(47.8)(7.2)563.9 %
Total operating expenses$106.1 $136.3 (22.2)%$414.8 $411.9 0.7 %
Total operating expenses by segment:
Motion Technologies$(5.9)$41.2 (114.3)%$83.0 $127.6 (35.0)%
Industrial Process62.7 48.6 29.0 %181.2 150.3 20.6 %
Connect & Control Technologies38.8 32.4 19.8 %109.0 95.5 14.1 %
Corporate & Other10.5 14.1 (25.5)%41.6 38.5 8.1 %
ITT Inc. | Q3 2024 Form 10-Q | 27

General and administrative (G&A) expenses increased $7.9 and $12.3 for the three and nine months ended September 28, 2024, respectively, primarily driven by the current year acquisitions of kSARIA and Svanehøj, partially offset by the divestiture of the Wolverine business. The increase in the three-month period was also attributable to unfavorable foreign currency impacts. In the nine-month period, higher restructuring costs, bad debt expense and unfavorable foreign currency impacts offset a prior year gain of $3.7 related to the recovery of lease termination costs.
Sales and marketing expenses increased $6.1 and $20.0 for the three and nine months ended September 28, 2024, respectively, primarily driven by higher personnel costs and the additions of kSARIA and Svanehøj, partially offset by the divestiture of the Wolverine business.
Research and development expenses increased $3.6 and $11.2 for the three and nine months ended September 28, 2024, respectively, primarily driven by acquisitions, higher personnel costs and continued strategic investments to support innovation and new product development, partially offset by the divestiture of the Wolverine business.
Gain on sale of businesses includes $47.8 and $7.2 related to our sales of the Wolverine business within the MT segment in July 2024 and a product line within the CCT segment in the second quarter of 2023, respectively.
OPERATING INCOME
The following table summarizes our operating income and margin by segment.
 Three Months Ended
Nine Months Ended
September 28,
2024		September 30,
2023		ChangeSeptember 28,
2024		September 30,
2023		Change
Motion Technologies$110.0 $59.4 85.2 %$251.8 $170.5 47.7 %
Industrial Process69.8 64.7 7.9 %199.4 186.4 7.0 %
Connect & Control Technologies38.1 33.2 14.8 %106.2 91.0 16.7 %
Corporate and Other(10.0)(14.2)(29.6)%(41.3)(38.5)7.3 %
Total operating income$207.9 $143.1 45.3 %$516.1 $409.4 26.1 %
Operating margin:
Motion Technologies31.9 %16.5 %1,540 bps22.4 %15.6 %680 bps
Industrial Process20.9 %23.1 %(220)bps20.0 %22.2 %(220)bps
Connect & Control Technologies18.4 %18.0 %40 bps18.2 %17.4 %80 bps
Consolidated operating margin23.5 %17.4 %610 bps19.1 %16.7 %240 bps
MT operating income for the three and nine months ended September 28, 2024 increased $50.6 and $81.3, respectively, primarily due to a $47.8 gain on sale of the Wolverine business. In addition, the three- and nine-month periods benefited from productivity savings and lower raw material and overhead costs, partially offset by lower revenue due to the Wolverine divestiture, unfavorable foreign currency impacts and higher labor costs.
IP operating income for the three and nine months ended September 28, 2024 increased $5.1 and $13.0, respectively. The increase in the three-month period was primarily driven by productivity savings, sales volume and pricing, partially offset by higher material, labor and overhead costs and increased bad debt expense due to a prior year recovery. The increase in the nine-month period was primarily driven by higher revenue, as discussed above, and productivity savings. This increase was partially offset by higher material, labor, overhead, M&A costs and unfavorable sales mix.
CCT operating income for the three and nine months ended September 28, 2024 increased $4.9 and $15.2 primarily driven by higher revenue, as discussed above, and productivity savings, partially offset by higher material, labor, and overhead costs. The increase during the nine-month period was also partially offset by a prior year gain of $7.2 from the sale of a product line.
ITT Inc. | Q3 2024 Form 10-Q | 28

Other corporate costs for the three and nine months ended September 28, 2024 decreased $4.2 and increased $2.8, respectively. The decrease in the three-month period was primarily due to lower personnel-related costs and higher earnings on corporate-owned life insurance. The increase in the nine-month period was primarily driven by a one-time benefit of $3.7 in the prior year period related to the recovery of lease termination costs.
INTEREST AND NON-OPERATING EXPENSES, NET
The following table summarizes our interest and non-operating income and expenses.
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		ChangeSeptember 28,
2024		September 30,
2023		Change
Interest expense$10.0 $4.2 138.1 %$25.1 $15.4 63.0 %
Interest income(1.6)(1.9)(15.8)%(5.0)(6.5)(23.1)%
Other non-operating income, net(0.2)(0.9)(77.8)%(1.9)(1.5)26.7 %
Total interest and non-operating expenses, net
$8.2 $1.4 485.7 %$18.2 $7.4 145.9 %
The increase in total interest and non-operating expenses, net for the three and nine months ended September 28, 2024 was primarily driven by an increase in interest expense due to higher average outstanding long-term debt in connection with our acquisitions of Svanehøj and kSARIA.
INCOME TAX EXPENSE
The following table summarizes our income tax expense and effective tax rate (ETR).
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		ChangeSeptember 28,
2024		September 30,
2023		Change
Income tax expense$37.8 $29.9 26.4%$103.6 $80.6 28.5 %
Effective tax rate18.9 %21.1 %(220)bps20.8 %20.0 %80 bps
The decrease in the ETR for the three months ended September 28, 2024 was primarily due to a benefit recognized on the sale of Wolverine. The increase in the ETR for the nine months ended September 28, 2024 was due to prior year benefits of $16.3 from valuation allowance reversals on deferred tax assets in Germany and $4.9 from filing an amended 2017 consolidated federal tax return. These benefits were partially offset by a prior year expense of $14.3 relating to an Italian tax audit settlement covering tax years 2016-2022.
In October 2021, more than 135 countries and jurisdictions agreed to participate in a “two-pillar” international tax approach developed by the OECD, which includes establishing a global minimum corporate tax rate of 15 percent. The OECD published Tax Challenges Arising from the Digitalisation of the Economy — Global Anti-Base Erosion Model Rules (Pillar Two) in December 2021 and subsequently issued additional commentary and administrative guidance clarifying several aspects of the model rules. Since the model rules have been released, many countries have enacted Pillar Two-related laws, some of which became effective on January 1, 2024, and it is anticipated that many more will follow suit throughout 2024 and 2025. As of September 28, 2024, the Company does not expect Pillar Two taxes to have a significant impact on its 2024 financial statements.
See Note 5, Income Taxes, to the Consolidated Condensed Financial Statements for further information.




ITT Inc. | Q3 2024 Form 10-Q | 29

LIQUIDITY AND CAPITAL RESOURCES
Funding and Liquidity Strategy
We monitor our funding needs and execute strategies to meet overall liquidity requirements, including the management of our capital structure, on both a short- and long-term basis. Significant factors that affect our overall management of liquidity include our cash flow from operations, credit ratings, the availability of commercial paper, access to bank lines of credit, term loans, and the ability to attract long-term capital on satisfactory terms. We assess these factors along with current market conditions on a continuous basis, and as a result, may alter the mix of our short- and long-term financing when it is advantageous to do so. We expect to have enough liquidity to fund operations for at least the next 12 months and beyond.
We manage our worldwide cash requirements considering available funds among the many subsidiaries through which we conduct business and the cost effectiveness with which those funds can be accessed. We support our growth and expansion in markets outside of the U.S. through the enhancement of existing products and development of new products, increased capital spending, and potential foreign acquisitions. We look for opportunities to access cash balances in excess of local operating requirements to meet our global liquidity needs in a cost-efficient manner. We transfer cash between certain international subsidiaries and the U.S. when it is cost effective to do so. During the nine months ended September 28, 2024, we had net cash distributions from foreign countries to the U.S. of $99.3. During the year ended December 31, 2023, we had net cash distributions from foreign countries to the U.S. of $357.5. The timing and amount of any additional future distributions will be evaluated based on our jurisdictional cash needs.
The amount and timing of dividends payable on our common stock are within the sole discretion of our Board of Directors and will be based on, and affected by, several factors, including our financial position and results of operations, available cash, expected capital spending plans, prevailing business conditions, and other factors the Board of Directors deems relevant. Therefore, we cannot provide any assurance as to what level of dividends, if any, will be paid in the future. In the third quarter of 2024, we declared a dividend of $0.319 per share for shareholders of record on September 3, 2024, which was a 10% increase from the quarterly dividends of $0.29 that were declared in 2023. Dividend payments during the nine months ended September 28, 2024 amounted to $78.7.
From time to time, the Company may repurchase shares of its stock on the open market. The timing of any repurchases and the actual number of shares repurchased depends on a variety of factors, including remaining authorization under existing Board-approved share repurchase programs, the Company’s stock price, restrictions under the Company’s debt obligations, other uses for capital, the dilutive impact of shares issued during the period related to the Company’s long-term incentive plans, impacts on the value of remaining shares, and market and economic conditions. During the three and nine months ended September 28, 2024, we spent $25.0 and $104.0 on open-market share repurchases under our share repurchase programs, respectively. During the three and nine months ended September 30, 2023, we spent $0.0 and $60.0 on open-market share repurchases under our share repurchase programs, respectively. All repurchased shares are retired immediately following the repurchases. See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, for additional information.
Commercial Paper
When available and economically feasible, we have accessed the commercial paper market through programs in place in the U.S. to supplement cash flows generated internally and to provide additional short-term funding.
The following table presents our outstanding commercial paper borrowings.
September 28,
2024		December 31,
2023
Commercial Paper Outstanding - U.S. Program$359.6 $184.9 
In the nine months ended September 28, 2024, we increased our borrowings under the U.S. commercial paper program to partially finance the acquisition of Svanehøj. See Note 13, Debt, to the Consolidated Condensed Financial Statements for further information.
ITT Inc. | Q3 2024 Form 10-Q | 30

All outstanding commercial paper for both periods had maturity terms of less than three months from the date of issuance.
Revolving Credit Agreement
On August 5, 2021, we entered into a revolving credit facility agreement with a syndicate of third party lenders including Bank of America, N.A., as administrative agent (the 2021 Revolving Credit Agreement). The 2021 Revolving Credit Agreement matures in August 2026 and provides for an aggregate principal amount of up to $700 of (i) revolving extensions of credit (the revolving loans) outstanding at any time, and (ii) letters of credit for a face amount of up to $100 at any time outstanding. Subject to certain conditions, we are permitted to terminate permanently the total commitments and reduce commitments by a minimum aggregate amount of $10 or any whole multiple of $1 in excess thereof. Borrowings under the credit facility are available in U.S. dollars, Euros, British pound sterling or any other currency that may be requested by us, subject to the approval of the administrative agent and each lender. We are permitted to request that lenders increase the commitments under the facility by up to $350 for a maximum aggregate principal amount of $1,050; however, this is subject to certain conditions and therefore may not be available to us. As of September 28, 2024 and December 31, 2023, we had no outstanding borrowings under the 2021 Revolving Credit Agreement. See Note 13, Debt, to the Consolidated Condensed Financial Statements for further information.
U.S. Term Loan
On September 12, 2024, the Company entered into a credit agreement (the kSARIA Credit Agreement) among the Company, as borrower, each lender from time to time party thereto, and U.S. Bank National Association, as the administrative agent, sole lead arranger and sole bookrunner.
The kSARIA Credit Agreement has a maturity of three years and provides for a term loan of $464, which had been borrowed and was used to finance the Company’s acquisition of kSARIA on September 12, 2024. Total outstanding borrowings under the kSARIA Credit Agreement were $464.0 as of September 28, 2024. See Note 13, Debt, to the Consolidated Condensed Financial Statements for further information.
Italian Term Loan
On January 12, 2024, ITT Italia S.r.l. (ITT Italia), an indirect wholly owned subsidiary of the Company, entered into a facility agreement (the ITT Italia Credit Agreement), among the Company, as a guarantor, ITT Italia, as borrower, and BNP Paribas, Italian Branch, as bookrunner, sole underwriter and global coordinator, mandated lead arranger and agent.
The ITT Italia Credit Agreement had an initial maturity of three years and provided for term loan borrowings in an aggregate principal amount of €300 (or $328.9), €275 (or $301.5) of which were used to finance the Company’s acquisition of Svanehøj, which closed on January 19, 2024. During the third quarter of 2024, ITT Italia repaid €175, representing the remaining outstanding balance on the ITT Italia Credit Agreement. Year-to-date repayments of the facility agreement totaled €275. See Note 13, Debt, to the Consolidated Condensed Financial Statements for further information.


ITT Inc. | Q3 2024 Form 10-Q | 31

Sources and Uses of Liquidity
Our principal source of liquidity is our cash flow generated from operating activities, which provides us with the ability to meet the majority of our short-term funding requirements. The following table summarizes net cash provided by or used in operating, investing, and financing activities from continuing operations, as well as net cash from discontinued operations.
For the Nine Months Ended
September 28,
2024		September 30,
2023
Operating activities$339.4 $367.6 
Investing activities(794.6)(142.0)
Financing activities432.0 (345.2)
Foreign exchange(4.4)(10.4)
Total net cash from continuing operations(27.6)(130.0)
Net cash from discontinued operations(0.4)(0.2)
Net change in cash and cash equivalents$(28.0)$(130.2)
Operating Activities
The decrease in net cash from operating activities of $28.2 was primarily due to unfavorable working capital from timing of accounts receivable collections and higher compensation payments in the current year, partially offset by an increase in segment operating income.
Investing Activities
The increase in net cash used in investing activities of $652.6 was mainly driven by the acquisitions of kSARIA and Svanehøj, offset by proceeds from the divestiture of the Wolverine business. Refer to Note 18, Acquisitions and Divestitures, to the Consolidated Condensed Financial Statements for further information.
Financing Activities
The increase in net cash from financing activities of $777.2 was mainly driven by an increase in commercial paper borrowings and long-term debt to finance the current year acquisitions. The term loan borrowing to partially fund the Svanehøj acquisition was fully repaid during the third quarter of 2024. Refer to Note 13, Debt, to the Consolidated Condensed Financial Statements for further information. The increase was also driven by additional open-market share repurchase activity and dividend payments. Refer to Note 15, Capital Stock, to the Consolidated Condensed Financial Statements for further information.
ITT Inc. | Q3 2024 Form 10-Q | 32

KEY PERFORMANCE INDICATORS AND NON-GAAP MEASURES
Management reviews a variety of key performance indicators including revenue, operating income and margin, and earnings per share. In addition, we consider certain measures to be useful to management and investors when evaluating our operating performance for the periods presented. These measures provide a tool for evaluating our ongoing operations and management of assets from period to period. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives, including, but not limited to, acquisitions, dividends, and share repurchases. Some of these metrics, however, are not measures of financial performance under accounting principles generally accepted in the United States of America (GAAP) and should not be considered a substitute for measures determined in accordance with GAAP. We consider the following non-GAAP measures, which may not be comparable to similarly titled measures reported by other companies, to be key performance indicators for purposes of our reconciliation tables.
•“Organic Revenue” is defined as revenue, excluding the impacts of foreign currency fluctuations, acquisitions, and divestitures that may or may not qualify as discontinued operations. Current year activity from acquisitions is excluded for twelve months following the closing date of acquisition. The period-over-period change resulting from foreign currency fluctuations is estimated using a fixed exchange rate for both the current and prior periods. Prior year revenue is adjusted to exclude activity during the comparable period for twelve months post-closing date for divestitures that do not qualify as discontinued operations. We believe that reporting organic revenue provides useful information to investors by helping identify underlying trends in our business and facilitating comparisons of our revenue performance with prior and future periods and to our peers.
Reconciliations of revenue to organic revenue for the three and nine months ended September 28, 2024 are provided below.
Three Months Ended September 28, 2024Motion TechnologiesIndustrial
Process		Connect & Control
Technologies		EliminationsTotal
ITT
2024 Revenue$344.9 $333.8 $207.2 $(0.7)$885.2 
Less: Acquisitions
— 40.0 15.3 (0.1)55.2 
Less: Foreign currency translation
1.5 (3.1)— (0.1)(1.7)
2024 Organic revenue$343.4 $296.9 $191.9 $(0.5)$831.7 
2023 Revenue$359.5 $279.8 $184.0 $(1.2)$822.1 
Less: Divestitures
31.4 — 2.5 — 33.9 
2023 Organic revenue
$328.1 $279.8 $181.5 $(1.2)$788.2 
Organic growth$15.3 $17.1 $10.4 $43.5 
Percentage change4.7 %6.1 %5.7 %5.5 %
Nine Months Ended September 28, 2024
2024 Revenue$1,121.8 $998.4 $584.1 $(2.6)$2,701.7 
Less: Acquisitions
— 107.2 22.4 — 129.6 
Less: Foreign currency translation
(8.4)(6.9)(1.3)— (16.6)
2024 Organic revenue$1,130.2 $898.1 $563.0 $(2.6)$2,588.7 
2023 Revenue$1,093.1 $839.9 $523.8 $(2.9)$2,453.9 
Less: Divestitures
31.4 — 8.4 — 39.8 
2023 Organic revenue
$1,061.7 $839.9 $515.4 $(2.9)$2,414.1 
Organic growth$68.5 $58.2 $47.6 $174.6 
Percentage change6.5 %6.9 %9.2 %7.2 %
•“Adjusted Operating Income” is defined as operating income adjusted to exclude special items that include, but are not limited to, restructuring, certain asset impairment charges, certain acquisition- and divestiture-related impacts, and unusual or infrequent operating items. Special items represent charges or credits that impact current results, which management views as unrelated to the Company’s ongoing operations and performance. “Adjusted Operating Margin” is defined as adjusted operating income divided by revenue. We believe these financial measures are useful to investors and other users of our financial statements in
ITT Inc. | Q3 2024 Form 10-Q | 33

