ITT (ITT) 10-Q3 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares shares in Millions	6 Months Ended
Document and Entity Information - shares shares in Millions	Jul. 01, 2023	Aug. 01, 2023
Cover [Abstract]
Entity Registrant Name	ITT INC.
Document Type	10-Q
Document Period End Date	Jul. 01, 2023
Document Quarterly Report	true
Document Transition Report	false
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
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		82.1

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Income Statement [Abstract]
Revenue	$ 833.9	$ 733.3	$ 1,631.8	$ 1,459.5
Cost of revenue	553.9	511.1	1,089.9	1,018.9
Gross profit	280	222.2	541.9	440.6
General and administrative expenses	68.4	57	136.7	117.4
Sales and marketing expenses	43.9	40.4	86.8	78.8
Research and development expenses	25.7	24.3	52.1	49.3
Operating income	142	100.5	266.3	195.1
Interest and non-operating expense, net	2.5	0.5	6	0.3
Income from continuing operations before income tax expense	139.5	100	260.3	194.8
Income tax expense	30.6	24	50.7	43.5
Income from continuing operations	108.9	76	209.6	151.3
Loss from discontinued operations, net of tax benefit of $0.0, $0.4, $0.0, and $0.4, respectively	0	(1.2)	0	(1.2)
Net income	108.9	74.8	209.6	150.1
Less: Income attributable to noncontrolling interests	0.7	0.2	1.4	0.7
Net income attributable to ITT Inc.	108.2	74.6	208.2	149.4
Amounts attributable to ITT Inc.:
Income from continuing operations	108.2	75.8	208.2	150.6
Loss from discontinued operations, net of tax	0	(1.2)	0	(1.2)
Net income attributable to ITT Inc.	$ 108.2	$ 74.6	$ 208.2	$ 149.4
Basic:
Continuing operations	$ 1.31	$ 0.91	$ 2.52	$ 1.79
Discontinued operations	0	(0.01)	0	(0.01)
Earnings Per Share, Basic, Total	1.31	0.90	2.52	1.78
Diluted:
Continuing operations	1.31	0.91	2.51	1.79
Discontinued operations	0	(0.02)	0	(0.02)
Earnings Per Share, Diluted, Total	$ 1.31	$ 0.89	$ 2.51	$ 1.77
Weighted average common shares – basic	82.4	83.1	82.5	84
Weighted average common shares – diluted	82.6	83.4	82.8	84.3

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Income Statement [Abstract]
Tax Benefit (Expense) of Discontinued Operations	$ 0	$ 0.4	$ 0	$ 0.4

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 108.9	$ 74.8	$ 209.6	$ 150.1
Other comprehensive (loss):
Net foreign currency translation adjustment	(10.2)	(70.8)	(4.2)	(82.5)
Net change in postretirement benefit plans, net of tax impacts of $0.3, $0.2, $2.1 and $0.3, respectively	(1.1)	(0.2)	(0.7)	(0.5)
Other comprehensive (loss)	(11.3)	(71)	(4.9)	(83)
Comprehensive income	97.6	3.8	204.7	67.1
Less: Comprehensive income attributable to noncontrolling interests	0.7	0.2	1.4	0.7
Comprehensive income attributable to ITT Inc.	96.9	3.6	203.3	66.4
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract]
Amortization of prior service benefit, net of tax expense of $0.4, $0.3, $0.7 and $0.6, respectively	(1.1)	(0.9)	(2.3)	(1.9)
Amortization of net actuarial loss, net of tax benefit of $0.0, $0.1, $0.0 and $0.3, respectively	0.1	0.7	0.2	1.4
Other Adjustments [Abstract]
Deferred tax asset valuation allowance reversal	(0.1)	0	1.4	0
Net change in postretirement benefit plans, net of tax	$ 1.1	$ 0.2	$ 0.7	$ 0.5

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical)) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent	$ 0.3	$ 0.2	$ 2.1	$ 0.3
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax	0.4	0.3	(0.7)	(0.6)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax	$ 0	$ (0.1)	$ 0	$ (0.3)

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions		Jul. 01, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents		$ 462.1	$ 561.2
Receivables, net		689.3	628.8
Inventories	[1]	573.2	533.9
Other current assets		104.6	112.9
Total current assets		1,829.2	1,836.8
Non-current assets:
Plant, property and equipment, net		528.7	526.8
Goodwill		1,009.3	964.8
Other intangible assets, net		136.2	112.8
Other non-current assets		382	339.1
Total non-current assets		2,056.2	1,943.5
Total assets		3,885.4	3,780.3
Current liabilities:
Commercial paper and current maturities of long-term debt		396.5	451
Accounts payable		406.3	401.1
Accrued and other current liabilities		371.3	333.4
Total current liabilities		1,174.1	1,185.5
Non-current liabilities:
Postretirement benefits		137.5	137.2
Other non-current liabilities		216.2	200.2
Total non-current liabilities		353.7	337.4
Total liabilities		1,527.8	1,522.9
Common stock: [Abstract]
Issued and outstanding – 82.1 shares and 82.7 shares, respectively		82.1	82.7
Retained earnings		2,614	2,509.7
Accumulated other comprehensive income (loss): [Abstract]
Postretirement benefits		2.9	3.6
Cumulative translation adjustments		(352.1)	(347.9)
Accumulated other comprehensive income (loss):		(349.2)	(344.3)
Total ITT Inc. shareholders’ equity		2,346.9	2,248.1
Noncontrolling interests		10.7	9.3
Total shareholders’ equity		2,357.6	2,257.4
Total liabilities and shareholders’ equity		$ 3,885.4	$ 3,780.3

[1]We recorded inventory write-downs of $1.2 and $5.7 related to inventories held by entities impacted by the Russia-Ukraine war during the six months ended July 1, 2023 and July 2, 2022, respectively. See Note 1, Description of Business and Basis of Presentation , for further information.

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Jul. 01, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, shares authorized	250
Common stock, par value	$ 1
Common stock, shares issued	82.1	82.7
Common stock, shares outstanding	82.1	82.7

CONSOLIDATED CONDENSED STATEM_5

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Operating Activities
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	$ 208.2	$ 150.6
Adjustments to income from continuing operations:
Depreciation and amortization	53.8	55.3
Equity-based compensation	10.1	8.7
Gain (Loss) on Disposition of Business	(7.2)	0
Other non-cash charges, net	16.6	17.3
Changes in assets and liabilities:
Change in receivables	(58.6)	(77.6)
Change in inventories	(31.4)	(106.5)
Change in contract assets	(2.9)	(10.9)
Change in contract liabilities	12	18.7
Change in accounts payable	8.9	65.3
Change in accrued expenses	15.5	(33)
Change in income taxes	(8.1)	(3.5)
Other, net	(19.1)	(30.2)
Net Cash – Operating Activities	197.8	54.2
Investing Activities
Capital expenditures	(46.3)	(47.5)
Proceeds from Sales of Business, Affiliate and Productive Assets	10.5	0
Acquisitions, net of cash acquired	(79.3)	(146.9)
Payments to acquire interest in unconsolidated subsidiaries	(1.4)	(25.1)
Other, net	(3.3)	1.1
Net Cash – Investing Activities	(119.8)	(218.4)
Financing Activities
Commercial paper, net borrowings	(61)	364.6
Share repurchases under repurchase plan	(60)	(240.9)
Payments for taxes related to net share settlement of stock incentive plans	(6.4)	(8.5)
Dividends paid	(48.1)	(44.3)
Other, net	(0.8)	(0.4)
Net Cash – Financing Activities	(176.3)	70.5
Exchange rate effects on cash and cash equivalents	(0.4)	(28.1)
Net cash – operating activities of discontinued operations	(0.2)	0
Net change in cash and cash equivalents	(98.9)	(121.8)
Restricted Cash	0.9	0.8
Cash and cash equivalents – beginning of year (includes restricted cash of $0.7 and $0.8, respectively)	561.9	648.3
Cash and Cash Equivalents – End of Period (includes restricted cash of $0.9 and $0.8, respectively)	463	526.5
Cash paid during the year for:
Interest	8.5	2.6
Income taxes, net of refunds received	$ 52.8	$ 45.2