evaluating ongoing operating profitability, as well as in evaluating operating performance in relation to our competitors.
Reconciliations of operating income to adjusted operating income (loss) for the three and nine months ended September 28, 2024 and September 30, 2023 are provided below.
Three Months Ended September 28, 2024Motion
Technologies		Industrial
Process		Connect & Control
Technologies		Corporate Total ITT
Operating income$110.0 $69.8 $38.1 $(10.0)$207.9 
Gain on sale of Wolverine business
(47.8)— — — (47.8)
Restructuring costs
0.2 0.4 0.2 — 0.8 
Acquisition-related costs
— (0.4)1.2 — 0.8 
Impacts related to Russia-Ukraine war(0.1)— — — (0.1)
Adjusted operating income$62.3 $69.8 $39.5 $(10.0)$161.6 
Operating margin31.9 %20.9 %18.4 %
N/A
23.5 %
Adjusted operating margin18.1 %20.9 %19.1 %
N/A
18.3 %
Nine Months Ended September 28, 2024
Operating income$251.8 $199.4 $106.2 $(41.3)$516.1 
Gain on sale of Wolverine business
(47.8)— — — (47.8)
Restructuring costs2.3 2.5 1.8 — 6.6 
Acquisition-related costs— 4.1 1.2 — 5.3 
Impacts related to Russia-Ukraine war(0.3)— — — (0.3)
Adjusted operating income$206.0 $206.0 $109.2 $(41.3)$479.9 
Operating margin22.4 %20.0 %18.2 %
N/A
19.1 %
Adjusted operating margin18.4 %20.6 %18.7 %
N/A
17.8 %
Three Months Ended September 30, 2023Motion
Technologies		Industrial
Process		Connect & Control
Technologies		CorporateTotal ITT
Operating income$59.4 $64.7 $33.2 $(14.2)$143.1 
Restructuring costs1.1 0.6 0.2 — 1.9 
Impacts related to Russia-Ukraine war0.5 — — — 0.5 
Other special items
— (0.1)0.1 — — 
Adjusted operating income$61.0 $65.2 $33.5 $(14.2)$145.5 
Operating margin16.5 %23.1 %18.0 %
N/A
17.4 %
Adjusted operating margin17.0 %23.3 %18.2 %N/A17.7 %
Nine Months Ended September 30, 2023
Operating income$170.5 $186.4 $91.0 $(38.5)$409.4 
Restructuring costs1.5 0.9 0.4 — 2.8 
Acquisition-related costs
— — 1.6 — 1.6 
Impacts related to Russia-Ukraine war1.9 1.8 — — 3.7 
Other special items(a)
— (0.1)— (3.7)(3.8)
Adjusted operating income$173.9 $189.0 $93.0 $(42.2)$413.7 
Operating margin15.6 %22.2 %17.4 %
N/A
16.7 %
Adjusted operating margin15.9 %22.5 %17.8 %
N/A
16.9 %
(a)Includes income from a recovery of costs associated with the 2020 lease termination of a legacy site.

ITT Inc. | Q3 2024 Form 10-Q | 34

•“Adjusted Income from Continuing Operations” is defined as income from continuing operations attributable to ITT Inc. adjusted to exclude special items that include, but are not limited to, restructuring, certain asset impairment charges, certain acquisition- and divestiture-related impacts, income tax settlements or adjustments, and unusual or infrequent items. Special items represent charges or credits, on an after-tax basis, that impact current results, which management views as unrelated to the Company’s ongoing operations and performance. The after-tax basis of each special item is determined using the jurisdictional tax rate of where the expense or benefit occurred. “Adjusted Income from Continuing Operations per Diluted Share” (Adjusted EPS) is defined as adjusted income from continuing operations divided by diluted weighted average common shares outstanding. We believe that adjusted income from continuing operations and adjusted EPS are useful to investors and other users of our financial statements in evaluating ongoing operating profitability, as well as in evaluating operating performance in relation to our competitors.
Reconciliations of adjusted income from continuing operations attributable to ITT to income from continuing operations attributable to ITT and adjusted income from continuing operations attributable to ITT per diluted share to income from continuing operations attributable to ITT per diluted share (EPS) for the three months ended September 28, 2024 and September 30, 2023 are provided below. Per share amounts are reported in ones and may not calculate due to rounding.
Three Months Ended September 28, 2024Three Months Ended September 30, 2023
Income from Continuing Operations
EPS
Income from Continuing OperationsEPS
Reported
$161.3 $1.96 $110.8 $1.34 
Gain on sale of Wolverine business
(47.8)(0.58)— — 
Restructuring costs
0.8 0.01 1.9 0.03 
Acquisition-related costs
0.8 0.01 — — 
Impacts related to Russia-Ukraine war
(0.1)— 0.5 0.01 
Net tax benefit of pre-tax special items
(0.7)(0.01)(0.5)(0.01)
Other tax-related special items(a)
5.6 0.07 0.3 — 
Adjusted
$119.9 $1.46 $113.0 $1.37 
Nine Months Ended September 28, 2024Nine Months Ended September 30, 2023
Income from Continuing Operations
EPS
Income from Continuing OperationsEPS
Reported
$391.5 $4.75 $319.0 $3.86 
Gain on sale of Wolverine business
(47.8)(0.58)— — 
Restructuring costs
6.6 0.08 2.8 0.03 
Acquisition-related costs(b)
5.3 0.06 1.6 0.02 
Impacts related to Russia-Ukraine war
(0.3)— 3.7 0.04 
Other pre-tax special items(c)
— — (2.4)(0.03)
Net tax benefit of pre-tax special items
(2.9)(0.04)(0.8)— 
Other tax-related special items(d)
7.3 0.10 (3.8)(0.05)
Adjusted
$359.7 $4.37 $320.1 $3.87 
(a)The three months ended September 28, 2024 includes tax expense on distributions of $4.6, tax expense from valuation allowance impacts of $2.2, and a tax benefit on return to accrual adjustments of ($1.3).
(b)The nine months ended September 28, 2024 includes inventory step-up amortization related to the acquisition of Svanehøj.
(c)2023 other pre-tax special items primarily includes income from a recovery of costs associated with the 2020 lease termination of a legacy site.
(d)The nine months ended September 28, 2024 includes tax expense on distributions of $5.4, tax expense from valuation allowance impacts of $2.2, expense from tax on undistributed foreign earnings of $1.9, a tax benefit to record a net operating loss deferred tax asset related to a prior year acquisition of $(2.0) and a tax benefit on return to accrual adjustments of ($0.6). The nine months ended September 30, 2023 includes benefits from valuation allowance reversals of ($16.1) and the amendment of our federal tax return of ($4.9), partially offset by a settlement expense related to a tax audit in Italy of $14.4 and tax expense on future distribution of foreign earnings of $2.2 and other tax-related special items of $0.6.
ITT Inc. | Q3 2024 Form 10-Q | 35

RECENT ACCOUNTING PRONOUNCEMENTS
See Note 2, Recent Accounting Pronouncements, to the Consolidated Condensed Financial Statements for information on recent accounting pronouncements.
CRITICAL ACCOUNTING ESTIMATES
The preparation of the Company’s financial statements, in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. The Company believes the most complex and sensitive judgments, because of their significance to the Consolidated Condensed Financial Statements, result primarily from the need to make estimates about the effects of matters that are inherently uncertain. Management’s Discussion and Analysis of Financial Condition and Results of Operations in the 2023 Annual Report describes the critical accounting estimates that are used in the preparation of the Consolidated Condensed Financial Statements. Actual results in these areas could differ from management’s estimates. There have been no material changes concerning the Company’s critical accounting estimates as described in our 2023 Annual Report.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There has been no material change in the information concerning market risk as stated in our 2023 Annual Report. See Note 17, Derivative Financial Instruments, to the Consolidated Condensed Financial Statements for information on the Company’s use of derivative financial instruments to mitigate exposure from foreign currency exchange rate fluctuations and commodity price fluctuations.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The Chief Executive Officer and Chief Financial Officer of the Company have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the Exchange Act) as of the end of the period covered by this Report. Based on such evaluation, such officers have concluded that, as of the end of the period covered by this Report, the Company’s disclosure controls and procedures were effective.
Changes in Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting during the period covered by this Report that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
ITT Inc. | Q3 2024 Form 10-Q | 36

PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
From time to time, we are involved in legal proceedings that are incidental to the operation of our business. For a discussion of legal proceedings, see Note 16, Commitments and Contingencies, to the Consolidated Condensed Financial Statements.
ITEM 1A. RISK FACTORS
Reference is made to the risk factors set forth in Part I, Item 1A, “Risk Factors”, of our 2023 Annual Report, which are incorporated by reference herein. There have been no material changes with regard to the risk factors disclosed in such report.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On October 30, 2019, the Board of Directors approved an indefinite term $500 share repurchase program (the 2019 Plan). On October 4, 2023, the Board of Directors approved an indefinite term $1,000 open-market share repurchase program (the 2023 Plan).
During the second quarter of 2024, we exhausted the remaining capacity under the 2019 Plan. As of September 28, 2024, there was $975 of remaining capacity under the 2023 Plan.
Share repurchase activity during the three months ended September 28, 2024 is shown in the table below.
Purchases of equity securities by the issuer and affiliated purchasers


PERIOD
TOTAL
NUMBER
OF SHARES
PURCHASED(1)(3)
AVERAGE
PRICE
PAID
PER SHARE(2)
TOTAL NUMBER OF SHARES PURCHASED AS PART OF PUBLICLY ANNOUNCED PLANS OR PROGRAMS(3)
APPROXIMATE DOLLAR VALUE OF SHARES THAT MAY YET BE PURCHASED UNDER THE PLANS OR PROGRAMS
(IN MILLIONS)
6/30/2024 - 7/27/2024
1,323 $128.21 — $1,000 
7/28/2024 - 8/24/2024
464 $134.93 — $1,000 
8/25/2024 - 9/28/2024
182,826 $136.76 182,826 $975 
(1)Excludes shares withheld in settlement of employee tax withholding obligations due upon the vesting of restricted stock unit and performance stock unit awards.
(2)Average price paid per share is calculated on a settlement basis and excludes commissions.
(3)Amounts are in whole numbers.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITT Inc. | Q3 2024 Form 10-Q | 37

ITEM 5. OTHER INFORMATION
Disclosure pursuant to Section 219 of the Iran Threat Reduction & Syria Human Rights Act (ITRA)
This disclosure is made pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 which added subsection (r) to Section 13 of the Exchange Act (Section 13(r)). Section 13(r) requires an issuer to disclose in its annual or quarterly reports whether it or any of its affiliates have knowingly engaged in certain activities, transactions or dealings relating to Iran. Disclosure of such activities, transactions or dealings is required even when conducted outside the United States by non-U.S. persons in compliance with applicable law, and whether or not such activities are sanctionable under U.S. law.
In its 2012 Annual Report, ITT described its acquisition of all the shares of Joh. Heinr. Bornemann GmbH (Bornemann) in November 2012, as well as certain activities of Bornemann in Iran and the wind down of those activities in accordance with a General License issued on December 26, 2012 by the Office of Foreign Assets Control (the General License). As permitted by the General License, on or before March 8, 2013, Bornemann completed the wind-down activities and ceased all activities in Iran. As required to be disclosed by Section 13(r), the gross revenues and operating income to Bornemann from its Iranian activities subsequent to its acquisition by ITT were 2.2 million Euros and 1.5 million Euros, respectively. Prior to its acquisition by ITT, Bornemann issued a performance bond to its Iranian customer in the amount of 1.3 million Euros (the Bond). Bornemann requested that the Bond be canceled prior to March 8, 2013; however, the former customer refused this request and as a result the Bond remains outstanding. Bornemann did not receive gross revenues or operating income, or pay interest, with respect to the Bond in any subsequent periods through September 28, 2024, however, Bornemann did pay fees of approximately 5 thousand Euros during the nine months ended September 28, 2024 and annual fees of 7 thousand Euros during 2023 to the German financial institution which is maintaining the Bond.
Rule 10b5-1 Trading Plans
During the three months ended September 28, 2024, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K.
ITT Inc. | Q3 2024 Form 10-Q | 38

ITEM 6. EXHIBITS
EXHIBIT NUMBER
DESCRIPTION
(10.1)

Incorporated by reference to Exhibit 10.1 of ITT Inc.’s Form 8-K dated September 12, 2024
(31.1)
(31.2)
(32.1)
(32.2)
(101)
The following materials from ITT Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 28, 2024, formatted in Inline XBRL (Inline Extensible Business Reporting Language): (i) Consolidated Condensed Statements of Operations, (ii) Consolidated Condensed Statements of Comprehensive Income, (iii) Consolidated Condensed Balance Sheets, (iv) Consolidated Condensed Statements of Cash Flows, (v) Consolidated Condensed Statements of Changes in Shareholders’ Equity, (vi) Notes to Consolidated Condensed Financial Statements, and (vii) Cover Page
(104)
The cover page from the Quarterly Report on Form 10-Q for the quarter ended September 28, 2024, formatted in Inline XBRL (included in Exhibit 101).
ITT Inc. | Q3 2024 Form 10-Q | 39

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
 
ITT Inc.
(Registrant)
By:/s/ CHERYL DE MESA GRAZIANO
Cheryl de Mesa Graziano
Vice President and Chief Accounting Officer
(Principal Accounting Officer)
October 29, 2024
ITT Inc. | Q3 2024 Form 10-Q | 40

EXHIBIT 31.1
CERTIFICATION OF LUCA SAVI PURSUANT TO SEC. 302
OF THE SARBANES-OXLEY ACT OF 2002

I, Luca Savi, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 28, 2024 of ITT Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
/s/ Luca Savi
Luca Savi
Chief Executive Officer
Date: October 29, 2024


EXHIBIT 31.2
CERTIFICATION OF EMMANUEL CAPRAIS PURSUANT TO SEC. 302
OF THE SARBANES-OXLEY ACT OF 2002

I, Emmanuel Caprais, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 28, 2024 of ITT Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
/s/ Emmanuel Caprais
Emmanuel Caprais
Senior Vice President and
Chief Financial Officer
Date: October 29, 2024


EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of ITT Inc. (the “Company”) on Form 10-Q for the period ended September 28, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Luca Savi, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
/s/ Luca Savi
Luca Savi
Chief Executive Officer
October 29, 2024
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.


EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of ITT Inc. (the “Company”) on Form 10-Q for the period ended September 28, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Emmanuel Caprais, Senior Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
/s/ Emmanuel Caprais
Emmanuel Caprais
Senior Vice President and
Chief Financial Officer
October 29, 2024
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