CONSOLIDATED CONDENSED STATEM_6

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022	Jul. 02, 2022	Dec. 31, 2021
Restricted Cash	$ 0.9	$ 0.7	$ 0.8	$ 0.8

CONSOLIDATED CONDENSED STATEM_7

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, 2021		85.5
Common Stock, Shares [Abstract]
Activity from stock incentive plans, shares		0.3
Share repuchases, shares		(3)
Share repurchases from net settlement of employee stock incentive plans, shares		(0.1)
Common Stock Outstanding, Ending Balance at Jul. 02, 2022		82.7
Total shareholders' equity, Beginning Balance at Dec. 31, 2021	$ 2,230.7	$ 85.5	$ 2,461.6	$ (321.3)	$ 4.9
Shareholders' Equity, Dollars [Abstract]
Net income	150.1	0	149.4	0	0.7
Shares issued and activity from stock incentive plans	9.4	0.3	9.1	0	0
Shares repurchased under repurchase plan	(240.9)	(3)	(237.9)	0	0
Shares withheld related to net share settlement of stock incentive plans	(8.5)	(0.1)	(8.4)	0	0
Dividends Declared	(43.9)	0	(43.9)	0	0
Other comprehensive (loss)	(83)
Total shareholders' equity, Ending Balance at Jul. 02, 2022	2,016.6	$ 82.7	2,329.9	(404.3)	8.3
Shareholders' Equity, Dollars [Abstract]
Payments to Acquire Additional Interest in Subsidiaries	2.7				2.7
Net change in postretirement benefit plans, net of tax impacts of $0.3, $0.2, $2.1 and $0.3, respectively	(0.5)
Net change during period - AOCI Cumulative Translation Adjustment	(82.5)			(82.5)
Amortization of net actuarial loss, net of tax benefit of $0.0, $0.1, $0.0 and $0.3, respectively	(1.4)			(0.5)
Common Stock Outstanding, Beginning Balance at Apr. 02, 2022		83.6
Common Stock, Shares [Abstract]
Activity from stock incentive plans, shares		0
Share repuchases, shares		(0.9)
Share repurchases from net settlement of employee stock incentive plans, shares		0
Common Stock Outstanding, Ending Balance at Jul. 02, 2022		82.7
Total shareholders' equity, Beginning Balance at Apr. 02, 2022	2,090.2	$ 83.6	2,334.6	(333.3)	5.3
Shareholders' Equity, Dollars [Abstract]
Net income	74.8	0	74.6	0	0.2
Shares issued and activity from stock incentive plans	5	0	5	0	0
Shares repurchased under repurchase plan	(63)	(0.9)	(62.1)	0	0
Shares withheld related to net share settlement of stock incentive plans	(0.1)	0	(0.1)	0	0
Dividends Declared	(22)	0	(22)	0	0
Other comprehensive (loss)	(71)
Other	0		(0.1)		0.1
Total shareholders' equity, Ending Balance at Jul. 02, 2022	2,016.6	$ 82.7	2,329.9	(404.3)	8.3
Shareholders' Equity, Dollars [Abstract]
Payments to Acquire Additional Interest in Subsidiaries	2.7				2.7
Net change in postretirement benefit plans, net of tax impacts of $0.3, $0.2, $2.1 and $0.3, respectively	(0.2)
Net change during period - AOCI Cumulative Translation Adjustment	(70.8)			(70.8)
Amortization of net actuarial loss, net of tax benefit of $0.0, $0.1, $0.0 and $0.3, respectively	$ (0.7)			(0.2)
Common Stock Outstanding, Beginning Balance at Dec. 31, 2022	82.7	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 Jul. 01, 2023	82.1	82.1
Total shareholders' equity, Beginning Balance at Dec. 31, 2022	$ 2,257.4	$ 82.7	2,509.7		9.3
Shareholders' Equity, Dollars [Abstract]
Net income	209.6		208.2	0	1.4
Shares issued and activity from stock incentive plans	10.5	0.2	10.3	0	0
Shares repurchased under repurchase plan	(60.5)	(0.7)	(59.8)	0	0
Shares withheld related to net share settlement of stock incentive plans	(6.4)	(0.1)	(6.3)	0	0
Dividends Declared	(48.1)	0	(48.1)	0	0
Dividends to noncontrolling interest	(0.1)				(0.1)
Other comprehensive (loss)	(4.9)
Other	(0.1)		0	0	(0.1)
Total shareholders' equity, Ending Balance at Jul. 01, 2023	2,357.6	$ 82.1	2,614	(349.2)	10.7
Shareholders' Equity, Dollars [Abstract]
Net change in postretirement benefit plans, net of tax impacts of $0.3, $0.2, $2.1 and $0.3, respectively	(0.7)
Net change during period - AOCI Cumulative Translation Adjustment	(4.2)			(4.2)
Amortization of net actuarial loss, net of tax benefit of $0.0, $0.1, $0.0 and $0.3, respectively	$ (0.2)			(0.7)
Common Stock Outstanding, Beginning Balance at Apr. 01, 2023		82.4
Common Stock, Shares [Abstract]
Activity from stock incentive plans, shares		0
Share repuchases, shares		(0.3)
Share repurchases from net settlement of employee stock incentive plans, shares		0
Common Stock Outstanding, Ending Balance at Jul. 01, 2023	82.1	82.1
Total shareholders' equity, Beginning Balance at Apr. 01, 2023	$ 2,309.2	$ 82.4	2,554.7	(337.9)	10
Shareholders' Equity, Dollars [Abstract]
Net income	108.9		108.2	0	0.7
Shares issued and activity from stock incentive plans	5.4	0	5.4	0	0
Shares repurchased under repurchase plan	(30.5)	(0.3)	(30.2)	0	0
Shares withheld related to net share settlement of stock incentive plans	(0.1)	0	(0.1)	0	0
Dividends Declared	(24)	0	(24)	0	0
Dividends to noncontrolling interest	(0.1)				(0.1)
Other comprehensive (loss)	(11.3)
Other	0.1		0		0.1
Total shareholders' equity, Ending Balance at Jul. 01, 2023	2,357.6	$ 82.1	$ 2,614	(349.2)	$ 10.7
Shareholders' Equity, Dollars [Abstract]
Net change in postretirement benefit plans, net of tax impacts of $0.3, $0.2, $2.1 and $0.3, respectively	(1.1)
Net change during period - AOCI Cumulative Translation Adjustment	(10.2)			(10.2)
Amortization of net actuarial loss, net of tax benefit of $0.0, $0.1, $0.0 and $0.3, respectively	$ (0.1)			$ (1.1)

CONSOLIDATED CONDENSED STATEM_8

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Dividends declared per share	$ 0.290	$ 0.264	$ 0.580	$ 0.528

OTHER CURRENT AND NON-CURRENT A

OTHER CURRENT AND NON-CURRENT ASSETS - Components of Other Current and Non-Current Assets - USD ($) $ in Millions		Jul. 01, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Advance payments and other prepaid expenses		$ 43.1	$ 45
Current contract assets, net		28.1	26.3
Prepaid income taxes		11.2	25.1
Other		22.2	16.5
Other current assets		104.6	112.9
Other employee benefit-related assets		124.4	119.8
Deferred income taxes(b)	[1]	74.5	54.7
Operating lease right-of-use assets(a)	[2]	86.8	73.8
Equity-method and other investments		45.3	42.9
Capitalized software costs		10.2	12.4
Environmental-related assets		7.3	9.6
Other		33.5	25.9
Other non-current assets		$ 382	$ 339.1

[1]The increase in deferred income taxes from December 31, 2022 to July 1, 2023 is primarily due to benefits of $16.3 from valuation allowance reversals on deferred tax assets in Germany.[2]The increase in the operating lease right-of-use asset balance from December 31, 2022 to July 1, 2023 is primarily driven by the renewal of an operating facility lease in Irvine, California and by the current period acquisition of Micro-Mode.

LONG-TERM INCENTIVE EMPLOYEE CO

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Employee Compensation Costs - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based awards	$ 5.4	$ 5.1	$ 10.9	$ 9.4
Equity Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based awards	5.4	5	10.1	8.7
Liability Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based awards	$ 0	$ 0.1	$ 0.8	$ 0.7

CAPITAL STOCK - Additional Info

CAPITAL STOCK - Additional Information - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023
Equity, Class of Treasury Stock [Line Items]
Aggregate cost of repurchase	$ 30.5	$ 63	$ 60.5
Number of shares repurchased under settlement of employee tax withholding obligations	0.1	0.1
Shares repurchased aggregate value under settlement of employee tax withholding obligations	$ 6.4	$ 8.5
2019 Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Share repurchase program	$ 500		$ 500
Repurchase of shares of common stock	0.7	3
Aggregate cost of repurchase	$ 60.5	$ 240.9

DESCRIPTION OF BUSINESS, BASIS

DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND UPDATES TO SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jul. 01, 2023
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 Combination On May 2, 2023, we completed the acquisition of Micro-Mode Products, Inc. (Micro-Mode) for a purchase price of $79.3, net of cash acquired. Subsequent to the acquisition, Micro-Mode’s results have been reported within our CCT segment. Refer to Note 18, Acquisitions and Investments , for more information. Russia-Ukraine War In February 2022, the United States and other leading nations announced targeted economic sanctions on Russia and certain Russian citizens in response to Russia’s war with Ukraine, which has increased regional instability and global economic and political uncertainty. During the six months ended July 1, 2023 and July 2, 2022, we recorded total pre-tax charges of $3.2 and $8.0, respectively, primarily related to accounts receivable and inventory write-downs due to the suspension of business in Russia stemming from the Russia-Ukraine war. For further discussion of risks stemming from the Russia-Ukraine war, see Part I, Item IA, “Risk Factors” in our 2022 Annual Report for the fiscal year ended December 31, 2022. 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, 2022, presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K ( 2022 Annual Report ) for the year ended December 31, 2022, 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 2022 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 2022 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 and inventory valuation. 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 31 st . ITT’s second quarter for 2023 and 2022 ended on July 1, 2023 and July 2, 2022, respectively. Certain prior year amounts have been reclassified to conform to the current year presentation.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Jul. 01, 2023
Recent Accounting Pronouncements [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS The Company considers the applicability and impact of all accounting standard updates (ASUs). ASUs not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on our consolidated condensed financial statements. In October 2021, the FASB issued ASU 2021-08 , Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquiror on the acquisition date in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ( ASC 606 ) , as if it had originated the contracts. Under the previous guidance, such assets and liabilities were recognized by the acquiror at fair value as of the acquisition date. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022. Early adoption is permitted. We have adopted and applied this guidance in connection with the Habonim and Micro-Mode acquisitions. The adoption of this guidance did not have a significant impact on our operating results, financial position, or cash flows.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
SEGMENT INFORMATION	Jul. 01, 2023
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 chief operating decision maker, 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 and specialized sealing solutions, shock absorbers and damping technologies primarily for the global automotive, truck and trailer, public bus and rail transportation markets. Industrial Process manufactures engineered fluid process equipment serving a diversified mix of customers in global industries such as chemical, energy, 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, 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, operating income, and operating margin for each segment. Revenue Operating Income Operating Margin For the Three Months Ended July 1, July 2, July 1, July 2, July 1, July 2, Motion Technologies $ 368.8 $ 331.3 $ 57.7 $ 47.0 15.6 % 14.2 % Industrial Process 293.6 239.6 66.4 39.1 22.6 % 16.3 % Connect & Control Technologies 172.2 163.2 28.4 28.2 16.5 % 17.3 % Eliminations (0.7) (0.8) — — — — Total segment results 833.9 733.3 152.5 114.3 18.3 % 15.6 % Corporate and Other — — (10.5) (13.8) — — Total $ 833.9 $ 733.3 $ 142.0 $ 100.5 17.0 % 13.7 % Revenue Operating Income Operating Margin For the Six Months Ended July 1, July 2, July 1, July 2, July 1, July 2, Motion Technologies $ 733.6 $ 701.4 $ 111.1 $ 106.7 15.1 % 15.2 % Industrial Process 560.1 441.8 121.7 59.5 21.7 % 13.5 % Connect & Control Technologies 339.8 317.8 57.8 53.9 17.0 % 17.0 % Eliminations (1.7) (1.5) — — — — Total segment results 1,631.8 1,459.5 290.6 220.1 17.8 % 15.1 % Corporate and Other — — (24.3) (25.0) — — Total $ 1,631.8 $ 1,459.5 $ 266.3 $ 195.1 16.3 % 13.4 % The following table presents our total assets, capital expenditures, and depreciation & amortization expense for each segment. As of and for the Six Months Ended Total Assets Capital Depreciation & July 1, December 31, July 1, July 2, July 1, July 2, Motion Technologies $ 1,327.0 $ 1,311.9 $ 29.9 $ 34.7 $ 32.3 $ 31.0 Industrial Process 1,288.2 1,218.6 7.1 4.9 11.1 12.6 Connect & Control Technologies 874.4 751.6 8.3 4.2 9.2 9.7 Corporate and Other 395.8 498.2 1.0 3.7 1.2 2.0 Total $ 3,885.4 $ 3,780.3 $ 46.3 $ 47.5 $ 53.8 $ 55.3