v3.24.3
Document and Entity Information - shares
shares in Millions
 9 Months Ended
Sep. 28, 2024
Oct. 28, 2024
Cover [Abstract]    
Entity Registrant Name ITT INC.  
Document Type 10-Q  
Document Period End Date Sep. 28, 2024  
Document Quarterly Report true  
Document Transition Report false  
Document Fiscal Year Focus 2024  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Entity File Number 001-05672  
Entity Central Index Key 0000216228  
Entity Incorporation, State or Country Code IN  
Entity Tax Identification Number 81-1197930  
Entity Address, Address Line One 100 Washington Boulevard  
Entity Address, Address Line Two 6th Floor  
Entity Address, City or Town Stamford  
Entity Address, State or Province CT  
Entity Address, Postal Zip Code 06902  
City Area Code (914)  
Local Phone Number 641-2000  
Title of 12(b) Security Common Stock, par value $1.00 per share  
Trading Symbol ITT  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   81.5
v3.24.3
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Revenue $ 885.2 $ 822.1 $ 2,701.7 $ 2,453.9
Cost of revenue 571.2 542.7 1,770.8 1,632.6
Gross profit 314.0 279.4 930.9 821.3
General and administrative expenses 74.8 66.9 223.1 210.8
Sales and marketing expenses 50.5 44.4 151.2 131.2
Research and development expenses 28.6 25.0 88.3 77.1
Gain on sale of business (47.8) 0.0 (47.8) (7.2)
Operating income 207.9 143.1 516.1 409.4
Interest expense 10.0 4.2 25.1 15.4
Interest income (1.6) (1.9) (5.0) (6.5)
Other non-operating income, net (0.2) (0.9) (1.9) (1.5)
Income before income tax expense 199.7 141.7 497.9 402.0
Income tax expense 37.8 29.9 103.6 80.6
Income from continuing operations 161.9 111.8 394.3 321.4
Net income 161.7 111.8 394.1 321.4
Less: Income attributable to noncontrolling interests 0.6 1.0 2.8 2.4
Net income attributable to ITT Inc. 161.1 110.8 391.3 319.0
Amounts attributable to ITT Inc.:        
Income from continuing operations 161.3 110.8 391.5 319.0
Loss from discontinued operations, net of tax (0.2) 0.0 (0.2) 0.0
Net income attributable to ITT Inc. $ 161.1 $ 110.8 $ 391.3 $ 319.0
Basic: [Abstract]        
Continuing operations $ 1.98 $ 1.35 $ 4.78 $ 3.87
Discontinued operations (0.01) 0 0 0
Net income 1.97 1.35 4.78 3.87
Diluted: [Abstract]        
Continuing operations 1.96 1.34 4.75 3.86
Discontinued operations 0 0 0 0
Net income $ 1.96 $ 1.34 $ 4.75 $ 3.86
Weighted average common shares – basic 81.6 82.1 81.9 82.4
Weighted average common shares – diluted 82.1 82.5 82.4 82.7
v3.24.3
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Tax Benefit (Expense) of Discontinued Operations $ 0.0 $ 0.0 $ 0.0 $ 0.0
v3.24.3
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 161.7 $ 111.8 $ 394.1 $ 321.4
Other comprehensive income (loss):        
Net foreign currency translation adjustment 59.2 (30.5) 10.0 (34.7)
Net change in postretirement benefit plans, net of tax impacts of $0.6, $(0.3), $1.2, and $1.8, respectively (1.9) 0.9 (3.6) 0.2
Other comprehensive income (loss) 57.3 (29.6) 6.4 (34.5)
Comprehensive income 219.0 82.2 400.5 286.9
Less: Comprehensive income attributable to noncontrolling interests 0.6 1.0 2.8 2.4
Comprehensive income attributable to ITT Inc. 218.4 81.2 397.7 284.5
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract]        
Amortization of prior service benefit, net of tax expense of $0.3, $0.4, $1.0, and $1.1, respectively (1.0) (1.1) (3.2) (3.4)
Amortization of net actuarial loss, net of tax benefit of $—, $(0.1), $—, and $(0.1), respectively 0.2 (0.2) 0.3 0.0
Gain on plan settlement due to divestiture, net of tax expense of $0.2, $—, $0.2, and $— (0.8) 0.0 (0.8) 0.0
Other adjustments to postretirement benefit plans:        
Net actuarial gain, net of tax expense of $0.1, $(0.6), $—, and $(0.6), respectively (0.3) 2.2 0.1 2.2
Deferred tax asset valuation allowance reversal 0.0 0.0 0.0 1.4
Net change in postretirement benefit plans, net of tax $ 1.9 $ (0.9) $ 3.6 $ (0.2)
v3.24.3
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical)) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent $ 0.6 $ (0.3) $ 1.2 $ 1.8
Disclosure of reclassification adjustments and other adjustments to postretirement benefit plans: [Abstract]        
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax 0.3 0.4 1.0 1.1
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax 0.0 (0.1) 0.0 (0.1)
Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax 0.2 0.0 0.2 0.0
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax $ 0.1 $ (0.6) $ 0.0 $ (0.6)
v3.24.3
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 28, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents $ 460.9 $ 489.2
Receivables, net 802.0 675.2
Inventories 620.5 575.4
Other current assets 127.4 117.9
Total current assets 2,010.8 1,857.7
Non-current assets:    
Plant, property and equipment, net 578.8 561.0
Goodwill 1,498.3 1,016.3
Other intangible assets, net 462.9 116.6
Other non-current assets 393.7 381.0
Total non-current assets 2,933.7 2,074.9
Total assets 4,944.5 3,932.6
Current liabilities:    
Short-term borrowings 362.6 187.7
Accounts payable 460.4 437.0
Accrued and other current liabilities 451.7 413.1
Total current liabilities 1,274.7 1,037.8
Non-current liabilities:    
Long-term debt 467.8 5.7
Postretirement benefits 135.0 138.7
Other non-current liabilities 311.3 211.3
Total non-current liabilities 914.1 355.7
Total liabilities 2,188.8 1,393.5
Common stock: [Abstract]    
Issued and outstanding – 81.5 shares and 82.1 shares, respectively 81.5 82.1
Retained earnings 2,993.2 2,778.0
Accumulated other comprehensive loss:    
Postretirement benefits 5.2 1.6
Cumulative translation adjustments (320.3) (330.3)
Total accumulated other comprehensive loss (325.5) (331.9)
Total ITT Inc. shareholders’ equity 2,749.2 2,528.2
Noncontrolling interests 6.5 10.9
Total shareholders’ equity 2,755.7 2,539.1
Total liabilities and shareholders’ equity $ 4,944.5 $ 3,932.6
v3.24.3
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Millions
Sep. 28, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Authorized – 250 shares, $1 par value per share 250.0  
Common stock, par value $ 1  
Issued and outstanding – 81.5 shares and 82.1 shares, respectively 81.5 82.1
Common stock, shares outstanding 81.5 82.1
v3.24.3
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Operating Activities    
Income from continuing operations attributable to ITT Inc. $ 391.5 $ 319.0
Adjustments to income from continuing operations:    
Depreciation and amortization 100.7 82.8
Equity-based compensation 19.8 15.1
Gain on sale of business (47.8) (7.2)
Other non-cash charges, net 23.8 22.5
Changes in assets and liabilities:    
Change in receivables (93.5) (54.7)
Change in inventories (2.6) (40.9)
Change in contract assets (5.0) 0.5
Change in contract liabilities (1.6) 11.1
Change in accounts payable (11.4) 16.5
Change in accrued expenses (14.1) 29.4
Change in income taxes (15.4) (2.1)
Other, net (5.0) (24.4)
Net Cash – Operating Activities 339.4 367.6
Investing Activities    
Capital expenditures (87.5) (68.5)
Proceeds from sale of business, net of cash divested 162.4 10.5
Acquisitions, net of cash acquired (864.8) (79.3)
Other, net (4.7) (4.7)
Net Cash – Investing Activities (794.6) (142.0)
Financing Activities    
Commercial paper, net borrowings 174.7 (204.3)
Long-term debt issued, net of debt issuance costs 762.4 0.0
Long-term debt repayments (301.3) (1.2)
Share repurchases under repurchase plan (104.0) (60.0)
Payments for taxes related to net share settlement of stock incentive plans (13.2) (6.7)
Dividends paid (78.7) (71.9)
Other, net (7.9) (1.1)
Net Cash – Financing Activities 432.0 (345.2)
Exchange rate effects on cash and cash equivalents (4.4) (10.4)
Net cash – operating activities of discontinued operations (0.4) (0.2)
Net change in cash and cash equivalents (28.0) (130.2)
Cash and cash equivalents – beginning of year (includes restricted cash of $0.7 and $0.7, respectively) 489.9 561.9
Cash and Cash Equivalents – End of Period (includes restricted cash of $1.0 and $0.9, respectively) 461.9 431.7
Supplemental Disclosures of Cash Flow and Non-Cash Information:    
Cash paid for interest 21.3 12.3
Cash paid for income taxes, net of refunds received 106.8 72.0
Capital expenditures included in current liabilities $ 23.0 $ 16.3
v3.24.3
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Millions
Sep. 28, 2024
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Restricted Cash $ 1.0 $ 0.7 $ 0.9 $ 0.7
v3.24.3
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Common Stock [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Noncontrolling Interest [Member]
Common Stock Outstanding, Beginning Balance at Dec. 31, 2022   82.7      
Common Stock, Shares [Abstract]          
Activity from stock incentive plans, shares   0.2      
Share repuchases, shares   (0.7)      
Share repurchases from net settlement of employee stock incentive plans, shares   (0.1)      
Common Stock Outstanding, Ending Balance at Sep. 30, 2023   82.1      
Common Stock, Shares [Abstract]          
Activity from stock incentive plans, shares   0.2      
Share repuchases, shares   (0.7)      
Share repurchases from net settlement of employee stock incentive plans, shares   (0.1)      
Total shareholders' equity, Beginning Balance at Dec. 31, 2022 $ 2,257.4   $ 2,509.7 $ (344.3) $ 9.3
Shareholders' Equity, Dollars [Abstract]          
Net income 321.4   319.0   2.4
Shares issued and activity from stock incentive plans 15.7 $ 0.2 15.5    
Shares repurchased under repurchase plan (60.5) (0.7) (59.8)    
Shares withheld related to net share settlement of stock incentive plans (6.7) (0.1) (6.6)    
Dividends Declared (72.0)   (72.0)    
Dividends to noncontrolling interest (1.7)       (1.7)
Net change in postretirement benefit plans, net of tax impacts of $0.6, $(0.3), $1.2, and $1.8, respectively 0.2     0.2  
Net foreign currency translation adjustment (34.7)     (34.7)  
Other 0.1       0.1
Total shareholders' equity, Ending Balance at Sep. 30, 2023 2,419.2 82.1 2,705.8 (378.8) 10.1
Shareholders' Equity, Dollars [Abstract]          
Net income 321.4   319.0   2.4
Shares issued and activity from stock incentive plans 15.7 0.2 15.5    
Shares repurchased under repurchase plan (60.5) (0.7) (59.8)    
Shares withheld related to net share settlement of stock incentive plans (6.7) $ (0.1) (6.6)    
Dividends Declared (72.0)   (72.0)    
Dividends to noncontrolling interest (1.7)       (1.7)
Net change in postretirement benefit plans, net of tax impacts of $0.6, $(0.3), $1.2, and $1.8, respectively 0.2     0.2  
Net foreign currency translation adjustment (34.7)     (34.7)  
Other 0.1       0.1
Common Stock Outstanding, Beginning Balance at Jul. 01, 2023   82.1      
Common Stock Outstanding, Ending Balance at Sep. 30, 2023   82.1      
Total shareholders' equity, Beginning Balance at Jul. 01, 2023 2,357.6 $ 82.1 2,614.0 (349.2) 10.7
Shareholders' Equity, Dollars [Abstract]          
Net income 111.8   110.8   1.0
Shares issued and activity from stock incentive plans 5.2   5.2    
Shares withheld related to net share settlement of stock incentive plans (0.3)   (0.3)    
Dividends Declared (23.9)   (23.9)    
Dividends to noncontrolling interest (1.6)       (1.6)
Net change in postretirement benefit plans, net of tax impacts of $0.6, $(0.3), $1.2, and $1.8, respectively 0.9     (0.9)  
Net foreign currency translation adjustment (30.5)     (30.5)  
Total shareholders' equity, Ending Balance at Sep. 30, 2023 2,419.2 $ 82.1 2,705.8 (378.8) 10.1
Shareholders' Equity, Dollars [Abstract]          
Net income 111.8   110.8   1.0
Shares issued and activity from stock incentive plans 5.2   5.2    
Shares withheld related to net share settlement of stock incentive plans (0.3)   (0.3)    
Dividends Declared (23.9)   (23.9)    
Dividends to noncontrolling interest (1.6)       (1.6)
Net change in postretirement benefit plans, net of tax impacts of $0.6, $(0.3), $1.2, and $1.8, respectively 0.9     (0.9)  
Net foreign currency translation adjustment $ (30.5)     (30.5)  
Common Stock Outstanding, Beginning Balance at Dec. 31, 2023 82.1 82.1      
Common Stock, Shares [Abstract]          
Activity from stock incentive plans, shares   0.3      
Share repuchases, shares   (0.8)      
Share repurchases from net settlement of employee stock incentive plans, shares   (0.1)      
Common Stock Outstanding, Ending Balance at Sep. 28, 2024 81.5 81.5      
Common Stock, Shares [Abstract]          
Activity from stock incentive plans, shares   0.3      
Share repuchases, shares   (0.8)      
Share repurchases from net settlement of employee stock incentive plans, shares   (0.1)      
Total shareholders' equity, Beginning Balance at Dec. 31, 2023 $ 2,539.1 $ 82.1 2,778.0   10.9
Shareholders' Equity, Dollars [Abstract]          
Net income 394.1   391.3   2.8
Shares issued and activity from stock incentive plans 20.1 0.3 19.8    
Shares repurchased under repurchase plan (104.9) (0.8) (104.1)    
Shares withheld related to net share settlement of stock incentive plans (13.2) (0.1) (13.1)    
Dividends Declared (78.6)   (78.6)    
Dividends to noncontrolling interest (2.3)       (2.3)
Purchase of noncontrolling interest (5.0)   (0.1)   (4.9)
Net change in postretirement benefit plans, net of tax impacts of $0.6, $(0.3), $1.2, and $1.8, respectively (3.6)     (3.6)  
Net foreign currency translation adjustment 10.0     10.0  
Total shareholders' equity, Ending Balance at Sep. 28, 2024 2,755.7 81.5 2,993.2 (325.5) 6.5
Shareholders' Equity, Dollars [Abstract]          
Net income 394.1   391.3   2.8
Shares issued and activity from stock incentive plans 20.1 0.3 19.8    
Shares repurchased under repurchase plan (104.9) (0.8) (104.1)    
Shares withheld related to net share settlement of stock incentive plans (13.2) $ (0.1) (13.1)    
Dividends Declared (78.6)   (78.6)    
Dividends to noncontrolling interest (2.3)       (2.3)
Purchase of noncontrolling interest (5.0)   (0.1)   (4.9)
Net change in postretirement benefit plans, net of tax impacts of $0.6, $(0.3), $1.2, and $1.8, respectively (3.6)     (3.6)  
Net foreign currency translation adjustment $ 10.0     10.0  
Common Stock Outstanding, Beginning Balance at Jun. 29, 2024   81.7      
Common Stock, Shares [Abstract]          
Share repuchases, shares   (0.2)      
Common Stock Outstanding, Ending Balance at Sep. 28, 2024 81.5 81.5      
Common Stock, Shares [Abstract]          
Share repuchases, shares   (0.2)      
Total shareholders' equity, Beginning Balance at Jun. 29, 2024 $ 2,589.2 $ 81.7 2,877.7 (382.8) 12.6
Shareholders' Equity, Dollars [Abstract]          
Net income 161.7   161.1   0.6
Shares issued and activity from stock incentive plans 6.1   6.1    
Shares repurchased under repurchase plan (25.3) (0.2) (25.1)    
Shares withheld related to net share settlement of stock incentive plans (0.4)   (0.4)    
Dividends Declared (26.1)   (26.1)    
Dividends to noncontrolling interest (1.8)       (1.8)
Purchase of noncontrolling interest (5.0)   (0.1)   (4.9)
Net change in postretirement benefit plans, net of tax impacts of $0.6, $(0.3), $1.2, and $1.8, respectively (1.9)     1.9  
Net foreign currency translation adjustment 59.2     59.2  
Total shareholders' equity, Ending Balance at Sep. 28, 2024 2,755.7 81.5 2,993.2 (325.5) 6.5
Shareholders' Equity, Dollars [Abstract]          
Net income 161.7   161.1   0.6
Shares issued and activity from stock incentive plans 6.1   6.1    
Shares repurchased under repurchase plan (25.3) $ (0.2) (25.1)    
Shares withheld related to net share settlement of stock incentive plans (0.4)   (0.4)    
Dividends Declared (26.1)   (26.1)    
Dividends to noncontrolling interest (1.8)       (1.8)
Purchase of noncontrolling interest (5.0)   $ (0.1)   $ (4.9)
Net change in postretirement benefit plans, net of tax impacts of $0.6, $(0.3), $1.2, and $1.8, respectively (1.9)     1.9  
Net foreign currency translation adjustment $ 59.2     $ 59.2  
v3.24.3
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Dividends declared per share $ 0.319 $ 0.290 $ 0.957 $ 0.870
v3.24.3
OTHER CURRENT AND NON-CURRENT ASSETS - Components of Other Current and Non-Current Assets - USD ($)
$ in Millions
Sep. 28, 2024
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Advance payments and other prepaid expenses $ 47.3 $ 55.3
Current contract assets 34.4 25.8
Prepaid income taxes 27.9 16.9
Other 17.8 19.9
Other current assets 127.4 117.9
Other employee benefit-related assets 134.6 128.6
Operating lease right-of-use assets 93.5 87.4
Deferred income taxes 77.7 76.0
Equity-method and other investments 47.8 46.6
Capitalized software costs 6.1 7.9
Environmental-related assets 7.6 6.0
Other 26.4 28.5
Other non-current assets $ 393.7 $ 381.0
v3.24.3
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Employee Compensation Costs - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-Based Payment Arrangement, Expense $ 6.8 $ 5.4 $ 21.8 $ 16.3
Equity Based Awards [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-Based Payment Arrangement, Expense 6.1 5.0 19.8 15.1
Liability Based Awards [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-Based Payment Arrangement, Expense $ 0.7 $ 0.4 $ 2.0 $ 1.2
v3.24.3
CAPITAL STOCK - Additional Information
$ in Thousands
Sep. 28, 2024
USD ($)
2019 Share Repurchase Program [Member]  
Equity, Class of Treasury Stock [Line Items]  
Share repurchase program $ 500,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount 975,000
2023 Share Repurchase Program  
Equity, Class of Treasury Stock [Line Items]  
Share repurchase program $ 1,000,000
v3.24.3
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND UPDATES TO SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 28, 2024
Accounting Policies [Abstract]  
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business
ITT Inc. is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. Unless the context otherwise indicates, references herein to “ITT,” “the Company,” and such words as “we,” “us,” and “our” include ITT Inc. and its subsidiaries. ITT operates through three reportable segments: Motion Technologies (MT), consisting of friction and shock and vibration equipment; Industrial Process (IP), consisting of industrial flow equipment and services; and Connect & Control Technologies (CCT), consisting of electronic connectors, fluid handling, motion control, composite materials and noise and energy absorption products. Financial information for our segments is presented in Note 3, Segment Information.
Business Combinations and Divestitures
On January 19, 2024, we completed the acquisition of Svanehøj Group A/S (Svanehøj) for a purchase price of $407.6, net of cash acquired. Subsequent to the acquisition, Svanehøj’s results are reported within our IP segment.
On September 12, 2024, we completed the acquisition of kSARIA Parent, Inc. (kSARIA) for a preliminary purchase price of $461.9, net of cash acquired. The final price is subject to a customary working capital adjustment. Subsequent to the acquisition, kSARIA’s results are reported within our CCT segment.
On July 22, 2024, the Company completed the sale of its Wolverine Advanced Materials (Wolverine) business, part of the MT segment prior to the divestiture, to an unrelated third party for a preliminary price of $171. The final price is subject to a customary working capital adjustment. The Company evaluates all disposal transactions to determine whether such disposal qualifies as discontinued operations in accordance with Accounting Standards Codification (ASC) 205-20, Discontinued Operations. We concluded that the divestiture does not qualify as a discontinued operation.
On December 29, 2023, we completed the sale of our Matrix business, an aerospace and defense components manufacturer within our CCT segment, to a third party for total cash proceeds of $1.0.
Refer to Note 18, Acquisitions and Divestitures, for more information.
Basis of Presentation
The unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions) necessary to state fairly the financial position, results of operations, and cash flows for the periods presented. The Consolidated Condensed Balance Sheet as of December 31, 2023, presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K (2023 Annual Report) for the year ended December 31, 2023, but does not include all disclosures required by accounting principles generally accepted in the United States (GAAP). We consistently applied the accounting policies described in the 2023 Annual Report in preparing these unaudited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2023 Annual Report.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, accounting for business combinations, goodwill and other intangible asset impairment testing, environmental liabilities and assets, allowance for credit losses, inventory valuation, and assets held for sale. Actual results could differ from these estimates.
ITT’s quarterly financial periods end on the Saturday that is closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year, which ends on December 31st. ITT’s third quarter for 2024 and 2023 ended on September 28, 2024 and September 30, 2023, respectively.
Certain prior year amounts have been reclassified to conform to the current year presentation.
v3.24.3
RECENT ACCOUNTING PRONOUNCEMENTS
 9 Months Ended
Sep. 28, 2024
Recent Accounting Pronouncements [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS
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 November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (CODM) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. This ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. 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, 2024.
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. 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, 2025.
During 2024, 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.
v3.24.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 28, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION
SEGMENT INFORMATION
The Company’s segments are reported on the same basis used by our Chief Executive Officer, who is also our CODM, for evaluating performance and for allocating resources. Our three reportable segments are referred to as Motion Technologies, Industrial Process, and Connect & Control Technologies.
Motion Technologies manufactures brake components, shock absorbers and damping technologies primarily for the global automotive and rail transportation markets.
Industrial Process manufactures engineered fluid process equipment serving a diversified mix of customers in global industries such as chemical, energy, marine, mining, and other industrial process markets and is a provider of plant optimization and efficiency solutions and aftermarket services and parts.
Connect & Control Technologies manufactures harsh-environment connector solutions, cable assemblies, critical energy absorption, flow control components, and composite materials for the aerospace and defense, general industrial, medical, and energy markets.
Assets of our reportable segments exclude general corporate assets, which principally consist of cash, investments, deferred taxes, and certain property, plant and equipment. These assets are included within Corporate and Other, which is described further below.
Corporate and Other consists of corporate office expenses including compensation, benefits, occupancy, depreciation, and other administrative costs, as well as charges related to certain matters, including environmental liabilities, that are managed at a corporate level and are not included in segment results when evaluating performance or allocating resources. In addition, Corporate and Other includes research and development-related expenses associated with a subsidiary that does not constitute a reportable segment.
The following table presents our revenue for each segment and reconciles our total segment revenue to total consolidated revenue.
 Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Motion Technologies$344.9 $359.5 $1,121.8 $1,093.1 
Industrial Process333.8 279.8 998.4 839.9 
Connect & Control Technologies207.2 184.0 584.1 523.8 
Total segment revenue
885.9 823.3 2,704.3 2,456.8 
Eliminations(0.7)(1.2)(2.6)(2.9)
Total consolidated revenue
$885.2 $822.1 $2,701.7 $2,453.9 
The following table presents our operating income for each segment and reconciles our total segment operating income to income from continuing operations before income tax.
 Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Motion Technologies$110.0 $59.4 $251.8 $170.5 
Industrial Process69.8 64.7 199.4 186.4 
Connect & Control Technologies38.1 33.2 106.2 91.0 
Total segment operating income
217.9 157.3 557.4 447.9 
Other corporate costs
(10.0)(14.2)(41.3)(38.5)
Interest and non-operating expense, net
(8.2)(1.4)(18.2)(7.4)
Income from continuing operations before income tax$199.7 $141.7 $497.9 $402.0 
The following table presents our operating margin for each segment. Segment operating margin is calculated as segment operating income divided by segment revenue.
 Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Motion Technologies
31.9 %16.5 %22.4 %15.6 %
Industrial Process
20.9 %23.1 %20.0 %22.2 %
Connect & Control Technologies
18.4 %18.0 %18.2 %17.4 %
The following table presents our total assets, capital expenditures, and depreciation & amortization expense for each segment.
As of and for the
Nine Months Ended
Total AssetsCapital
Expenditures		Depreciation &
Amortization
September 28,
2024		December 31,
2023		September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Motion Technologies$1,271.1 $1,366.6 $53.7 $44.9 $46.8 $49.3 
Industrial Process1,897.5 1,323.2 24.5 10.6 34.9 16.7 
Connect & Control Technologies1,367.0 834.6 8.6 11.7 17.1 14.9 
Corporate and Other408.9 408.2 0.7 1.3 1.9 1.9 
Total$4,944.5 $3,932.6 $87.5 $68.5 $100.7 $82.8 
v3.24.3
REVENUE REVENUE
 9 Months Ended
Sep. 28, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Footnote
REVENUE
The following tables present our revenue disaggregated by end market.
For the Three Months Ended September 28, 2024
Motion TechnologiesIndustrial ProcessConnect & Control TechnologiesEliminationsTotal
Auto and rail$341.0 $— $— $0.1 $341.1 
Chemical and industrial pumps— 226.4 — — 226.4 
Energy— 107.4 14.3 — 121.7 
Aerospace and defense1.9 — 128.0 — 129.9 
General industrial1.9 — 65.0 (0.8)66.1 
Total$344.8 $333.8 $207.3 $(0.7)$885.2 
For the Nine Months Ended September 28, 2024
Auto and rail$1,100.8 $— $— $— $1,100.8 
Chemical and industrial pumps— 675.7 — — 675.7 
Energy— 322.7 40.8 — 363.5 
Aerospace and defense5.6 — 346.8 — 352.4 
General industrial15.3 — 196.6 (2.6)209.3 
Total$1,121.7 $998.4 $584.2 $(2.6)$2,701.7 
For the Three Months Ended September 30, 2023
Motion TechnologiesIndustrial ProcessConnect & Control TechnologiesEliminationsTotal
Auto and rail$351.5 $— $— $— $351.5 
Chemical and industrial pumps— 219.7 — (0.1)219.6 
Energy— 60.1 13.6 — 73.7 
Aerospace and defense2.0 — 99.2 — 101.2 
General industrial6.0 — 71.2 (1.1)76.1 
Total$359.5 $279.8 $184.0 $(1.2)$822.1 
For the Nine Months Ended September 30, 2023
Auto and rail$1,067.5 $— $— $— $1,067.5 
Chemical and industrial pumps— 664.2 — (0.1)664.1 
Energy— 175.7 37.7 — 213.4 
Aerospace and defense5.9 — 280.2 — 286.1 
General industrial19.7 — 205.9 (2.8)222.8 
Total$1,093.1 $839.9 $523.8 $(2.9)$2,453.9 
Contract Assets and Liabilities
Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings, net of allowances for credit losses. Contract assets are included in other current assets and other non-current assets in our Consolidated Condensed Balance Sheets. Contract liabilities consist of advance customer payments and billings in excess of revenue recognized. Contract liabilities are included in accrued liabilities and other non-current liabilities in our Consolidated Condensed Balance Sheets.
The following table represents our net contract assets and liabilities.
As of the Period EndedSeptember 28,
2024		December 31,
2023
Current contract assets
$34.4 $25.8 
Non-current contract assets
1.4 1.6 
Current contract liabilities(a)
(126.0)(95.9)
Non-current contract liabilities(4.4)(4.5)
Net contract liabilities$(94.6)$(73.0)
(a)The increase in current contract liabilities from December 31, 2023 to September 28, 2024 was primarily driven by the acquisition of Svanehøj. Refer to Note 18, Acquisitions and Divestitures, for further information.
During the three and nine months ended September 28, 2024, we recognized revenue of $20.0 and $70.1, related to contract liabilities as of December 31, 2023, respectively. The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations as of September 28, 2024 was $1,661.3. Of this amount, we expect to recognize approximately $640 to $660 of revenue during the remainder of 2024.
v3.24.3
INCOME TAXES
 9 Months Ended
Sep. 28, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES
INCOME TAXES
The following table summarizes our income tax expense and effective tax rate (ETR).
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Income tax expense$37.8 $29.9 $103.6 $80.6 
Effective tax rate18.9 %21.1 %20.8 %20.0 %
The decrease in the ETR for the three months ended September 28, 2024 was primarily due to a benefit recognized on the sale of our Wolverine business. The increase in the ETR for the nine months ended September 28, 2024 was due to prior year benefits of $16.3 from the valuation allowance reversal on deferred tax assets in Germany and $4.9 from filing an amended 2017 consolidated federal tax return. These benefits were partially offset by a prior year expense of $14.3 relating to an Italian tax audit settlement covering tax years 2016-2022.
In October 2021, more than 135 countries and jurisdictions agreed to participate in a “two-pillar” international tax approach developed by the Organisation for Economic Co-operation and Development (OECD), which includes establishing a global minimum corporate tax rate of 15 percent. The OECD published Tax Challenges Arising from the Digitalisation of the Economy — Global Anti-Base Erosion Model Rules (Pillar Two) in December 2021 and subsequently issued additional commentary and administrative guidance clarifying several aspects of the model rules. Since the model rules have been released, many countries have enacted Pillar Two-related laws, some of which became effective January 1, 2024, and it is anticipated that many more will follow suit throughout 2024 and 2025. As of September 28, 2024, the Company does not expect Pillar Two taxes to have a significant impact on its 2024 financial statements.
The Company operates in various tax jurisdictions and is subject to examination by tax authorities in these jurisdictions. The Company is currently under examination in several jurisdictions including China, Czechia, Germany, India, Italy, and the U.S. The estimated tax liability calculation for unrecognized tax benefits considers uncertainties in the application of complex tax laws and regulations in various tax jurisdictions. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the unrecognized tax benefit. Over the next 12 months, the net amount of the tax liability for unrecognized tax benefits in foreign and domestic jurisdictions could decrease by approximately $0.5 due to changes in audit status, expiration of statutes of limitations and other events.
v3.24.3
EARNINGS PER SHARE
 3 Months Ended
Sep. 28, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE DATA
The following table provides a reconciliation of the data used in the calculation of basic and diluted earnings per share from continuing operations attributable to ITT.
Three Months Ended
Nine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Basic weighted average common shares outstanding81.6 82.1 81.9 82.4 
Add: Dilutive impact of outstanding equity awards0.5 0.4 0.5 0.3 
Diluted weighted average common shares outstanding82.1 82.5 82.4 82.7 
Anti-dilutive shares(a)
— — 0.1 0.1 
(a)    Anti-dilutive shares related to equity stock unit awards excluded from the computation of diluted earnings per share.
v3.24.3
RECEIVABLES, NET
 9 Months Ended
Sep. 28, 2024
Receivables [Abstract]  
RECEIVABLES, NET
RECEIVABLES, NET 
The following table summarizes our receivables and associated allowance for credit losses.
As of the Period EndedSeptember 28,
2024		December 31,
2023
Trade accounts receivable$754.2 $641.3 
Notes receivable19.7 25.5 
Other (a)
44.6 22.6 
Receivables, gross818.5 689.4 
Less: Allowance for credit losses
(16.5)(14.2)
Receivables, net$802.0 $675.2 
(a)    Other receivables as of September 28, 2024 include $17.0 estimated working capital recovery related to the sale of the Wolverine business.
The following table displays a rollforward of our total allowance for credit losses.
September 28,
2024		September 30,
2023
Total allowance for credit losses - January 1 $14.2 $12.2 
Charges to income
4.5 3.4 
Write-offs(2.6)(1.2)
Foreign currency and other0.4 (0.1)
Total allowance for credit losses - ending balance$16.5 $14.3 
v3.24.3
INVENTORIES, NET
 9 Months Ended
Sep. 28, 2024
Inventory Disclosure [Abstract]  
INVENTORIES, NET
INVENTORIES 
The following table summarizes our inventories.
As of the Period EndedSeptember 28,
2024		December 31,
2023
Raw materials$402.5 $366.6 
Work in process121.3 111.8 
Finished goods96.7 97.0 
Inventories$620.5 $575.4 
Government Assistance (ASU 2021-10)
ASU 2021-10 requires entities to provide information about the nature of transactions, related policies and effect of government grants on an entity’s financial statements. In particular, to qualify for an energy subsidy in Italy, a company must apply for and receive a certificate attesting that the company is an "energy and gas consuming company" (high energy consumption connected to the production cycle). The amount of subsidies granted is calculated based on a percentage of actual consumption, ranging from 25% to 40%. One of our Italian subsidiaries within our MT segment obtained this certificate and was granted energy subsidies from the Italian government beginning in April 2022. This program concluded in the second quarter of 2023. Accordingly, no energy subsidies were granted for the three or nine months ended September 28, 2024, or the three months ended September 30, 2023. For the nine months ended September 30, 2023, we recognized a benefit of $6.3 related to energy subsidies, which we recorded within Costs of revenue in our Consolidated Condensed Statements of Operations. There was no other material government assistance received by the Company or any of our subsidiaries during the periods.
v3.24.3
OTHER CURRENT AND NON-CURRENT ASSETS
 9 Months Ended
Sep. 28, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER CURRENT AND NON-CURRENT ASSETS
OTHER CURRENT AND NON-CURRENT ASSETS 
The following table summarizes our other current and non-current assets.
As of the Period EndedSeptember 28,
2024		December 31,
2023
Advance payments and other prepaid expenses$47.3 $55.3 
Current contract assets, net34.4 25.8 
Prepaid income taxes27.9 16.9 
Other17.8 19.9 
Other current assets$127.4 $117.9 
Other employee benefit-related assets$134.6 $128.6 
Operating lease right-of-use assets
93.5 87.4 
Deferred income taxes77.7 76.0 
Equity-method and other investments47.8 46.6 
Environmental-related assets7.6 6.0 
Capitalized software costs6.1 7.9 
Other26.4 28.5 
Other non-current assets$393.7 $381.0 