REVENUE REVENUE

REVENUE REVENUE	6 Months Ended
REVENUE REVENUE	Jul. 01, 2023
Revenue from Contract with Customer [Abstract]
Revenue Footnote	REVENUE The following tables present our revenue disaggregated by end market. For the Three Months Ended July 1, 2023 Motion Technologies Industrial Process Connect & Control Technologies Eliminations Total Auto and rail $ 360.0 $ — $ — $ — $ 360.0 Chemical and industrial pumps — 226.5 — — 226.5 Aerospace and defense 2.0 — 94.1 — 96.1 General industrial 6.8 — 64.2 (0.7) 70.3 Energy — 67.1 13.9 — 81.0 Total $ 368.8 $ 293.6 $ 172.2 $ (0.7) $ 833.9 For the Six Months Ended July 1, 2023 Auto and rail $ 716.0 $ — $ — $ — $ 716.0 Chemical and industrial pumps — 444.5 — — 444.5 Aerospace and defense 3.9 — 181.0 — 184.9 General industrial 13.7 — 134.7 (1.7) 146.7 Energy — 115.6 24.1 — 139.7 Total $ 733.6 $ 560.1 $ 339.8 $ (1.7) $ 1,631.8 For the Three Months Ended July 2, 2022 Auto and rail $ 320.3 $ — $ — $ — $ 320.3 Chemical and industrial pumps — 196.6 — — 196.6 General industrial 8.5 — 74.5 (0.8) 82.2 Aerospace and defense 2.5 — 78.3 — 80.8 Energy — 43.0 10.4 — 53.4 Total $ 331.3 $ 239.6 $ 163.2 $ (0.8) $ 733.3 For the Six Months Ended July 2, 2022 Auto and rail $ 680.7 $ — $ — $ — $ 680.7 Chemical and industrial pumps — 363.8 — — 363.8 General industrial 16.7 — 144.2 (1.5) 159.4 Aerospace and defense 4.0 — 153.2 — 157.2 Energy — 78.0 20.4 — 98.4 Total $ 701.4 $ 441.8 $ 317.8 $ (1.5) $ 1,459.5 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 Ended July 1, December 31, Current contract assets, net $ 28.1 $ 26.3 Non-current contract assets, net 2.3 1.2 Current contract liabilities (83.2) (70.2) Non-current contract liabilities (4.4) (4.4) Net contract liabilities $ (57.2) $ (47.1) During the three and six months ended July 1, 2023, we recognized revenue of $19.2 and $40.1, related to contract liabilities as of December 31, 2022. The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations as of July 1, 2023 was $1,215.8. Of this amount, we expect to recognize approximately $750 to $770 of revenue during the remainder of 2023.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jul. 01, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The following table summarizes our income tax expense and effective tax rate. Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Income tax expense $ 30.6 $ 24.0 $ 50.7 $ 43.5 Effective tax rate 21.9 % 24.0 % 19.5 % 22.3 % The effective tax rate (ETR) for the three months ended July 1, 2023 was lower than the prior period primarily due to higher permanent tax benefits related to research and development incentives in both foreign and U.S. jurisdictions. For the six months ended July 1, 2023 the ETR was lower than the prior year as ITT recognized benefits of $16.3 from valuation allowance reversals on deferred tax assets in Germany. ITT also recognized tax benefits of $4.9 as a result of filing an amended 2017 consolidated federal tax return, which were partially offset by an expense of $14.1 relating to an Italian tax audit settlement covering tax years 2016-2022. 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 $0.6 due to changes in audit status, expiration of statutes of limitations and other events.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Jul. 01, 2023
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 Six Months Ended July 1, July 2, July 1, July 2, Basic weighted average common shares outstanding 82.4 83.1 82.5 84.0 Add: Dilutive impact of outstanding equity awards 0.2 0.3 0.3 0.3 Diluted weighted average common shares outstanding 82.6 83.4 82.8 84.3 Anti-dilutive shares (a) 0.2 0.2 0.2 — (a) Anti-dilutive shares related to equity stock unit awards excluded from the computation of diluted earnings per share.

RECEIVABLES, NET

RECEIVABLES, NET	6 Months Ended
RECEIVABLES, NET	Jul. 01, 2023
Receivables [Abstract]
RECEIVABLES, NET	RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES The following table summarizes our receivables and associated allowance for credit losses. As of the Period Ended July 1, December 31, Trade accounts receivable $ 671.9 $ 614.0 Notes receivable 20.1 8.2 Other 12.9 18.3 Receivables, gross 704.9 640.5 Less: Allowance for credit losses - receivables (15.6) (11.7) Receivables, net $ 689.3 $ 628.8 The following table displays our allowance for credit losses for receivables and for contract assets, which are recorded within Receivables, net and Other current or non-current assets, respectively, within our Consolidated Condensed Balance Sheets. As of the Period Ended July 1, December 31, Allowance for credit losses - receivables $ 15.6 $ 11.7 Allowance for credit losses - contract assets 0.5 0.5 Total allowance for credit losses $ 16.1 $ 12.2 The following table displays a rollforward of our total allowance for credit losses. July 1, July 2, Total allowance for credit losses - January 1 $ 12.2 $ 12.5 Charges to income (a) 3.6 4.7 Write-offs (0.4) (0.4) Foreign currency and other 0.7 0.1 Total allowance for credit losses - ending balance $ 16.1 $ 16.9 (a) We recognized bad debt expense of $1.2 and $1.9 relating to impacts stemming from the Russia-Ukraine war during the six months ended July 1, 2023 and July 2, 2022, respectively. See Note 1, Description of Business and Basis of Presentation , for further information.

INVENTORIES, NET

INVENTORIES, NET	6 Months Ended
INVENTORIES, NET	Jul. 01, 2023
Inventory Disclosure [Abstract]
INVENTORIES, NET	INVENTORIES The following table summarizes our inventories. As of the Period Ended July 1, December 31, Raw materials $ 375.5 $ 342.7 Work in process 108.5 104.6 Finished goods 89.2 86.6 Inventories (a) $ 573.2 $ 533.9 (a) We recorded inventory write-downs of $1.2 and $5.7 related to inventories held by entities impacted by the Russia-Ukraine war during the six months ended July 1, 2023 and July 2, 2022, respectively. See Note 1, Description of Business and Basis of Presentation , for further information. Government Assistance (ASU 2021-10) Since the start of the COVID-19 pandemic, energy prices have been increasing around the world, particularly in Europe. These increases have prompted governments to put in place measures to shield businesses and consumers from the direct impact of rising prices. These measures include granting subsidies to help offset the high energy prices. 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 20% to 45%. 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. Based on the energy consumption, we recognized a benefit of $2.4 and $6.3 for the three and six months ended July 1, 2023. These energy subsidies are recorded within Costs of revenue in our Consolidated Statements of Operations. Energy subsidies for the three and six months ended July 2, 2022 were not material. There was no other material government assistance received by the Company or any of our subsidiaries during the periods.

OTHER CURRENT AND NON-CURRENT_2

OTHER CURRENT AND NON-CURRENT ASSETS	6 Months Ended
OTHER CURRENT AND NON-CURRENT ASSETS	Jul. 01, 2023
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 Ended July 1, December 31, Advance payments and other prepaid expenses $ 43.1 $ 45.0 Current contract assets, net 28.1 26.3 Prepaid income taxes 11.2 25.1 Other 22.2 16.5 Other current assets $ 104.6 $ 112.9 Other employee benefit-related assets $ 124.4 $ 119.8 Operating lease right-of-use assets (a) 86.8 73.8 Deferred income taxes (b) 74.5 54.7 Equity-method and other investments 45.3 42.9 Capitalized software costs 10.2 12.4 Environmental-related assets 7.3 9.6 Other 33.5 25.9 Other non-current assets $ 382.0 $ 339.1 (a) The increase in the operating lease right-of-use asset balance from December 31, 2022 to July 1, 2023 is primarily driven by the renewal of an operating facility lease in Irvine, California and by the current period acquisition of Micro-Mode. (b) The increase in deferred income taxes from December 31, 2022 to July 1, 2023 is primarily due to benefits of $16.3 from valuation allowance reversals on deferred tax assets in Germany.

PLANT, PROPERTY AND EQUIPMENT,

PLANT, PROPERTY AND EQUIPMENT, NET	6 Months Ended
PLANT, PROPERTY AND EQUIPMENT, NET	Jul. 01, 2023
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 July 1, December 31, Machinery and equipment 2 - 10 $ 1,272.0 $ 1,208.3 Buildings and improvements 5 - 40 284.5 277.6 Furniture, fixtures and office equipment 3 - 7 82.4 80.5 Construction work in progress 73.9 86.9 Land and improvements 29.1 29.3 Other 3.1 3.3 Plant, property and equipment, gross 1,745.0 1,685.9 Less: Accumulated depreciation (1,216.3) (1,159.1) Plant, property and equipment, net $ 528.7 $ 526.8 The following table summarizes our depreciation expense. Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Depreciation expense $ 20.4 $ 21.0 $ 41.1 $ 42.0

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS, NET	6 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS, NET	Jul. 01, 2023
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 Industrial Connect & Control Total Goodwill - December 31, 2022 $ 287.7 $ 398.7 $ 278.4 $ 964.8 Acquired — — 43.4 43.4 Allocated to divestiture of business (a) — — (2.4) (2.4) Foreign exchange translation 2.7 0.5 0.3 3.5 Goodwill - July 1, 2023 $ 290.4 $ 399.2 $ 319.7 $ 1,009.3 (a) During the second quarter of 2023, we completed the sale of a product line within our CCT segment to a third party for $10.5. The Company determined that the product line met the definition of a business per ASC 805, Business Combinations . As a result of the transaction, we recognized a gain on sale of $7.2, which is included in the General and administrative expenses line on our Consolidated Statements of Operations for the three and six months ended July 1, 2023. Goodwill of $2.4 was allocated to the divestiture. Other Intangible Assets, Net The following table summarizes our other intangible assets, net of accumulated amortization. July 1, 2023 December 31, 2022 Gross Accumulated Amortization Net Intangibles Gross Accumulated Amortization Net Intangibles Customer relationships $ 215.5 $ (134.6) $ 80.9 $ 191.5 $ (127.1) $ 64.4 Proprietary technology 64.2 (33.1) 31.1 59.2 (30.8) 28.4 Patents and other 20.8 (17.1) 3.7 17.6 (16.6) 1.0 Finite-lived intangible total 300.5 (184.8) 115.7 268.3 (174.5) 93.8 Indefinite-lived intangibles 20.5 — 20.5 19.0 — 19.0 Other intangible assets $ 321.0 $ (184.8) $ 136.2 $ 287.3 $ (174.5) $ 112.8 The following table summarizes our amortization expense related to finite-lived intangible assets. Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Amortization expense $ 5.1 $ 5.8 $ 9.8 $ 10.0 The preliminary fair values of intangible assets acquired in connection with the purchase of Micro-Mode total $34.8. Refer to Note 18, Acquisitions and Investments , for further information.

ACCRUED AND OTHER CURRENT LIABI

ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES	6 Months Ended
	Jul. 01, 2023
Payables and Accruals [Abstract]
ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES	ACCRUED AND OTHER CURRENT AND NON-CURRENT LIABILITIES The following table summarizes our accrued liabilities and other non-current liabilities. As of the Period Ended July 1, December 31, Compensation and other employee-related benefits $ 143.9 $ 134.4 Contract liabilities and other customer-related liabilities 118.0 92.2 Accrued income taxes and other tax-related liabilities 27.1 27.1 Operating lease liabilities 18.7 19.0 Accrued warranty costs 14.2 14.3 Environmental liabilities and other legal matters 6.4 5.7 Accrued restructuring costs 2.7 3.9 Other 40.3 36.8 Accrued and other current liabilities $ 371.3 $ 333.4 Operating lease liabilities (a) $ 72.3 $ 58.9 Environmental liabilities 51.5 53.1 Deferred income taxes and other tax-related liabilities 35.1 31.1 Compensation and other employee-related benefits 26.8 25.0 Non-current maturities of long-term debt 6.8 7.7 Other 23.7 24.4 Other non-current liabilities $ 216.2 $ 200.2 (a) The increase in the non-current operating lease liabilities balance from December 31, 2022 to July 1, 2023 is primarily driven by the renewal of an operating facility lease in Irvine, California, and by the current period acquisition of Micro-Mode.

DEBT Debt (Notes)

DEBT Debt (Notes)	6 Months Ended
DEBT Debt (Notes)	Jul. 01, 2023
Debt Disclosure [Abstract]
Debt [Text Block]	DEBT The following table summarizes our outstanding debt obligations. As of the Period Ended July 1, December 31, Commercial paper $ 393.8 $ 448.3 Current maturities of long-term debt and finance leases 2.2 2.2 Other short-term notes payable 0.5 0.5 Commercial paper and current maturities of long-term debt 396.5 451.0 Non-current maturities of long-term debt (a) 6.8 7.7 Total debt and finance leases $ 403.3 $ 458.7 (a) Our long-term debt is primarily related to outstanding Italian government loans. Commercial Paper The following table presents our outstanding commercial paper borrowings and associated weighted average interest rates as of July 1, 2023 and December 31, 2022. As of the Period Ended July 1, December 31, Commercial Paper Outstanding - U.S. Program $ 80.0 $ 299.2 Commercial Paper Outstanding - Euro Program 313.8 149.1 Total Commercial Paper Outstanding $ 393.8 448.3 Weighted Average Interest Rate - U.S. Program 5.45 % 4.92 % Weighted Average Interest Rate - Euro Program 3.82 % 2.31 % Outstanding commercial paper for both periods had maturity terms less than three months from the date of issuance. Short-term Loans 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). Upon its effectiveness, this agreement replaced our existing $500 revolving credit facility due November 2022 (the 2014 Revolving Credit Agreement). 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 commitment 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, we 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 secured overnight funding rate (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 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 July 1, 2023 and December 31, 2022, 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 and amortization (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 July 1, 2023, all financial covenants (e.g., leverage ratio) associated with the 2021 Revolving Credit Agreement were within the prescribed thresholds.

LONG-TERM INCENTIVE EMPLOYEE _2

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION	6 Months Ended
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION	Jul. 01, 2023
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 Six Months Ended July 1, July 2, July 1, July 2, Equity-based awards $ 5.4 $ 5.0 $ 10.1 $ 8.7 Liability-based awards — 0.1 0.8 0.7 Total share-based compensation expense $ 5.4 $ 5.1 $ 10.9 $ 9.4 As of July 1, 2023, there was $36.2 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 2.1 years. Additionally, unrecognized compensation cost related to liability-based awards was $2.6, which is expected to be recognized ratably over a weighted-average period of 2.2 years. Year-to-Date 2023 LTIP Activity The majority of our LTIP awards are granted during the first quarter of each year and have three-year service periods. These awards either vest equally each year or at the completion of the three-year service period. During the six months ended July 1, 2023, we granted the following LTIP awards as provided in the table below: # of Awards Granted Weighted Average Grant Date Fair Value Per Share Restricted stock units (RSUs) 0.2 $ 92.12 Performance stock units (PSUs) 0.1 $ 112.31 During the six months ended July 1, 2023 and July 2, 2022, a nominal amount of non-qualified stock options were exercised resulting in proceeds of $0.4 and $0.7, respectively. During the six months ended July 1, 2023 and July 2, 2022, RSUs of 0.1 and 0.1, respectively, vested and were issued. During the six months ended July 1, 2023 and July 2, 2022, PSUs of 0.1 and 0.1 that vested on December 31, 2022 and 2021, respectively, were issued.