v3.24.3
PLANT, PROPERTY AND EQUIPMENT, NET
 9 Months Ended
Sep. 28, 2024
Property, Plant and Equipment [Abstract]  
PLANT, PROPERTY AND EQUIPMENT, NET
PLANT, PROPERTY AND EQUIPMENT, NET 
The following table summarizes our property, plant, and equipment, net of accumulated depreciation.
Useful life
(in years)		September 28,
2024		December 31,
2023
Machinery and equipment
  2 - 10
$1,326.7 $1,317.9 
Buildings and improvements
  5 - 40
316.9 298.4 
Furniture, fixtures and office equipment
3 - 7
84.3 83.7 
Construction work in progress96.8 78.1 
Land and improvements26.9 29.5 
Other2.1 1.7 
Plant, property and equipment, gross1,853.7 1,809.3 
Less: Accumulated depreciation(1,274.9)(1,248.3)
Plant, property and equipment, net$578.8 $561.0 
The following table summarizes our depreciation expense.
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Depreciation expense$21.6 $21.8 $65.9 $62.9 
v3.24.3
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
 9 Months Ended
Sep. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
Goodwill
The following table provides a rollforward of the carrying amount of goodwill by segment. 
Motion
Technologies		Industrial
Process		Connect & Control
Technologies		Total
Goodwill - December 31, 2023
$292.3 $403.0 $321.0 $1,016.3 
Acquired(a)
— 215.6 276.0 491.6 
Adjustments to purchase price allocations— — 0.6 0.6 
Allocated to divestiture(16.0)— — (16.0)
Foreign exchange translation1.3 4.3 0.2 5.8 
Goodwill - September 28, 2024
$277.6 $622.9 $597.8 $1,498.3 
(a)    Goodwill acquired for our IP and CCT segments is related to our acquisitions of Svanehøj and kSARIA, respectively, representing the preliminary calculation of the excess purchase price over the net assets acquired. Refer to Note 18, Acquisitions and Divestitures, for further information.
Other Intangible Assets, Net 
The following table summarizes our other intangible assets, net of accumulated amortization. 
September 28, 2024December 31, 2023
Gross
Carrying
Amount		Accumulated AmortizationNet IntangiblesGross
Carrying
Amount		Accumulated AmortizationNet Intangibles
Customer relationships$367.5 $(88.3)$279.2 $202.4 $(138.4)$64.0 
Developed technology
110.5 (22.8)87.7 61.5 (32.5)29.0 
Patents and other65.3 (30.0)35.3 22.0 (17.5)4.5 
Finite-lived intangible total543.3 (141.1)402.2 285.9 (188.4)97.5 
Indefinite-lived intangibles60.7 — 60.7 19.1 — 19.1 
Other intangible assets$604.0 $(141.1)$462.9 $305.0 $(188.4)$116.6 
The preliminary fair values of intangible assets acquired in connection with the purchase of Svanehøj total $212.6 and consist of the following:
Useful life
(in years)
Fair value
Customer relationships16$107.0 
Developed technology1765.0 
Trade name
Indefinite
23.0 
Backlog1.2517.0 
Other
100.6 
Total intangible assets acquired$212.6 
The preliminary fair values of intangible assets acquired in connection with the purchase of kSARIA total $166.0, inclusive of customer relationships, backlog and trade names. Refer to Note 18, Acquisitions and Divestitures, for further information.
The following table summarizes our amortization expense related to finite-lived intangible assets.
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Amortization expense$10.6 $5.6 $28.7 $15.4 
Estimated amortization expense for each of the five succeeding years and thereafter is as follows:
2024$18.6 
202555.3 
202629.0 
202727.0 
202827.0 
Thereafter$245.3 
v3.24.3
ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES
 9 Months Ended
Sep. 28, 2024
Payables and Accruals [Abstract]  
ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES ACCOUNTS PAYABLE, ACCRUED LIABILITIES AND OTHER NON-CURRENT LIABILITIES 
The following table summarizes our accrued liabilities and other non-current liabilities.
As of the Period EndedSeptember 28,
2024		December 31,
2023
Compensation and other employee-related benefits$151.8 $165.5 
Contract liabilities and other customer-related liabilities169.9 133.6 
Accrued income taxes and other tax-related liabilities36.2 30.7 
Operating lease liabilities21.8 19.5 
Accrued warranty costs16.8 14.0 
Environmental liabilities and other legal matters4.6 5.8 
Accrued restructuring costs2.9 4.8 
Other47.7 39.2 
Accrued and other current liabilities$451.7 $413.1 
Deferred income taxes and other tax-related liabilities(a)
$104.4 $25.0 
Operating lease liabilities
76.9 72.3 
Environmental liabilities49.9 52.0 
Compensation and other employee-related benefits39.3 38.0 
Other40.8 24.0 
Other non-current liabilities$311.3 $211.3 
(a)    The increase in deferred income taxes and other tax-related liabilities primarily relates to deferred tax liabilities recognized in connection with the acquisitions of Svanehøj and kSARIA.
Supply Chain Financing
The Company has supply chain financing (SCF) programs in place under which participating suppliers may elect to obtain payment from an intermediary. The Company confirms the validity of invoices from participating suppliers and agrees to pay the intermediary an amount based on invoice totals. The majority of amounts payable under these programs are due within 90 to 180 days and are considered commercially reasonable. There are no assets pledged as security or other forms of guarantees provided for the committed payments. As of September 28, 2024 and December 31, 2023, there were $24.4 and $19.7, respectively, of outstanding amounts payable to suppliers who have elected to participate in these SCF programs. These amounts were recorded within Accounts payable in our Consolidated Condensed Balance Sheets.
v3.24.3
DEBT Debt (Notes)
 9 Months Ended
Sep. 28, 2024
Debt Disclosure [Abstract]  
Debt [Text Block]
DEBT
The following table summarizes our outstanding debt obligations.
As of the Period EndedSeptember 28,
2024		December 31,
2023
Commercial paper(a)
$359.6 $184.9 
Current maturities of long-term debt
2.5 2.3 
Short-term loans
0.5 0.5 
Total short-term borrowings
362.6 187.7 
Non-current maturities of long-term debt(b)
467.8 5.7 
Total debt and finance leases$830.4 $193.4 
(a)    The associated weighted average interest rates as of September 28, 2024 and December 31, 2023 were 5.12% and 5.61%, respectively. Outstanding commercial paper for both periods had maturity terms less than three months from the date of issuance.
(b) Long-term debt is primarily related to a term loan that the Company entered into in September 2024 in connection with the acquisition of kSARIA. See additional details in section titled, “U.S. Term Loan”, below.
U.S. Term Loan
On September 12, 2024, the Company entered into a credit agreement (the kSARIA Credit Agreement) among the Company, as borrower, each lender from time to time party thereto, and U.S. Bank National Association, as the administrative agent, sole lead arranger and sole bookrunner.
The kSARIA Credit Agreement has a maturity of three years (September 2027) and provides for a term loan of $464, which had been borrowed and was used to finance the Company’s acquisition of kSARIA on September 12, 2024. Debt issuance costs were $0.9 and will be amortized over the term of the debt.
Borrowings under the kSARIA Credit Agreement bear interest at an annual rate equal to, at the Company’s option, either (i) term secured overnight financing rate (Term SOFR) (subject to a 0.10% “credit spread adjustment”) plus a margin ranging from 0.875% to 1.500%, or (ii) an alternate base rate plus a margin ranging from 0.0% to 0.5%, with the applicable margin determined by reference to the Company’s debt ratings set forth in the kSARIA Credit Agreement. The annual interest rate as of September 28, 2024 was 6.26%. The loans under the kSARIA Credit Agreement may be prepaid by the Company at any time, in whole or in part, without penalty or premium, subject to certain conditions.
The kSARIA Credit Agreement contains customary affirmative and negative covenants, as well as financial covenants (e.g., leverage ratio), that are similar to those contained in our 2021 Revolving Credit Agreement, as described below. As of September 28, 2024, the Company was in compliance with all covenants.
The following table provides the future maturities related to the outstanding balance as of September 28, 2024.
2024$— 
2025— 
2026— 
September 2027464.0 
Total maturities$464.0 
Italian Term Loan
On January 12, 2024, ITT Italia S.r.l. (ITT Italia), an indirect wholly owned subsidiary of the Company, entered into a facility agreement (the ITT Italia Credit Agreement), among the Company, as a guarantor, ITT Italia, as borrower, and BNP Paribas, Italian Branch, as bookrunner, sole underwriter and global coordinator, mandated lead arranger and agent.
The ITT Italia Credit Agreement had an initial maturity of three years (January 2027) and provided for term loan borrowings in an aggregate principal amount of €300 (or $328.9), €275 (or $301.5) of which had been borrowed and were used to finance the Company’s acquisition of Svanehøj, which closed on January 19, 2024.
During the third quarter of 2024, ITT Italia repaid €175, representing the remaining outstanding balance on the ITT Italia Credit Agreement. Year-to-date repayments of the facility agreement totaled €275. Debt issuance costs totaled $1.8, which were fully amortized as of September 28, 2024.
The interest rate per annum on the ITT Italia Credit Agreement was based on the EURIBOR rate for Euros, plus a margin of 1.00%.
The ITT Italia Credit Agreement contained customary affirmative and negative covenants, as well as financial covenants (e.g., leverage ratio), that were similar to those contained in our 2021 Revolving Credit Agreement, as described below. The Company was in compliance with all covenants during the period outstanding.
Revolving Credit Agreement
On August 5, 2021, the Company entered into a revolving credit facility agreement with a syndicate of third party lenders including Bank of America, N.A., as administrative agent (the 2021 Revolving Credit Agreement). Upon its effectiveness, this agreement replaced our existing $500 revolving credit facility due November 2022. The 2021 Revolving Credit Agreement matures in August 2026 and provides for an aggregate principal amount of up to $700. The 2021 Revolving Credit Agreement provides for a potential increase of commitments of up to $350 for a possible maximum of $1,050 in aggregate commitments at the request of the Company and with the consent of the institutions providing such increase of commitments.
On May 10, 2023, the Company entered into the First Amendment (the Amendment) to the Company’s 2021 Revolving Credit Agreement. In connection with the phase out of LIBOR as a reference interest rate, the Amendment replaced LIBOR as a benchmark for United States Dollar revolving borrowings with the term SOFR, and replaced LIBOR as a benchmark for Euro swing line borrowings with the Euro overnight short-term rate (ESTR). The Amendment did not have a significant impact on the Company’s consolidated condensed financial statements.
Since the Amendment, the interest rate per annum on the 2021 Revolving Credit Agreement is based on the term SOFR of the currency we borrow in, plus a margin of 1.1%. As of September 28, 2024 and December 31, 2023, we had no outstanding borrowings under the 2021 Revolving Credit Agreement. There is a 0.15% fee per annum applicable to the commitments under the 2021 Revolving Credit Agreement. The margin and fees are subject to adjustment should the Company’s credit ratings change.
The 2021 Revolving Credit Agreement contains customary affirmative and negative covenants that, among other things, will limit or restrict our ability to: incur additional debt or issue guarantees; create certain liens; merge or consolidate with another person; sell, transfer, lease or otherwise dispose of assets; liquidate or dissolve; and enter into restrictive covenants. Additionally, the 2021 Revolving Credit Agreement requires us not to permit the ratio of consolidated total indebtedness to consolidated earnings before interest, taxes, depreciation, amortization, and other special, extraordinary, unusual, or non-recurring items (adjusted consolidated EBITDA) (leverage ratio) to exceed 3.50 to 1.00, with a qualified acquisition step up immediately following such qualified acquisition of 4.00 to 1.00 for four quarters, 3.75 to 1.00 for two quarters thereafter, and returning to 3.50 to 1.00 thereafter.
As of September 28, 2024, all financial covenants (e.g., leverage ratio) associated with the 2021 Revolving Credit Agreement were within the prescribed thresholds.
v3.24.3
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION
 9 Months Ended
Sep. 28, 2024
Share-Based Payment Arrangement [Abstract]  
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION
Our long-term incentive plan (LTIP) costs are primarily recorded within general and administrative expenses in our Consolidated Condensed Statements of Operations. The following table summarizes our LTIP costs.
Three Months Ended
Nine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Equity-based awards$6.1 $5.0 $19.8 $15.1 
Liability-based awards0.7 0.4 2.0 1.2 
Total share-based compensation expense$6.8 $5.4 $21.8 $16.3 
As of September 28, 2024, there was $38.4 of total unrecognized compensation cost related to non-vested equity awards. This cost is expected to be recognized ratably over a weighted-average period of 1.9 years. Additionally, unrecognized compensation cost related to liability-based awards was $3.9, which is expected to be recognized ratably over a weighted-average period of 2 years.
Year-to-Date 2024 LTIP Activity (Equity-based Awards)
The majority of our LTIP awards are granted during the first quarter of each year and have three-year service periods. The majority of these awards either vest equally each year or at the completion of the three-year service period. During the nine months ended September 28, 2024, we granted the following LTIP awards as provided in the table below:
# of Awards GrantedWeighted Average Grant Date Fair Value Per Share
Restricted stock units (RSUs)0.2$129.26 
Performance stock units (PSUs)0.1$143.20 
During the nine months ended September 28, 2024 and September 30, 2023, a nominal amount of non-qualified stock options were exercised resulting in proceeds of $0.2 and $0.6, respectively. During the nine months ended September 28, 2024 and September 30, 2023, RSUs of 0.1 and 0.1, respectively, vested and were issued. During the nine months ended September 28, 2024 and September 30, 2023, PSUs of 0.1 and 0.1 that vested on December 31, 2023 and 2022, respectively, were issued.
v3.24.3
CAPITAL STOCK
 9 Months Ended
Sep. 28, 2024
Equity [Abstract]  
CAPITAL STOCK
CAPITAL STOCK
On October 30, 2019, the Board of Directors approved an indefinite term $500 open-market share repurchase program (the 2019 Plan). On October 4, 2023, the Board of Directors approved an indefinite term $1,000 open-market share repurchase program (the 2023 Plan). The following table summarizes our share repurchase activity during the three and nine months ended September 28, 2024 and September 30, 2023, respectively.
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Shares repurchased and retired0.2 — 0.8 0.7 
Cost of share repurchases$25.0 $— $104.0 $60.5 
During the second quarter of 2024, we exhausted the remaining capacity under the 2019 Plan. There was $975 of remaining capacity left under the 2023 Plan as of September 28, 2024.
Separate from the open-market share repurchase program, the Company withholds shares of common stock in settlement of employee tax withholding obligations due upon the vesting of equity-based compensation awards. The following table summarizes Company share withholdings related to net shares settlement of stock incentive plans.
Three Months Ended
Nine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Shares withheld for taxes related to net share settlement of stock incentive plans
— — 0.1 0.1 
Payments for taxes related to net share settlement of stock incentive plans$0.3 $0.3 $13.2 $6.7 
v3.24.3
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 28, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
From time to time, we are involved in litigation, claims, government inquiries, investigations and proceedings, including but not limited to those relating to environmental exposures, intellectual property matters, personal injury claims, product liabilities, regulatory matters, commercial and government contract issues, employment and employee benefit matters, commercial or contractual disputes, and securities matters.
Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including our assessment of the merits of the particular claim, as well as our current reserves and insurance coverage, we do not expect that such legal proceedings will have any material adverse impact on our financial statements, unless otherwise noted below. However, there can be no assurance that an adverse outcome in any of the proceedings described below will not result in material fines, penalties or damages, changes to the Company's business practices, loss of (or litigation with) customers or a material adverse effect on our financial statements.
Environmental Matters
In the ordinary course of business, we are subject to federal, state, local, and foreign environmental laws and regulations. We are responsible, or are alleged to be responsible, for ongoing environmental investigation and site remediation. These sites are in various stages of investigation or remediation and in many of these proceedings our liability is considered de minimis. We have received notification from the U.S. Environmental Protection Agency, and from similar state and foreign environmental agencies, that a number of sites formerly or currently owned or operated by ITT, and other properties or water supplies that may be or have been impacted from those operations, contain disposed or recycled materials or wastes and require environmental investigation or remediation. These sites include instances where we have been identified as a potentially responsible party under federal and state environmental laws and regulations.