CAPITAL STOCK

CAPITAL STOCK	6 Months Ended
CAPITAL STOCK	Jul. 01, 2023
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). During the six months ended July 1, 2023 and July 2, 2022, the Company repurchased and retired 0.7 and 3.0 shares of common stock for $60.5 and $240.9, respectively. 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. During the six months ended July 1, 2023 and July 2, 2022, the Company withheld 0.1 and 0.1 shares of common stock for $6.4 and $8.5, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jul. 01, 2023
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. July 1, July 2, Environmental liability - beginning balance $ 57.1 $ 54.1 Change in estimates for pre-existing accruals: Continuing operations 0.7 — Discontinued operations (a) — 5.4 Accruals added during the period for new matters — 0.1 Payments (2.3) (2.7) Foreign currency 0.1 (0.3) Environmental liability - ending balance $ 55.6 $ 56.6 (a) During the six months ended July 2, 2022, we increased the estimated environmental liability for a former site of ITT by $5.4 and recognized an insurance-related asset of $4.3. The resulting net pre-tax expense of $1.1 has been presented as a loss from discontinued operations within the Consolidated Condensed Statements of Operations. Environmental-related assets, including a Qualified Settlement Fund and estimated recoveries from insurance providers and other third parties, were $11.4 and $14.5 as of July 1, 2023 and July 2, 2022, respectively. The following table illustrates the reasonably possible high range of estimated liability and number of active sites. As of the Period Ended July 1, July 2, High-end estimate of environmental liability $ 90.6 $ 100.0 Number of open environmental sites 25 27

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
Derivative Instruments and Hedging Activities	Jul. 01, 2023
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 and commodity price 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 Ended July 1, December 31, Notional amount (U.S. dollar equivalent) $ 86.0 $ 136.5 Fair value of foreign currency derivative contracts (a) $ 0.6 $ 1.7 (a) 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 Ended Six Months Ended July 1, July 2, July 1, July 2, (Loss) gain on foreign currency derivative contracts (b) $ (2.1) $ 3.3 $ (3.2) $ 5.6 (b) 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 six months ended July 1, 2023 and July 2, 2022, net cash inflows from foreign currency derivative contracts were $4.8 and $1.8, respectively.

ACQUISITIONS Acquisitions (Note

ACQUISITIONS Acquisitions (Notes)	6 Months Ended
ACQUISITIONS Acquisitions (Notes)	Jul. 01, 2023
Acquisitions [Abstract]
Business Combination Disclosure [Text Block]	ACQUISITIONS AND INVESTMENTS Acquisition of Micro-Mode Products, Inc. (Micro-Mode) On May 2, 2023, we completed the acquisition of Micro-Mode for a purchase price of $79.3, 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 and generated approximately $26 in sales in 2022. Subsequent to the acquisition, Micro-Mode’s results have been reported within our CCT segment. The primary areas of the purchase price allocations that are not yet finalized 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. We expect to obtain the information necessary to finalize the fair value of the net assets and liabilities during the measurement period, not to exceed one year from the acquisition date. 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. The goodwill arising from these acquisitions is not expected to be deductible for income tax purposes. Preliminary Allocation of Purchase Price Receivables $ 2.5 Inventory 5.6 Plant, property and equipment 3.2 Goodwill 43.4 Other intangible assets 34.8 Other assets 2.7 Accounts payable and accrued liabilities (2.1) Other liabilities (10.8) Net assets acquired $ 79.3 Pro forma results of operations have not been presented because the acquisition was not deemed significant as of the acquisition date. Acquisition of Habonim Industrial Valves and Actuators Ltd (Habonim) On April 4, 2022, we completed the acquisition of 100% of the privately held stock of Habonim for a purchase price of $139.9. Habonim is a designer and manufacturer of valves, valve automation and actuation for gas distribution (including liquified natural gas), biotech and harsh application service sectors. Habonim sells directly to original equipment manufacturers and integrators for customized solutions. Habonim has operations in Israel, the U.S., and the Netherlands, and has a workforce of approximately 200 employees. Subsequent to the acquisition, Habonim’s results have been reported within our IP segment. The allocation of the purchase price to the assets acquired and liabilities assumed was completed as of April 1, 2023. Investments in CRP Technology and CRP USA (CRP) During the second quarter of 2022, we purchased a minority investment of 46% in CRP Technology Srl and 33% in CRP USA LLC (collectively "CRP") for $23.0. CRP is a manufacturer of reinforced composite materials for 3D printing for the aerospace, defense, premium automotive, and motorsports industries. CRP's Windform ® high-performance materials enable engineers to develop complex, customized designs while providing lightweight and exceptionally durable products. In May 2023, ITT purchased an additional 9% share of CRP USA LLC for $1.4. This additional investment brings ITT’s direct share ownership in CRP USA LLC to 42% as of July 1, 2023. The CRP investments are accounted for as equity method investments. Other During the second quarter of 2022, we purchased all production assets and proprietary technology related to an energy absorption product line for high-cycle applications in industrial automation. The product line was acquired for $7.0 from Clippard Instrument Laboratory, Inc., which is a U.S. manufacturer of electronic and pneumatic components. These assets are included within the CCT segment.

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jul. 01, 2023
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 Combination On May 2, 2023, we completed the acquisition of Micro-Mode Products, Inc. (Micro-Mode) for a purchase price of $79.3, net of cash acquired. Subsequent to the acquisition, Micro-Mode’s results have been reported within our CCT segment. Refer to Note 18, Acquisitions and Investments , for more information. Russia-Ukraine War In February 2022, the United States and other leading nations announced targeted economic sanctions on Russia and certain Russian citizens in response to Russia’s war with Ukraine, which has increased regional instability and global economic and political uncertainty. During the six months ended July 1, 2023 and July 2, 2022, we recorded total pre-tax charges of $3.2 and $8.0, respectively, primarily related to accounts receivable and inventory write-downs due to the suspension of business in Russia stemming from the Russia-Ukraine war. For further discussion of risks stemming from the Russia-Ukraine war, see Part I, Item IA, “Risk Factors” in our 2022 Annual Report for the fiscal year ended December 31, 2022.
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, 2022, presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K ( 2022 Annual Report ) for the year ended December 31, 2022, 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 2022 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 2022 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 and inventory valuation. 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 31 st . ITT’s second quarter for 2023 and 2022 ended on July 1, 2023 and July 2, 2022, respectively. Certain prior year amounts have been reclassified to conform to the current year presentation.