The following table provides a rollforward of our estimated environmental liability.
For the Nine Months Ended
September 28,
2024		September 30,
2023
Environmental liability - beginning balance$56.0 $57.1 
Change in estimates for pre-existing accruals:
Continuing operations0.3 0.8 
Discontinued operations0.3 — 
Payments(2.7)(2.9)
Foreign currency— (0.1)
Environmental liability - ending balance$53.9 $54.9 
Environmental-related assets, including estimated recoveries from insurance providers and other third parties, were $8.1 and $10.0 as of September 28, 2024 and December 31, 2023, respectively.
The following table illustrates the reasonably possible high range of estimated liability and number of active sites.
As of the Period EndedSeptember 28,
2024		December 31,
2023
High-end estimate of environmental liability $94.7 $98.2 
Number of open environmental sites26 26 
As actual costs incurred at identified sites in future periods may vary from our current estimates given the inherent uncertainties in evaluating environmental exposures, management believes it is possible that the outcome of these uncertainties may have a material adverse effect on our financial statements.
v3.24.3
Derivative Instruments and Hedging Activities
 9 Months Ended
Sep. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Fair Value
DERIVATIVE FINANCIAL INSTRUMENTS
The Company is exposed to various market risks relating to its ongoing business operations. From time to time, we use derivative financial instruments to mitigate our exposure to certain of these risks, including foreign exchange rate fluctuations. By using derivatives, the Company is further exposed to credit risk. Our exposure to credit risk includes the counterparty’s failure to fulfill its financial obligations under the terms of the derivative contract. The Company attempts to minimize its exposure by avoiding concentration risk among its counterparties and by entering into transactions with creditworthy counterparties.
Foreign Currency Derivative Contracts
The Company enters into foreign currency forward or option contracts to mitigate foreign currency risk associated with transacting with international customers, suppliers, and subsidiaries. The notional amounts and fair values of our outstanding foreign currency derivative contracts, which are recorded within Other current assets in our Consolidated Condensed Balance Sheets, were as follows:
As of the Period EndedSeptember 28,
2024		December 31,
2023
Notional amount (U.S. dollar equivalent)(a)
$89.5 $258.4 
Fair value of foreign currency derivative contracts(b)
$0.5 $3.8 
(a)    The higher notional balance as of December 31, 2023 relates to a foreign currency derivative contract related to the purchase price of Svanehøj, which closed in January 2024.
(b)    Our foreign currency derivative contracts are classified within Level 2 of the fair value hierarchy because these contracts are not actively traded and the valuation inputs are based on market observable data of similar instruments.
Gains or losses arising from changes in fair value of our foreign currency derivative contracts are recorded within General and administrative expenses in our Consolidated Condensed Statements of Operations, and were as follows:
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Loss on foreign currency derivative contracts(a)
$(1.8)$(1.4)$(5.2)$(4.6)
(a)    None of our derivative contracts were designated as hedging instruments under ASC 815 - Derivatives & Hedging.
The cash flow impact upon settlement of our foreign currency derivative contracts is included in operating activities in our Consolidated Condensed Statements of Cash Flows. During the nine months ended September 28, 2024 and September 30, 2023, net cash (outflows)/inflows from foreign currency derivative contracts were $(3.4) and $2.4, respectively.
v3.24.3
ACQUISITIONS Acquisitions (Notes)
 9 Months Ended
Sep. 28, 2024
Acquisitions [Abstract]  
Business Combination Disclosure [Text Block]
ACQUISITIONS AND DIVESTITURES
Acquisitions
On September 12, 2024, we completed the acquisition of 100% of the privately held stock of kSARIA for a preliminary purchase price of $461.9, net of cash acquired and including deferred consideration of $4.5 expected to be paid in 2025. The final price is subject to a customary working capital adjustment. kSARIA is a leading manufacturer of mission-critical cable assembly and networking application solutions primarily for the aerospace and defense market. kSARIA is headquartered in New Hampshire, with approximately 1,000 employees across five manufacturing sites in the U.S. and one in Mexico. kSARIA and its acquired subsidiaries generated sales of approximately $175 in 2023. Subsequent to the acquisition, kSARIA’s financial results are reported within our CCT segment.
On January 19, 2024, the Company completed the acquisition of 100% of the privately held stock of Svanehøj for a purchase price of $407.6, net of cash acquired of $28.0. Svanehøj is a Denmark-based supplier of pumps and related aftermarket services with leading positions in cryogenic applications for the marine sector. Svanehøj employs approximately 400 employees and has operations in Denmark, Singapore and France. Svanehøj had sales of approximately $148 in 2023. Subsequent to the acquisition, Svanehøj’s financial results are reported within our IP segment.
The primary areas of the purchase price allocations that are not yet finalized for kSARIA and Svanehøj relate to the valuation of certain tangible and intangible assets, liabilities, income tax, and residual goodwill, which represents the excess of the purchase price over the fair value of the net tangible and other intangible assets acquired. The Company expects to obtain the information necessary to finalize the fair value of the net assets and liabilities during the measurement periods, not to exceed one year from respective the acquisition dates. Changes to the preliminary estimates of the fair value during the measurement period will be recorded as adjustments to those assets and liabilities with a corresponding adjustment to goodwill in the period they occur.
On May 2, 2023, the Company completed the acquisition of 100% of the privately held stock of Micro-Mode for a purchase price of $79.0, net of cash acquired. Micro-Mode is a specialty designer and manufacturer of high-bandwidth radio frequency (RF) connectors for harsh environment defense and space applications. Micro-Mode has a single manufacturing site near San Diego, California. Subsequent to the acquisition, Micro-Mode’s financial results are reported within our CCT segment. As of September 28, 2024, the allocation of the purchase price to the assets acquired and liabilities assumed was finalized related to our acquisition of Micro-Mode.
The assets acquired and liabilities assumed for kSARIA, Svanehøj and Micro-Mode acquisitions were recorded at fair value and are shown in the table below.
Allocation of Purchase Price
kSARIA
(Preliminary)
Svanehøj (Preliminary)
Micro-Mode (Final)
Receivables$28.1 $22.4 $2.7 
Inventory50.6 39.5 5.3 
Plant, property and equipment5.8 19.1 6.1 
Goodwill(a)
276.0 215.6 44.9 
Other intangible assets166.0 212.6 28.7 
Other assets8.9 9.0 0.2 
Accounts payable and accrued liabilities(27.9)(28.0)(2.6)
Other liabilities(42.6)(52.8)(6.3)
Contract liabilities
(3.0)(29.8)— 
Net assets acquired$461.9 $407.6 $79.0 
(a)    Goodwill acquired with kSARIA is primarily attributable to the complementary nature of its product portfolio to ITT’s existing connectors portfolio. Goodwill related to the acquisition of Svanehøj is primarily attributable to future economic benefits expected from our entrance into the marine sector, our expanded presence in the energy market, and geographic expansion. Goodwill arising from acquisitions is not expected to be deductible for income tax purposes.
Pro forma results of operations have not been presented because the acquisitions were not deemed significant as of the acquisition date.
Divestiture of Wolverine Business
On July 22, 2024, the Company completed the sale of its Wolverine business, part of the MT segment prior to the divestiture, to an unrelated third party for a preliminary price of $171. The final sale price is subject to a customary working capital adjustment. The transaction resulted in a pre-tax gain of $47.8, including an estimated working capital recovery of $17.0. In connection with the divestiture, cumulative translation losses of $3.6 were reclassified out of Accumulated Other Comprehensive Loss and included in the gain on sale. Subsequent to the sale, Wolverine will act as a third-party supplier to the Company’s MT segment.
v3.24.3
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)
 9 Months Ended
Sep. 28, 2024
Accounting Policies [Abstract]  
Description of Business
Description of Business
ITT Inc. is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. Unless the context otherwise indicates, references herein to “ITT,” “the Company,” and such words as “we,” “us,” and “our” include ITT Inc. and its subsidiaries. ITT operates through three reportable segments: Motion Technologies (MT), consisting of friction and shock and vibration equipment; Industrial Process (IP), consisting of industrial flow equipment and services; and Connect & Control Technologies (CCT), consisting of electronic connectors, fluid handling, motion control, composite materials and noise and energy absorption products. Financial information for our segments is presented in Note 3, Segment Information.
Business Combinations and Divestitures
On January 19, 2024, we completed the acquisition of Svanehøj Group A/S (Svanehøj) for a purchase price of $407.6, net of cash acquired. Subsequent to the acquisition, Svanehøj’s results are reported within our IP segment.
On September 12, 2024, we completed the acquisition of kSARIA Parent, Inc. (kSARIA) for a preliminary purchase price of $461.9, net of cash acquired. The final price is subject to a customary working capital adjustment. Subsequent to the acquisition, kSARIA’s results are reported within our CCT segment.
On July 22, 2024, the Company completed the sale of its Wolverine Advanced Materials (Wolverine) business, part of the MT segment prior to the divestiture, to an unrelated third party for a preliminary price of $171. The final price is subject to a customary working capital adjustment. The Company evaluates all disposal transactions to determine whether such disposal qualifies as discontinued operations in accordance with Accounting Standards Codification (ASC) 205-20, Discontinued Operations. We concluded that the divestiture does not qualify as a discontinued operation.
On December 29, 2023, we completed the sale of our Matrix business, an aerospace and defense components manufacturer within our CCT segment, to a third party for total cash proceeds of $1.0.
Refer to Note 18, Acquisitions and Divestitures, for more information.
Basis of Accounting
Basis of Presentation
The unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions) necessary to state fairly the financial position, results of operations, and cash flows for the periods presented. The Consolidated Condensed Balance Sheet as of December 31, 2023, presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K (2023 Annual Report) for the year ended December 31, 2023, but does not include all disclosures required by accounting principles generally accepted in the United States (GAAP). We consistently applied the accounting policies described in the 2023 Annual Report in preparing these unaudited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2023 Annual Report.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, accounting for business combinations, goodwill and other intangible asset impairment testing, environmental liabilities and assets, allowance for credit losses, inventory valuation, and assets held for sale. Actual results could differ from these estimates.
ITT’s quarterly financial periods end on the Saturday that is closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year, which ends on December 31st. ITT’s third quarter for 2024 and 2023 ended on September 28, 2024 and September 30, 2023, respectively.
Certain prior year amounts have been reclassified to conform to the current year presentation.
v3.24.3
RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements (Policies)
 3 Months Ended
Sep. 28, 2024
Recent Acconting Pronouncements [Abstract]  
Recently Adopted Accounting Pronouncements
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (CODM) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. This ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. 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, 2024.
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. 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, 2025.
v3.24.3
SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 28, 2024
Segment Reporting [Abstract]  
Reconciliation of Segment to Consolidated Results Table
The following table presents our revenue for each segment and reconciles our total segment revenue to total consolidated revenue.
 Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Motion Technologies$344.9 $359.5 $1,121.8 $1,093.1 
Industrial Process333.8 279.8 998.4 839.9 
Connect & Control Technologies207.2 184.0 584.1 523.8 
Total segment revenue
885.9 823.3 2,704.3 2,456.8 
Eliminations(0.7)(1.2)(2.6)(2.9)
Total consolidated revenue
$885.2 $822.1 $2,701.7 $2,453.9 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
The following table presents our operating income for each segment and reconciles our total segment operating income to income from continuing operations before income tax.
 Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Motion Technologies$110.0 $59.4 $251.8 $170.5 
Industrial Process69.8 64.7 199.4 186.4 
Connect & Control Technologies38.1 33.2 106.2 91.0 
Total segment operating income
217.9 157.3 557.4 447.9 
Other corporate costs
(10.0)(14.2)(41.3)(38.5)
Interest and non-operating expense, net
(8.2)(1.4)(18.2)(7.4)
Income from continuing operations before income tax$199.7 $141.7 $497.9 $402.0 
Segment Operating Margin
The following table presents our operating margin for each segment. Segment operating margin is calculated as segment operating income divided by segment revenue.
 Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Motion Technologies
31.9 %16.5 %22.4 %15.6 %
Industrial Process
20.9 %23.1 %20.0 %22.2 %
Connect & Control Technologies
18.4 %18.0 %18.2 %17.4 %
Schedule of Segment Reporting Information
The following table presents our total assets, capital expenditures, and depreciation & amortization expense for each segment.
As of and for the
Nine Months Ended
Total AssetsCapital
Expenditures		Depreciation &
Amortization
September 28,
2024		December 31,
2023		September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Motion Technologies$1,271.1 $1,366.6 $53.7 $44.9 $46.8 $49.3 
Industrial Process1,897.5 1,323.2 24.5 10.6 34.9 16.7 
Connect & Control Technologies1,367.0 834.6 8.6 11.7 17.1 14.9 
Corporate and Other408.9 408.2 0.7 1.3 1.9 1.9 
Total$4,944.5 $3,932.6 $87.5 $68.5 $100.7 $82.8 
v3.24.3
REVENUE Revenue (Tables)
 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]    
Disaggregation of Revenue by End Market Table
The following tables present our revenue disaggregated by end market.
For the Three Months Ended September 28, 2024
Motion TechnologiesIndustrial ProcessConnect & Control TechnologiesEliminationsTotal
Auto and rail$341.0 $— $— $0.1 $341.1 
Chemical and industrial pumps— 226.4 — — 226.4 
Energy— 107.4 14.3 — 121.7 
Aerospace and defense1.9 — 128.0 — 129.9 
General industrial1.9 — 65.0 (0.8)66.1 
Total$344.8 $333.8 $207.3 $(0.7)$885.2 
For the Nine Months Ended September 28, 2024
Auto and rail$1,100.8 $— $— $— $1,100.8 
Chemical and industrial pumps— 675.7 — — 675.7 
Energy— 322.7 40.8 — 363.5 
Aerospace and defense5.6 — 346.8 — 352.4 
General industrial15.3 — 196.6 (2.6)209.3 
Total$1,121.7 $998.4 $584.2 $(2.6)$2,701.7 
For the Three Months Ended September 30, 2023
Motion TechnologiesIndustrial ProcessConnect & Control TechnologiesEliminationsTotal
Auto and rail$351.5 $— $— $— $351.5 
Chemical and industrial pumps— 219.7 — (0.1)219.6 
Energy— 60.1 13.6 — 73.7 
Aerospace and defense2.0 — 99.2 — 101.2 
General industrial6.0 — 71.2 (1.1)76.1 
Total$359.5 $279.8 $184.0 $(1.2)$822.1 
For the Nine Months Ended September 30, 2023
Auto and rail$1,067.5 $— $— $— $1,067.5 
Chemical and industrial pumps— 664.2 — (0.1)664.1 
Energy— 175.7 37.7 — 213.4 
Aerospace and defense5.9 — 280.2 — 286.1 
General industrial19.7 — 205.9 (2.8)222.8 
Total$1,093.1 $839.9 $523.8 $(2.9)$2,453.9 
Net Contract Assets and Liabilities Table
The following table represents our net contract assets and liabilities.
As of the Period EndedSeptember 28,
2024		December 31,
2023
Current contract assets
$34.4 $25.8 
Non-current contract assets
1.4 1.6 
Current contract liabilities(a)
(126.0)(95.9)
Non-current contract liabilities(4.4)(4.5)
Net contract liabilities$(94.6)$(73.0)
(a)The increase in current contract liabilities from December 31, 2023 to September 28, 2024 was primarily driven by the acquisition of Svanehøj. Refer to Note 18, Acquisitions and Divestitures, for further information.
  
v3.24.3
INCOME TAXES Income Tax Expense (Tables)
 9 Months Ended
Sep. 28, 2024
Income Tax Disclosure [Abstract]  
Inome Tax Expense (Benefit) Table
The following table summarizes our income tax expense and effective tax rate (ETR).
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Income tax expense$37.8 $29.9 $103.6 $80.6 
Effective tax rate18.9 %21.1 %20.8 %20.0 %
v3.24.3
EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 28, 2024
Earnings Per Share [Abstract]  
Basic and Diluted Earnings Per Share Table
The following table provides a reconciliation of the data used in the calculation of basic and diluted earnings per share from continuing operations attributable to ITT.
Three Months Ended
Nine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Basic weighted average common shares outstanding81.6 82.1 81.9 82.4 
Add: Dilutive impact of outstanding equity awards0.5 0.4 0.5 0.3 
Diluted weighted average common shares outstanding82.1 82.5 82.4 82.7 
Anti-dilutive shares(a)
— — 0.1 0.1 
(a)    Anti-dilutive shares related to equity stock unit awards excluded from the computation of diluted earnings per share.
v3.24.3
RECEIVABLES, NET (Tables)
 9 Months Ended
Sep. 28, 2024
Receivables [Abstract]  
Receivables, Net by Type Table
The following table summarizes our receivables and associated allowance for credit losses.
As of the Period EndedSeptember 28,
2024		December 31,
2023
Trade accounts receivable$754.2 $641.3 
Notes receivable19.7 25.5 
Other (a)
44.6 22.6 
Receivables, gross818.5 689.4 
Less: Allowance for credit losses
(16.5)(14.2)
Receivables, net$802.0 $675.2 
(a)    Other receivables as of September 28, 2024 include $17.0 estimated working capital recovery related to the sale of the Wolverine business.
Allowance for Credit Losses Rollforward Table
The following table displays a rollforward of our total allowance for credit losses.
September 28,
2024		September 30,
2023
Total allowance for credit losses - January 1 $14.2 $12.2 
Charges to income
4.5 3.4 
Write-offs(2.6)(1.2)
Foreign currency and other0.4 (0.1)
Total allowance for credit losses - ending balance$16.5 $14.3 
v3.24.3
INVENTORIES, NET (Tables)
 9 Months Ended
Sep. 28, 2024
Inventory Disclosure [Abstract]  
Inventories, Net Table
The following table summarizes our inventories.
As of the Period EndedSeptember 28,
2024		December 31,
2023
Raw materials$402.5 $366.6 
Work in process121.3 111.8 
Finished goods96.7 97.0 
Inventories$620.5 $575.4 
v3.24.3
OTHER CURRENT AND NON-CURRENT ASSETS (Tables)
 9 Months Ended
Sep. 28, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Current and Non Current Assets Table
The following table summarizes our other current and non-current assets.
As of the Period EndedSeptember 28,
2024		December 31,
2023
Advance payments and other prepaid expenses$47.3 $55.3 
Current contract assets, net34.4 25.8 
Prepaid income taxes27.9 16.9 
Other17.8 19.9 
Other current assets$127.4 $117.9 
Other employee benefit-related assets$134.6 $128.6 
Operating lease right-of-use assets
93.5 87.4 
Deferred income taxes77.7 76.0 
Equity-method and other investments47.8 46.6 
Environmental-related assets7.6 6.0 
Capitalized software costs6.1 7.9 
Other26.4 28.5 
Other non-current assets$393.7 $381.0 
v3.24.3
PLANT, PROPERTY AND EQUIPMENT, NET (Tables)
 9 Months Ended
Sep. 28, 2024
Property, Plant and Equipment [Abstract]  
Plant, Property and Equipment, Net Table
The following table summarizes our property, plant, and equipment, net of accumulated depreciation.
Useful life
(in years)		September 28,
2024		December 31,
2023
Machinery and equipment
  2 - 10
$1,326.7 $1,317.9 
Buildings and improvements
  5 - 40
316.9 298.4 
Furniture, fixtures and office equipment
3 - 7
84.3 83.7 
Construction work in progress96.8 78.1 
Land and improvements26.9 29.5 
Other2.1 1.7 
Plant, property and equipment, gross1,853.7 1,809.3 
Less: Accumulated depreciation(1,274.9)(1,248.3)
Plant, property and equipment, net$578.8 $561.0 
The following table summarizes our depreciation expense.
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Depreciation expense$21.6 $21.8 $65.9 $62.9 
v3.24.3
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)
 9 Months Ended
Sep. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in the Carrying Amount of Goodwill Table
The following table provides a rollforward of the carrying amount of goodwill by segment. 
Motion
Technologies		Industrial
Process		Connect & Control
Technologies		Total
Goodwill - December 31, 2023
$292.3 $403.0 $321.0 $1,016.3 
Acquired(a)
— 215.6 276.0 491.6 
Adjustments to purchase price allocations— — 0.6 0.6 
Allocated to divestiture(16.0)— — (16.0)
Foreign exchange translation1.3 4.3 0.2 5.8 
Goodwill - September 28, 2024
$277.6 $622.9 $597.8 $1,498.3 
(a)    Goodwill acquired for our IP and CCT segments is related to our acquisitions of Svanehøj and kSARIA, respectively, representing the preliminary calculation of the excess purchase price over the net assets acquired. Refer to Note 18, Acquisitions and Divestitures, for further information.
Other Intangible Assets Table
Other Intangible Assets, Net 
The following table summarizes our other intangible assets, net of accumulated amortization. 
September 28, 2024December 31, 2023
Gross
Carrying
Amount		Accumulated AmortizationNet IntangiblesGross
Carrying
Amount		Accumulated AmortizationNet Intangibles
Customer relationships$367.5 $(88.3)$279.2 $202.4 $(138.4)$64.0 
Developed technology
110.5 (22.8)87.7 61.5 (32.5)29.0 
Patents and other65.3 (30.0)35.3 22.0 (17.5)4.5 
Finite-lived intangible total543.3 (141.1)402.2 285.9 (188.4)97.5 
Indefinite-lived intangibles60.7 — 60.7 19.1 — 19.1 
Other intangible assets$604.0 $(141.1)$462.9 $305.0 $(188.4)$116.6 
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The preliminary fair values of intangible assets acquired in connection with the purchase of Svanehøj total $212.6 and consist of the following:
Useful life
(in years)
Fair value
Customer relationships16$107.0 
Developed technology1765.0 
Trade name
Indefinite
23.0 
Backlog1.2517.0 
Other
100.6 
Total intangible assets acquired$212.6 
The preliminary fair values of intangible assets acquired in connection with the purchase of kSARIA total $166.0, inclusive of customer relationships, backlog and trade names. Refer to Note 18, Acquisitions and Divestitures, for further information.
Finite-Lived Intangible Assets Amortization Expense
The following table summarizes our amortization expense related to finite-lived intangible assets.
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Amortization expense$10.6 $5.6 $28.7 $15.4 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated amortization expense for each of the five succeeding years and thereafter is as follows:
2024$18.6 
202555.3 
202629.0 
202727.0 
202827.0 
Thereafter$245.3 
v3.24.3
ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES (Tables)
 9 Months Ended
Sep. 28, 2024
Payables and Accruals [Abstract]  
Accrued Liabilities and Other Non-Current Liabilities
The following table summarizes our accrued liabilities and other non-current liabilities.
As of the Period EndedSeptember 28,
2024		December 31,
2023
Compensation and other employee-related benefits$151.8 $165.5 
Contract liabilities and other customer-related liabilities169.9 133.6 
Accrued income taxes and other tax-related liabilities36.2 30.7 
Operating lease liabilities21.8 19.5 
Accrued warranty costs16.8 14.0 
Environmental liabilities and other legal matters4.6 5.8 
Accrued restructuring costs2.9 4.8 
Other47.7 39.2 
Accrued and other current liabilities$451.7 $413.1 
Deferred income taxes and other tax-related liabilities(a)
$104.4 $25.0 
Operating lease liabilities
76.9 72.3 
Environmental liabilities49.9 52.0 
Compensation and other employee-related benefits39.3 38.0 
Other40.8 24.0 
Other non-current liabilities$311.3 $211.3 
(a)    The increase in deferred income taxes and other tax-related liabilities primarily relates to deferred tax liabilities recognized in connection with the acquisitions of Svanehøj and kSARIA.
v3.24.3
DEBT Debt (Tables)
 9 Months Ended
Sep. 28, 2024
Debt Disclosure [Abstract]  
Schedule of Debt Table
The following table summarizes our outstanding debt obligations.
As of the Period EndedSeptember 28,
2024		December 31,
2023
Commercial paper(a)
$359.6 $184.9 
Current maturities of long-term debt
2.5 2.3 
Short-term loans
0.5 0.5 
Total short-term borrowings
362.6 187.7 
Non-current maturities of long-term debt(b)
467.8 5.7 
Total debt and finance leases$830.4 $193.4 
(a)    The associated weighted average interest rates as of September 28, 2024 and December 31, 2023 were 5.12% and 5.61%, respectively. Outstanding commercial paper for both periods had maturity terms less than three months from the date of issuance.
(b) Long-term debt is primarily related to a term loan that the Company entered into in September 2024 in connection with the acquisition of kSARIA. See additional details in section titled, “U.S. Term Loan”, below.
Schedule of Maturities of Long-Term Debt
The following table provides the future maturities related to the outstanding balance as of September 28, 2024.
2024$— 
2025— 
2026— 
September 2027464.0 
Total maturities$464.0 
v3.24.3
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION (Tables)
 9 Months Ended
Sep. 28, 2024
Share-Based Payment Arrangement [Abstract]  
Long-Term Incentive Employee Compensation Costs Table The following table summarizes our LTIP costs.
Three Months Ended
Nine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Equity-based awards$6.1 $5.0 $19.8 $15.1 
Liability-based awards0.7 0.4 2.0 1.2 
Total share-based compensation expense$6.8 $5.4 $21.8 $16.3 
Summary of Long-Term Incentive Plan Award Grants Table During the nine months ended September 28, 2024, we granted the following LTIP awards as provided in the table below:
# of Awards GrantedWeighted Average Grant Date Fair Value Per Share
Restricted stock units (RSUs)0.2$129.26 
Performance stock units (PSUs)0.1$143.20 
v3.24.3
Capital Stock (Tables)
 9 Months Ended
Sep. 28, 2024
Equity [Abstract]  
LTIP Net Share Settlement of Stock Incentive Plans The following table summarizes Company share withholdings related to net shares settlement of stock incentive plans.
Three Months Ended
Nine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Shares withheld for taxes related to net share settlement of stock incentive plans
— — 0.1 0.1 
Payments for taxes related to net share settlement of stock incentive plans$0.3 $0.3 $13.2 $6.7 
Schedule of Repurchase Agreements
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Shares repurchased and retired0.2 — 0.8 0.7 
Cost of share repurchases$25.0 $— $104.0 $60.5 
v3.24.3
COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 28, 2024
Commitments and Contingencies Disclosure [Abstract]  
Rollforward of Environmental Liability and Related Assets Table
The following table provides a rollforward of our estimated environmental liability.
For the Nine Months Ended
September 28,
2024		September 30,
2023
Environmental liability - beginning balance$56.0 $57.1 
Change in estimates for pre-existing accruals:
Continuing operations0.3 0.8 
Discontinued operations0.3 — 
Payments(2.7)(2.9)
Foreign currency— (0.1)
Environmental liability - ending balance$53.9 $54.9 
Range of Environmental Liability and Number of Sites
The following table illustrates the reasonably possible high range of estimated liability and number of active sites.
As of the Period EndedSeptember 28,
2024		December 31,
2023
High-end estimate of environmental liability $94.7 $98.2 
Number of open environmental sites26 26 
v3.24.3
Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Open Forward Foreign Currency Contract The notional amounts and fair values of our outstanding foreign currency derivative contracts, which are recorded within Other current assets in our Consolidated Condensed Balance Sheets, were as follows:
As of the Period EndedSeptember 28,
2024		December 31,
2023
Notional amount (U.S. dollar equivalent)(a)
$89.5 $258.4 
Fair value of foreign currency derivative contracts(b)
$0.5 $3.8 
(a)    The higher notional balance as of December 31, 2023 relates to a foreign currency derivative contract related to the purchase price of Svanehøj, which closed in January 2024.
(b)    Our foreign currency derivative contracts are classified within Level 2 of the fair value hierarchy because these contracts are not actively traded and the valuation inputs are based on market observable data of similar instruments.
Gains or losses arising from changes in fair value of our foreign currency derivative contracts are recorded within General and administrative expenses in our Consolidated Condensed Statements of Operations, and were as follows:
Three Months EndedNine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Loss on foreign currency derivative contracts(a)
$(1.8)$(1.4)$(5.2)$(4.6)
(a)    None of our derivative contracts were designated as hedging instruments under ASC 815 - Derivatives & Hedging.
v3.24.3
ACQUISITIONS Acquisitions (Tables)
 9 Months Ended
Sep. 28, 2024
Acquisitions [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The assets acquired and liabilities assumed for kSARIA, Svanehøj and Micro-Mode acquisitions were recorded at fair value and are shown in the table below.
Allocation of Purchase Price
kSARIA
(Preliminary)
Svanehøj (Preliminary)
Micro-Mode (Final)
Receivables$28.1 $22.4 $2.7 
Inventory50.6 39.5 5.3 
Plant, property and equipment5.8 19.1 6.1 
Goodwill(a)
276.0 215.6 44.9 
Other intangible assets166.0 212.6 28.7 
Other assets8.9 9.0 0.2 
Accounts payable and accrued liabilities(27.9)(28.0)(2.6)
Other liabilities(42.6)(52.8)(6.3)
Contract liabilities
(3.0)(29.8)— 
Net assets acquired$461.9 $407.6 $79.0 
(a)    Goodwill acquired with kSARIA is primarily attributable to the complementary nature of its product portfolio to ITT’s existing connectors portfolio. Goodwill related to the acquisition of Svanehøj is primarily attributable to future economic benefits expected from our entrance into the marine sector, our expanded presence in the energy market, and geographic expansion. Goodwill arising from acquisitions is not expected to be deductible for income tax purposes.
v3.24.3
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Additional Information (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 12, 2024
Jul. 22, 2024
Jan. 19, 2024
Dec. 29, 2023
Sep. 28, 2024
Sep. 30, 2023
Business Combination [Abstract]            
Acquisitions, net of cash acquired         $ 864.8 $ 79.3
Wolverine            
Business Combination [Abstract]            
Proceeds from Divestiture of Businesses   $ 171.0        
Matrix            
Business Combination [Abstract]            
Proceeds from Divestiture of Businesses       $ 1.0    
Svanehoj            
Business Combination [Abstract]            
Acquisitions, net of cash acquired     $ 407.6      
kSARIA            
Business Combination [Abstract]            
Acquisitions, net of cash acquired $ 461.9          
v3.24.3
SEGMENT INFORMATION - Segment Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Revenues $ 885.2 $ 822.1 $ 2,701.7 $ 2,453.9
Segment Results [Member]        
Segment Reporting Information [Line Items]        
Revenues 885.9 823.3 2,704.3 2,456.8
Motion Technologies        
Segment Reporting Information [Line Items]        
Revenues 344.9 359.5 1,121.8 1,093.1
Industrial Process        
Segment Reporting Information [Line Items]        
Revenues 333.8 279.8 998.4 839.9
Connect & Control Technologies        
Segment Reporting Information [Line Items]        
Revenues 207.2 184.0 584.1 523.8
Eliminations        
Segment Reporting Information [Line Items]        
Revenues $ (0.7) $ (1.2) $ (2.6) $ (2.9)
v3.24.3
SEGMENT INFORMATION - Segment Operating Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Operating income $ 207.9 $ 143.1 $ 516.1 $ 409.4
Interest and non-operating expense, net (8.2) (1.4) (18.2) (7.4)
Income from continuing operations before income tax 199.7 141.7 497.9 402.0
Operating Segments [Member]        
Segment Reporting Information [Line Items]        
Operating income 217.9 157.3 557.4 447.9
Motion Technologies        
Segment Reporting Information [Line Items]        
Operating income 110.0 59.4 251.8 170.5
Industrial Process        
Segment Reporting Information [Line Items]        
Operating income 69.8 64.7 199.4 186.4
Connect & Control Technologies        
Segment Reporting Information [Line Items]        
Operating income 38.1 33.2 106.2 91.0
Other corporate costs        
Segment Reporting Information [Line Items]        
Operating income $ (10.0) $ (14.2) $ (41.3) $ (38.5)
v3.24.3
SEGMENT INFORMATION - Segment Operating Margin (Details)
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Motion Technologies        
Segment Reporting Information [Line Items]        
Operating Margin 31.90% 16.50% 22.40% 15.60%
Industrial Process        
Segment Reporting Information [Line Items]        
Operating Margin 20.90% 23.10% 20.00% 22.20%
Connect & Control Technologies        
Segment Reporting Information [Line Items]        
Operating Margin 18.40% 18.00% 18.20% 17.40%
v3.24.3
SEGMENT INFORMATION - Schedule of Segment Reporting Information by Segment Assets (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total Assets $ 4,944.5   $ 3,932.6
Capital Expenditures 87.5 $ 68.5  
Depreciation & Amortization 100.7 82.8  
Motion Technologies      
Segment Reporting Information [Line Items]      
Total Assets 1,271.1   1,366.6
Capital Expenditures 53.7 44.9  
Depreciation & Amortization 46.8 49.3  
Industrial Process      
Segment Reporting Information [Line Items]      
Total Assets 1,897.5   1,323.2
Capital Expenditures 24.5 10.6  
Depreciation & Amortization 34.9 16.7  
Connect & Control Technologies      
Segment Reporting Information [Line Items]      
Total Assets 1,367.0   834.6
Capital Expenditures 8.6 11.7  
Depreciation & Amortization 17.1 14.9  
Corporate and Other      
Segment Reporting Information [Line Items]      
Total Assets 408.9   $ 408.2
Capital Expenditures 0.7 1.3  
Depreciation & Amortization $ 1.9 $ 1.9  
v3.24.3
SEGMENT INFORMATION (Details)
$ in Millions
 9 Months Ended
Sep. 28, 2024
Segment
Sep. 30, 2023
USD ($)
Segment Reporting [Abstract]    
Number of Reportable Segments | Segment 3  
Italian Government Energy Subsidy Grant | $   $ 6.3
v3.24.3
REVENUE Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Revenue $ 885.2 $ 822.1 $ 2,701.7 $ 2,453.9
Auto and rail        
Disaggregation of Revenue [Line Items]        
Revenue   351.5 1,100.8 1,067.5
Chemical and industrial pumps        
Disaggregation of Revenue [Line Items]        
Revenue   219.6 675.7 664.1
Energy        
Disaggregation of Revenue [Line Items]        
Revenue   73.7 363.5 213.4
Aerospace and defense        
Disaggregation of Revenue [Line Items]        
Revenue   101.2 352.4 286.1
General industrial        
Disaggregation of Revenue [Line Items]        
Revenue   76.1 209.3 222.8
Eliminations        
Disaggregation of Revenue [Line Items]        
Revenue (0.7) (1.2) (2.6) (2.9)
Eliminations | Auto and rail        
Disaggregation of Revenue [Line Items]        
Revenue 0.1 0.0 0.0 0.0
Eliminations | Chemical and industrial pumps        
Disaggregation of Revenue [Line Items]        
Revenue 0.0 (0.1) 0.0 (0.1)
Eliminations | Energy        
Disaggregation of Revenue [Line Items]        
Revenue 0.0 0.0 0.0 0.0
Eliminations | Aerospace and defense        
Disaggregation of Revenue [Line Items]        
Revenue 0.0 0.0 0.0 0.0
Eliminations | General industrial        
Disaggregation of Revenue [Line Items]        
Revenue (0.8) (1.1) (2.6) (2.8)
Motion Technologies        
Disaggregation of Revenue [Line Items]        
Revenue 344.8 359.5 1,121.7 1,093.1
Motion Technologies | Auto and rail        
Disaggregation of Revenue [Line Items]        
Revenue 341.0 351.5 1,100.8 1,067.5
Motion Technologies | Chemical and industrial pumps        
Disaggregation of Revenue [Line Items]        
Revenue 0.0 0.0 0.0 0.0
Motion Technologies | Energy        
Disaggregation of Revenue [Line Items]        
Revenue 0.0 0.0 0.0 0.0
Motion Technologies | Aerospace and defense        
Disaggregation of Revenue [Line Items]        
Revenue 1.9 2.0 5.6 5.9
Motion Technologies | General industrial        
Disaggregation of Revenue [Line Items]        
Revenue 1.9 6.0 15.3 19.7
Industrial Process        
Disaggregation of Revenue [Line Items]        
Revenue 333.8 279.8 998.4 839.9
Industrial Process | Auto and rail        
Disaggregation of Revenue [Line Items]        
Revenue 0.0 0.0 0.0 0.0
Industrial Process | Chemical and industrial pumps        
Disaggregation of Revenue [Line Items]        
Revenue 226.4 219.7 675.7 664.2
Industrial Process | Energy        
Disaggregation of Revenue [Line Items]        
Revenue 107.4 60.1 322.7 175.7
Industrial Process | Aerospace and defense        
Disaggregation of Revenue [Line Items]        
Revenue 0.0 0.0 0.0 0.0
Industrial Process | General industrial        
Disaggregation of Revenue [Line Items]        
Revenue 0.0 0.0 0.0 0.0
Connect & Control Technologies        
Disaggregation of Revenue [Line Items]        
Revenue 207.3 184.0 584.2 523.8