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jul. 01, 2023
Recent Acconting Pronouncements [Abstract]
Recently Adopted Accounting Pronouncements	In October 2021, the FASB issued ASU 2021-08 , Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquiror on the acquisition date in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ( ASC 606 ) , as if it had originated the contracts. Under the previous guidance, such assets and liabilities were recognized by the acquiror at fair value as of the acquisition date. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022. Early adoption is permitted. We have adopted and applied this guidance in connection with the Habonim and Micro-Mode acquisitions. The adoption of this guidance did not have a significant impact on our operating results, financial position, or cash flows.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended	6 Months Ended
SEGMENT INFORMATION (Tables)	Jul. 01, 2023	Jul. 01, 2023
Segment Reporting [Abstract]
Reconciliation of Segment to Consolidated Results Table	Revenue Operating Income Operating Margin For the Three Months Ended July 1, July 2, July 1, July 2, July 1, July 2, Motion Technologies $ 368.8 $ 331.3 $ 57.7 $ 47.0 15.6 % 14.2 % Industrial Process 293.6 239.6 66.4 39.1 22.6 % 16.3 % Connect & Control Technologies 172.2 163.2 28.4 28.2 16.5 % 17.3 % Eliminations (0.7) (0.8) — — — — Total segment results 833.9 733.3 152.5 114.3 18.3 % 15.6 % Corporate and Other — — (10.5) (13.8) — — Total $ 833.9 $ 733.3 $ 142.0 $ 100.5 17.0 % 13.7 %	Revenue Operating Income Operating Margin For the Six Months Ended July 1, July 2, July 1, July 2, July 1, July 2, Motion Technologies $ 733.6 $ 701.4 $ 111.1 $ 106.7 15.1 % 15.2 % Industrial Process 560.1 441.8 121.7 59.5 21.7 % 13.5 % Connect & Control Technologies 339.8 317.8 57.8 53.9 17.0 % 17.0 % Eliminations (1.7) (1.5) — — — — Total segment results 1,631.8 1,459.5 290.6 220.1 17.8 % 15.1 % Corporate and Other — — (24.3) (25.0) — — Total $ 1,631.8 $ 1,459.5 $ 266.3 $ 195.1 16.3 % 13.4 %
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 Six Months Ended Total Assets Capital Depreciation & July 1, December 31, July 1, July 2, July 1, July 2, Motion Technologies $ 1,327.0 $ 1,311.9 $ 29.9 $ 34.7 $ 32.3 $ 31.0 Industrial Process 1,288.2 1,218.6 7.1 4.9 11.1 12.6 Connect & Control Technologies 874.4 751.6 8.3 4.2 9.2 9.7 Corporate and Other 395.8 498.2 1.0 3.7 1.2 2.0 Total $ 3,885.4 $ 3,780.3 $ 46.3 $ 47.5 $ 53.8 $ 55.3

REVENUE Revenue (Tables)

REVENUE Revenue (Tables)	6 Months Ended
REVENUE Revenue (Tables)	Jul. 01, 2023	Jul. 02, 2022
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 July 1, 2023 Motion Technologies Industrial Process Connect & Control Technologies Eliminations Total Auto and rail $ 360.0 $ — $ — $ — $ 360.0 Chemical and industrial pumps — 226.5 — — 226.5 Aerospace and defense 2.0 — 94.1 — 96.1 General industrial 6.8 — 64.2 (0.7) 70.3 Energy — 67.1 13.9 — 81.0 Total $ 368.8 $ 293.6 $ 172.2 $ (0.7) $ 833.9 For the Six Months Ended July 1, 2023 Auto and rail $ 716.0 $ — $ — $ — $ 716.0 Chemical and industrial pumps — 444.5 — — 444.5 Aerospace and defense 3.9 — 181.0 — 184.9 General industrial 13.7 — 134.7 (1.7) 146.7 Energy — 115.6 24.1 — 139.7 Total $ 733.6 $ 560.1 $ 339.8 $ (1.7) $ 1,631.8	For the Three Months Ended July 2, 2022 Auto and rail $ 320.3 $ — $ — $ — $ 320.3 Chemical and industrial pumps — 196.6 — — 196.6 General industrial 8.5 — 74.5 (0.8) 82.2 Aerospace and defense 2.5 — 78.3 — 80.8 Energy — 43.0 10.4 — 53.4 Total $ 331.3 $ 239.6 $ 163.2 $ (0.8) $ 733.3 For the Six Months Ended July 2, 2022 Auto and rail $ 680.7 $ — $ — $ — $ 680.7 Chemical and industrial pumps — 363.8 — — 363.8 General industrial 16.7 — 144.2 (1.5) 159.4 Aerospace and defense 4.0 — 153.2 — 157.2 Energy — 78.0 20.4 — 98.4 Total $ 701.4 $ 441.8 $ 317.8 $ (1.5) $ 1,459.5
Net Contract Assets and Liabilities Table	The following table represents our net contract assets and liabilities. As of the Period Ended July 1, December 31, Current contract assets, net $ 28.1 $ 26.3 Non-current contract assets, net 2.3 1.2 Current contract liabilities (83.2) (70.2) Non-current contract liabilities (4.4) (4.4) Net contract liabilities $ (57.2) $ (47.1)

INCOME TAXES Income Tax Expense

INCOME TAXES Income Tax Expense (Tables)	6 Months Ended
INCOME TAXES Income Tax Expense (Tables)	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Inome Tax Expense (Benefit) Table	The following table summarizes our income tax expense and effective tax rate. Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Income tax expense $ 30.6 $ 24.0 $ 50.7 $ 43.5 Effective tax rate 21.9 % 24.0 % 19.5 % 22.3 %

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jul. 01, 2023
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 Six Months Ended July 1, July 2, July 1, July 2, Basic weighted average common shares outstanding 82.4 83.1 82.5 84.0 Add: Dilutive impact of outstanding equity awards 0.2 0.3 0.3 0.3 Diluted weighted average common shares outstanding 82.6 83.4 82.8 84.3 Anti-dilutive shares (a) 0.2 0.2 0.2 —

RECEIVABLES, NET (Tables)

RECEIVABLES, NET (Tables)	6 Months Ended
RECEIVABLES, NET (Tables)	Jul. 01, 2023
Receivables [Abstract]
Receivables, Net by Type Table	The following table summarizes our receivables and associated allowance for credit losses. As of the Period Ended July 1, December 31, Trade accounts receivable $ 671.9 $ 614.0 Notes receivable 20.1 8.2 Other 12.9 18.3 Receivables, gross 704.9 640.5 Less: Allowance for credit losses - receivables (15.6) (11.7) Receivables, net $ 689.3 $ 628.8
Allowance for Credit Losses Table	The following table displays our allowance for credit losses for receivables and for contract assets, which are recorded within Receivables, net and Other current or non-current assets, respectively, within our Consolidated Condensed Balance Sheets. As of the Period Ended July 1, December 31, Allowance for credit losses - receivables $ 15.6 $ 11.7 Allowance for credit losses - contract assets 0.5 0.5 Total allowance for credit losses $ 16.1 $ 12.2
Allowance for Credit Losses Rollforward Table	The following table displays a rollforward of our total allowance for credit losses. July 1, July 2, Total allowance for credit losses - January 1 $ 12.2 $ 12.5 Charges to income (a) 3.6 4.7 Write-offs (0.4) (0.4) Foreign currency and other 0.7 0.1 Total allowance for credit losses - ending balance $ 16.1 $ 16.9 (a) We recognized bad debt expense of $1.2 and $1.9 relating to impacts stemming from the Russia-Ukraine war during the six months ended July 1, 2023 and July 2, 2022, respectively. See Note 1, Description of Business and Basis of Presentation , for further information.

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	6 Months Ended
INVENTORIES, NET (Tables)	Jul. 01, 2023
Inventory Disclosure [Abstract]
Inventories, Net Table	The following table summarizes our inventories. As of the Period Ended July 1, December 31, Raw materials $ 375.5 $ 342.7 Work in process 108.5 104.6 Finished goods 89.2 86.6 Inventories (a) $ 573.2 $ 533.9 (a) We recorded inventory write-downs of $1.2 and $5.7 related to inventories held by entities impacted by the Russia-Ukraine war during the six months ended July 1, 2023 and July 2, 2022, respectively. See Note 1, Description of Business and Basis of Presentation , for further information.