Connect & Control Technologies | Auto and rail        
Disaggregation of Revenue [Line Items]        
Revenue 0.0 0.0 0.0 0.0
Connect & Control Technologies | Chemical and industrial pumps        
Disaggregation of Revenue [Line Items]        
Revenue 0.0 0.0 0.0 0.0
Connect & Control Technologies | Energy        
Disaggregation of Revenue [Line Items]        
Revenue 14.3 13.6 40.8 37.7
Connect & Control Technologies | Aerospace and defense        
Disaggregation of Revenue [Line Items]        
Revenue 128.0 99.2 346.8 280.2
Connect & Control Technologies | General industrial        
Disaggregation of Revenue [Line Items]        
Revenue $ 65.0 $ 71.2 $ 196.6 $ 205.9
v3.24.3
REVENUE Contract Assets and Liabilities (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]    
Current contract assets $ 34.4 $ 25.8
Non-current contract assets 1.4 1.6
Current contract liabilities(a) (126.0) [1] (95.9)
Non-current contract liabilities (4.4) (4.5)
Net contract liabilities $ 94.6 $ 73.0
[1] The increase in current contract liabilities from December 31, 2023 to September 28, 2024 was primarily driven by the acquisition of Svanehøj. Refer to Note 18, Acquisitions and Divestitures, for further information
v3.24.3
REVENUE Revenue Textuals (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
USD ($)
Sep. 28, 2024
USD ($)
Contract with Customer, Liability, Revenue Recognized $ 20.0 $ 70.1
Revenue, Remaining Performance Obligation, Amount 1,661.3 1,661.3
Remaining Current Fiscal Year [Member] | Minimum [Member]    
Revenue, Remaining Performance Obligation, Amount 640.0 640.0
Remaining Current Fiscal Year [Member] | Maximum [Member]    
Revenue, Remaining Performance Obligation, Amount $ 660.0 $ 660.0
v3.24.3
INCOME TAXES Income Tax Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Income tax expense $ 37.8 $ 29.9 $ 103.6 $ 80.6
Effective tax rate 18.90% 21.10% 20.80% 20.00%
Deferred tax asset valuation allowance reversal $ 0.0 $ 0.0 $ 0.0 $ 1.4
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit $ 0.5   $ 0.5  
v3.24.3
INCOME TAXES - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Valuation Allowance [Line Items]        
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount $ 0.0 $ 0.0 $ 0.0 $ (1.4)
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit $ 0.5   $ 0.5  
ITALY        
Valuation Allowance [Line Items]        
Tax Adjustments, Settlements, and Unusual Provisions       14.3
GERMANY        
Valuation Allowance [Line Items]        
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount   $ (16.3)    
UNITED STATES        
Valuation Allowance [Line Items]        
Tax Adjustments, Settlements, and Unusual Provisions       $ 4.9
v3.24.3
EARNINGS PER SHARE DATA - Basic and Diluted Loss Per Share (Detail) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]        
Weighted average common shares – basic 81.6 82.1 81.9 82.4
Add: Dilutive impact of outstanding equity awards 0.5 0.4 0.5 0.3
Diluted weighted average common shares outstanding 82.1 82.5 82.4 82.7
v3.24.3
EARNINGS PER SHARE DATA - Anti-Dilutive Equity Award Units Excluded from the Computation of Diluted Earnings (Loss) (Detail) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount [1] 0.0 0.0 0.1 0.1
[1]
(a)    Anti-dilutive shares related to equity stock unit awards excluded from the computation of diluted earnings per share.
v3.24.3
RECEIVABLES, NET - (Detail) - USD ($)
$ in Millions
Sep. 28, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade accounts receivable $ 754.2 $ 641.3
Notes receivable 19.7 25.5
Other (a) 44.6 [1] 22.6
Receivables, gross 818.5 689.4
Less: Allowance for credit losses (16.5) (14.2)
Receivables, net $ 802.0 $ 675.2
[1] Other receivables as of September 28, 2024 include $17.0 estimated working capital recovery related to the sale of the Wolverine business.
v3.24.3
RECEIVABLES, NET Allowance for Credit Losses Rollforward (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Credit Loss [Abstract]    
Total allowance for credit losses - January 1 $ 14.2 $ 12.2
Charges to income 4.5 3.4
Write-offs (2.6) (1.2)
Foreign currency and other 0.4 (0.1)
Total allowance for credit losses - ending balance $ 16.5 $ 14.3
v3.24.3
RECEIVABLES, NET Textuals (Details)
$ in Millions
Sep. 28, 2024
USD ($)
Wolverine  
Working Capital Recovery Related to Divestiture $ 17.0
v3.24.3
INVENTORIES, NET - Components of Inventories, Net (Detail) - USD ($)
$ in Millions
Sep. 28, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 402.5 $ 366.6
Work in process 121.3 111.8
Finished goods 96.7 97.0
Inventories $ 620.5 $ 575.4
v3.24.3
INVENTORIES, NET Textuals (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2023
USD ($)
Inventory Disclosure [Abstract]  
Italian Government Energy Subsidy Grant $ 6.3
v3.24.3
PLANT, PROPERTY AND EQUIPMENT, NET - Components of Plant, Property and Equipment, Net (Detail) - USD ($)
$ in Millions
Sep. 28, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]    
Machinery and equipment $ 1,326.7 $ 1,317.9
Buildings and improvements 316.9 298.4
Furniture, fixtures and office equipment 84.3 83.7
Construction work in progress 96.8 78.1
Land and improvements 26.9 29.5
Other 2.1 1.7
Plant, property and equipment, gross 1,853.7 1,809.3
Less: Accumulated depreciation (1,274.9) (1,248.3)
Plant, property and equipment, net $ 578.8 $ 561.0
v3.24.3
PLANT, PROPERTY AND EQUIPMENT, NET (Details) - Estimated Useful Lives
Sep. 28, 2024
Minimum [Member] | Machinery and Equipment [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 2 years
Minimum [Member] | Building and Building Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
Minimum [Member] | Furniture and Fixtures [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Maximum [Member] | Machinery and Equipment [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 10 years
Maximum [Member] | Building and Building Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 40 years
Maximum [Member] | Furniture and Fixtures [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 7 years
v3.24.3
PLANT, PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Property, Plant and Equipment [Abstract]        
Depreciation expense $ 21.6 $ 21.8 $ 65.9 $ 62.9
v3.24.3
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Changes in the Carrying Amount of Goodwill (Detail)
$ in Millions
 9 Months Ended
Sep. 28, 2024
USD ($)
Goodwill [Roll Forward]  
Goodwill - December 31, 2023 $ 1,016.3
Acquired(a) 491.6 [1]
Adjustments to purchase price allocations 0.6
Allocated to divestiture (16.0)
Foreign exchange translation 5.8
Goodwill - September 28, 2024 1,498.3
Motion Technologies  
Goodwill [Roll Forward]  
Goodwill - December 31, 2023 292.3
Acquired(a) 0.0
Adjustments to purchase price allocations 0.0
Allocated to divestiture (16.0)
Foreign exchange translation 1.3
Goodwill - September 28, 2024 277.6
Industrial Process  
Goodwill [Roll Forward]  
Goodwill - December 31, 2023 403.0
Acquired(a) 215.6 [1]
Adjustments to purchase price allocations 0.0
Allocated to divestiture 0.0
Foreign exchange translation 4.3
Goodwill - September 28, 2024 622.9
Connect & Control Technologies  
Goodwill [Roll Forward]  
Goodwill - December 31, 2023 321.0
Acquired(a) 276.0 [1]
Adjustments to purchase price allocations 0.6
Allocated to divestiture 0.0
Foreign exchange translation 0.2
Goodwill - September 28, 2024 $ 597.8
[1]
(a)    Goodwill acquired for our IP and CCT segments is related to our acquisitions of Svanehøj and kSARIA, respectively, representing the preliminary calculation of the excess purchase price over the net assets acquired. Refer to Note 18, Acquisitions and Divestitures, for further information.
v3.24.3
GOODWILL AND OTHER INTANGIBLE ASSETS, NET Other Intangible Assets (Detail) - USD ($)
$ in Millions
Sep. 28, 2024
Dec. 31, 2023
Intangible Assets, Gross (Excluding Goodwill) [Abstract]    
Finite-lived intangible total $ 543.3 $ 285.9
Indefinite-lived intangibles 60.7 19.1
Other intangible assets 604.0 305.0
Accumulated Amortization (141.1) (188.4)
Finite-live intangible asset, net of accumulated amortization 402.2 97.5
Other intangible assets 462.9 116.6
Customer relationships    
Intangible Assets, Gross (Excluding Goodwill) [Abstract]    
Customer relationships 367.5 202.4
Accumulated Amortization (88.3) (138.4)
Finite-live intangible asset, net of accumulated amortization 279.2 64.0
Developed technology    
Intangible Assets, Gross (Excluding Goodwill) [Abstract]    
Developed technology 110.5 61.5
Accumulated Amortization (22.8) (32.5)
Finite-live intangible asset, net of accumulated amortization 87.7 29.0
Patents and other    
Intangible Assets, Gross (Excluding Goodwill) [Abstract]    
Patents and other 65.3 22.0
Accumulated Amortization (30.0) (17.5)
Finite-live intangible asset, net of accumulated amortization $ 35.3 $ 4.5
v3.24.3
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - ACQUISITION (Details) - Svanehoj
$ in Millions
Jan. 19, 2024
USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]  
Total intangible assets acquired $ 212.6
Trade name  
Acquired Finite-Lived Intangible Assets [Line Items]  
Indefinite-Lived Intangible Assets Acquired $ 23.0
Customer relationships  
Acquired Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 16 years
Total intangible assets acquired $ 107.0
Developed technology  
Acquired Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 17 years
Total intangible assets acquired $ 65.0
Backlog  
Acquired Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 1 year 3 months
Total intangible assets acquired $ 17.0
Other  
Acquired Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 10 years
Total intangible assets acquired $ 0.6
v3.24.3
GOODWILL AND OTHER INTANGIBLE ASSETS, NET Schedule of Estimated Future Intangible Amortization by Year (Details)
$ in Millions
Sep. 28, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2024 $ 18.6
2025 55.3
2026 29.0
2027 27.0
2028 27.0
Thereafter $ 245.3
v3.24.3
GOODWILL AND OTHER INTANGIBLE ASSETS, NET Intangibles Textuals (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Sep. 12, 2024
Jan. 19, 2024
Amortization of Intangible Assets $ 10.6 $ 5.6 $ 28.7 $ 15.4    
Svanehoj            
Other intangible assets           $ 212.6
kSARIA            
Other intangible assets         $ 166.0  
v3.24.3
ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES - (Detail) - USD ($)
$ in Millions
Sep. 28, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]    
Compensation and other employee-related benefits $ 151.8 $ 165.5
Contract liabilities and other customer-related liabilities 169.9 133.6
Accrued income taxes and other tax-related liabilities 36.2 30.7
Operating lease liabilities 21.8 19.5
Accrued warranty costs 16.8 14.0
Environmental liabilities and other legal matters 4.6 5.8
Accrued restructuring costs 2.9 4.8
Other 47.7 39.2
Accrued and other current liabilities 451.7 413.1
Deferred income taxes and other tax-related liabilities(a) 104.4 [1] 25.0
Operating lease liabilities 76.9 72.3
Environmental liabilities 49.9 52.0
Compensation and other employee-related benefits 39.3 38.0
Other 40.8 24.0
Other non-current liabilities $ 311.3 $ 211.3
[1] The increase in deferred income taxes and other tax-related liabilities primarily relates to deferred tax liabilities recognized in connection with the acquisitions of Svanehøj and kSARIA.
v3.24.3
Supply Chain Financing (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Dec. 31, 2023
Supply Chain Financing Program    
Accounts Payable, Other, Current $ 24.4 $ 19.7
v3.24.3
DEBT Debt (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
Commercial paper(a) [1] $ 359.6 $ 184.9
Current maturities of long-term debt 2.5 2.3
Short-term loans 0.5 0.5
Total short-term borrowings 362.6 187.7
Non-current maturities of long-term debt(b) 467.8 [2] 5.7
Total debt and finance leases $ 830.4 $ 193.4
UNITED STATES    
Line of Credit Facility [Line Items]    
Weighted Average Interest Rate 5.12% 5.61%
[1] The associated weighted average interest rates as of September 28, 2024 and December 31, 2023 were 5.12% and 5.61%, respectively. Outstanding commercial paper for both periods had maturity terms less than three months from the date of issuance.
[2] Long-term debt is primarily related to a term loan that the Company entered into in September 2024 in connection with the acquisition of kSARIA. See additional details in section titled, “U.S. Term Loan”, below.
v3.24.3
DEBT US Term Loan (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt $ 467.8 $ 5.7
Term Loan    
Debt Instrument [Line Items]    
2024 0.0  
2025 0.0  
2026 0.0  
September 2027 464.0  
Total maturities 464.0  
Long-term debt 464.0  
Debt Issuance Costs, Net $ 0.9  
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate 6.26%  
v3.24.3
DEBT Italian Term Loan (Details) - Italian Term Loan
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
USD ($)
Sep. 28, 2024
USD ($)
Debt Instrument [Line Items]    
Proceeds from Issuance of Debt $ 301.5  
Repayments of Debt 175.0 $ 275.0
Debt Issuance Costs, Gross $ 1.8 $ 1.8
v3.24.3
DEBT Short-term Loans (Details)
$ in Millions
 9 Months Ended
Sep. 28, 2024
USD ($)
2014 Revolving Credit Facility [Member]  
Line of Credit Facility [Line Items]  
Line of Credit Facility, Aggregate Borrowing Capacity $ 500
2021 Revolving Credit Facility Member  
Line of Credit Facility [Line Items]  
Line of Credit Facility, Aggregate Borrowing Capacity 700
Line of Credit Facility, Incremental Borrowing Capacity Maximum 350
Line of Credit Facility, Maximum Borrowing Capacity $ 1,050
Line of Credit Facility, Interest Margin Above LIBOR 1.10%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 0.15%
v3.24.3
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Summary of Long-Term Incentive Plan Awards (Detail)
shares in Millions
 9 Months Ended
Sep. 28, 2024
$ / shares
shares
Restricted Stock Units (RSUs) [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of Awards Granted | shares 0.2
Grant Date Fair Value | $ / shares $ 129.26
Performance Stock Unit [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of Awards Granted | shares 0.1
Grant Date Fair Value | $ / shares $ 143.20
v3.24.3
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Additional Information (Detail) - USD ($)
shares in Millions, $ in Millions
 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Proceeds from the exercise of stock options $ 0.2 $ 0.6
Equity Based Awards [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 38.4  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition 1 year 10 months 24 days  
Liability Based Awards [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 3.9  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition 2 years  
Restricted Stock Units (RSUs) [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock vested during period 0.1 0.1
Performance Stock Unit [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock vested during period 0.1 0.1
v3.24.3
CAPITAL STOCK Repurchase Program (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Cost of share repurchases $ 25.3   $ 104.9 $ 60.5
Share Repurchase Program        
Shares repurchased and retired 0.2 0.0 0.8 0.7
Cost of share repurchases $ 25.0 $ 0.0 $ 104.0 $ 60.5
v3.24.3
CAPITAL STOCK Net Settlement of LTIP (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Equity [Abstract]        
Number of shares repurchased under settlement of employee tax withholding obligations 0.0 0.0 0.1 0.1
Shares repurchased aggregate value under settlement of employee tax withholding obligations $ 0.3 $ 0.3 $ 13.2 $ 6.7
v3.24.3
COMMITMENTS AND CONTINGENCIES Rollforward of Environmental Liability and Related Assets (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Loss Contingency Accrual [Roll Forward]    
Environmental liability - beginning balance $ 56.0 $ 57.1
Payments (2.7) (2.9)
Foreign currency 0.0 (0.1)
Environmental liability - ending balance 53.9 54.9
Continuing operations    
Loss Contingency Accrual [Roll Forward]    
Change in estimates for pre-existing accruals: 0.3 0.8
Discontinued operations    
Loss Contingency Accrual [Roll Forward]    
Change in estimates for pre-existing accruals: $ 0.3 $ 0.0
v3.24.3
COMMITMENTS AND CONTINGENCIES Environmental Matters Textuals (Details)
$ in Millions
Sep. 28, 2024
USD ($)
site
Sep. 30, 2023
USD ($)
site
Site Contingency [Line Items]    
Environmental-related assets $ 8.1 $ 10.0
Environmental Related Matters [Member]    
Site Contingency [Line Items]    
Number Of Active Environmental Investigation And Remediation Sites | site 26 26
Maximum [Member] | Environmental Related Matters [Member]    
Site Contingency [Line Items]    
Loss Contingency, Range of Possible Loss, Maximum $ 94.7 $ 98.2
v3.24.3
Derivative Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]          
Notional amount (U.S. dollar equivalent)(a) $ 89.5   $ 89.5   $ 258.4
Fair value of foreign currency derivative contracts(b) [1] 0.5   0.5   $ 3.8
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [2] $ (1.8) $ (1.4) (5.2) $ (4.6)  
Cash inflow (outflow) from settlement of foreign currency derivative contracts     $ (3.4) $ 2.4  
[1] Our foreign currency derivative contracts are classified within Level 2 of the fair value hierarchy because these contracts are not actively traded and the valuation inputs are based on market observable data of similar instruments.
[2] None of our derivative contracts were designated as hedging instruments under ASC 815 - Derivatives & Hedging.
v3.24.3
ACQUISITIONS Allocation of Purchase Price Table (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 12, 2024
Jan. 19, 2024
Dec. 31, 2023
May 02, 2023
Business Acquisition [Line Items]          
Goodwill $ 1,498.3     $ 1,016.3  
kSARIA          
Business Acquisition [Line Items]          
Receivables   $ 28.1      
Inventory   50.6      
Plant, property and equipment   5.8      
Goodwill [1]   276.0      
Other intangible assets   166.0      
Other assets   8.9      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities   (27.9)      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other   (42.6)      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue   (3.0)      
Net assets acquired   $ 461.9      
Svanehoj          
Business Acquisition [Line Items]          
Receivables     $ 22.4    
Inventory     39.5    
Plant, property and equipment     19.1    
Goodwill [1]     215.6    
Other intangible assets     212.6    
Other assets     9.0    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities     (28.0)    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other     (52.8)    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue     (29.8)    
Net assets acquired     $ 407.6    
Micro-Mode          
Business Acquisition [Line Items]          
Receivables         $ 2.7
Inventory         5.3
Plant, property and equipment         6.1
Goodwill         44.9
Other intangible assets         28.7
Other assets         0.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities         (2.6)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other         (6.3)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue         0.0
Net assets acquired         $ 79.0
[1] Goodwill acquired with kSARIA is primarily attributable to the complementary nature of its product portfolio to ITT’s existing connectors portfolio. Goodwill related to the acquisition of Svanehøj is primarily attributable to future economic benefits expected from our entrance into the marine sector, our expanded presence in the energy market, and geographic expansion. Goodwill arising from acquisitions is not expected to be deductible for income tax purposes.
v3.24.3
ACQUISITIONS Acquisitions Textuals (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 12, 2024
Jan. 19, 2024
Sep. 28, 2024
Sep. 30, 2023
Business Acquisition [Line Items]        
Acquisitions, net of cash acquired     $ 864.8 $ 79.3
Svanehoj        
Business Acquisition [Line Items]        
Acquisitions, net of cash acquired   $ 407.6    
Revenue of Acquired Entity for Last Annual Period   148.0    
Cash Acquired in Excess of Payments to Acquire Business   $ 28.0    
kSARIA        
Business Acquisition [Line Items]        
Acquisitions, net of cash acquired $ 461.9      
Revenue of Acquired Entity for Last Annual Period 175.0      
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability $ 4.5      
v3.24.3
DIVESTITURE - Wolverine (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 12, 2024
Jul. 22, 2024
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Divestiture of Wolverine [Line Items]            
Gain (Loss) on Disposition of Business     $ 47.8 $ 0.0 $ 47.8 $ 7.2
Wolverine            
Divestiture of Wolverine [Line Items]            
Proceeds from Divestiture of Businesses   $ 171.0        
Gain (Loss) on Disposition of Business   47.8        
Working Capital Recovery Related to Divestiture   17.0        
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax   $ 3.6        
kSARIA            
Divestiture of Wolverine [Line Items]            
Revenue of Acquired Entity for Last Annual Period $ 175.0          
ITT (NYSE:ITT)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more ITT Charts.
ITT (NYSE:ITT)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more ITT Charts.