OTHER CURRENT AND NON-CURRENT_3

OTHER CURRENT AND NON-CURRENT ASSETS (Tables)	6 Months Ended
OTHER CURRENT AND NON-CURRENT ASSETS (Tables)	Jul. 01, 2023
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 Ended July 1, December 31, Advance payments and other prepaid expenses $ 43.1 $ 45.0 Current contract assets, net 28.1 26.3 Prepaid income taxes 11.2 25.1 Other 22.2 16.5 Other current assets $ 104.6 $ 112.9 Other employee benefit-related assets $ 124.4 $ 119.8 Operating lease right-of-use assets (a) 86.8 73.8 Deferred income taxes (b) 74.5 54.7 Equity-method and other investments 45.3 42.9 Capitalized software costs 10.2 12.4 Environmental-related assets 7.3 9.6 Other 33.5 25.9 Other non-current assets $ 382.0 $ 339.1 (a) The increase in the operating lease right-of-use asset balance from December 31, 2022 to July 1, 2023 is primarily driven by the renewal of an operating facility lease in Irvine, California and by the current period acquisition of Micro-Mode. (b) The increase in deferred income taxes from December 31, 2022 to July 1, 2023 is primarily due to benefits of $16.3 from valuation allowance reversals on deferred tax assets in Germany.

PLANT, PROPERTY AND EQUIPMENT_2

PLANT, PROPERTY AND EQUIPMENT, NET (Tables)	6 Months Ended
PLANT, PROPERTY AND EQUIPMENT, NET (Tables)	Jul. 01, 2023
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 July 1, December 31, Machinery and equipment 2 - 10 $ 1,272.0 $ 1,208.3 Buildings and improvements 5 - 40 284.5 277.6 Furniture, fixtures and office equipment 3 - 7 82.4 80.5 Construction work in progress 73.9 86.9 Land and improvements 29.1 29.3 Other 3.1 3.3 Plant, property and equipment, gross 1,745.0 1,685.9 Less: Accumulated depreciation (1,216.3) (1,159.1) Plant, property and equipment, net $ 528.7 $ 526.8 The following table summarizes our depreciation expense. Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Depreciation expense $ 20.4 $ 21.0 $ 41.1 $ 42.0

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)	6 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)	Jul. 01, 2023
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 Industrial Connect & Control Total Goodwill - December 31, 2022 $ 287.7 $ 398.7 $ 278.4 $ 964.8 Acquired — — 43.4 43.4 Allocated to divestiture of business (a) — — (2.4) (2.4) Foreign exchange translation 2.7 0.5 0.3 3.5 Goodwill - July 1, 2023 $ 290.4 $ 399.2 $ 319.7 $ 1,009.3
Other Intangible Assets Table	Other Intangible Assets, Net The following table summarizes our other intangible assets, net of accumulated amortization. July 1, 2023 December 31, 2022 Gross Accumulated Amortization Net Intangibles Gross Accumulated Amortization Net Intangibles Customer relationships $ 215.5 $ (134.6) $ 80.9 $ 191.5 $ (127.1) $ 64.4 Proprietary technology 64.2 (33.1) 31.1 59.2 (30.8) 28.4 Patents and other 20.8 (17.1) 3.7 17.6 (16.6) 1.0 Finite-lived intangible total 300.5 (184.8) 115.7 268.3 (174.5) 93.8 Indefinite-lived intangibles 20.5 — 20.5 19.0 — 19.0 Other intangible assets $ 321.0 $ (184.8) $ 136.2 $ 287.3 $ (174.5) $ 112.8
Finite-Lived Intangible Assets Amortization Expense	The following table summarizes our amortization expense related to finite-lived intangible assets. Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Amortization expense $ 5.1 $ 5.8 $ 9.8 $ 10.0

ACCRUED AND OTHER CURRENT LIA_2

ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES (Tables)	6 Months Ended
	Jul. 01, 2023
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 Ended July 1, December 31, Compensation and other employee-related benefits $ 143.9 $ 134.4 Contract liabilities and other customer-related liabilities 118.0 92.2 Accrued income taxes and other tax-related liabilities 27.1 27.1 Operating lease liabilities 18.7 19.0 Accrued warranty costs 14.2 14.3 Environmental liabilities and other legal matters 6.4 5.7 Accrued restructuring costs 2.7 3.9 Other 40.3 36.8 Accrued and other current liabilities $ 371.3 $ 333.4 Operating lease liabilities (a) $ 72.3 $ 58.9 Environmental liabilities 51.5 53.1 Deferred income taxes and other tax-related liabilities 35.1 31.1 Compensation and other employee-related benefits 26.8 25.0 Non-current maturities of long-term debt 6.8 7.7 Other 23.7 24.4 Other non-current liabilities $ 216.2 $ 200.2 (a) The increase in the non-current operating lease liabilities balance from December 31, 2022 to July 1, 2023 is primarily driven by the renewal of an operating facility lease in Irvine, California, and by the current period acquisition of Micro-Mode.

DEBT Debt (Tables)

DEBT Debt (Tables)	6 Months Ended
DEBT Debt (Tables)	Jul. 01, 2023
Debt Disclosure [Abstract]
Schedule of Debt Table	The following table summarizes our outstanding debt obligations. As of the Period Ended July 1, December 31, Commercial paper $ 393.8 $ 448.3 Current maturities of long-term debt and finance leases 2.2 2.2 Other short-term notes payable 0.5 0.5 Commercial paper and current maturities of long-term debt 396.5 451.0 Non-current maturities of long-term debt (a) 6.8 7.7 Total debt and finance leases $ 403.3 $ 458.7 (a) Our long-term debt is primarily related to outstanding Italian government loans.
Schedule of Outstanding Commercial Paper	The following table presents our outstanding commercial paper borrowings and associated weighted average interest rates as of July 1, 2023 and December 31, 2022. As of the Period Ended July 1, December 31, Commercial Paper Outstanding - U.S. Program $ 80.0 $ 299.2 Commercial Paper Outstanding - Euro Program 313.8 149.1 Total Commercial Paper Outstanding $ 393.8 448.3 Weighted Average Interest Rate - U.S. Program 5.45 % 4.92 % Weighted Average Interest Rate - Euro Program 3.82 % 2.31 %

LONG-TERM INCENTIVE EMPLOYEE _3

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION (Tables)	6 Months Ended
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION (Tables)	Jul. 01, 2023
Share-Based Payment Arrangement [Abstract]
Long-Term Incentive Employee Compensation Costs Table	The following table summarizes our LTIP costs. Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Equity-based awards $ 5.4 $ 5.0 $ 10.1 $ 8.7 Liability-based awards — 0.1 0.8 0.7 Total share-based compensation expense $ 5.4 $ 5.1 $ 10.9 $ 9.4
Summary of Long-Term Incentive Plan Award Grants Table	During the six months ended July 1, 2023, we granted the following LTIP awards as provided in the table below: # of Awards Granted Weighted Average Grant Date Fair Value Per Share Restricted stock units (RSUs) 0.2 $ 92.12 Performance stock units (PSUs) 0.1 $ 112.31

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Jul. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Rollforward of Environmental Liability and Related Assets Table	The following table provides a rollforward of our estimated environmental liability. July 1, July 2, Environmental liability - beginning balance $ 57.1 $ 54.1 Change in estimates for pre-existing accruals: Continuing operations 0.7 — Discontinued operations (a) — 5.4 Accruals added during the period for new matters — 0.1 Payments (2.3) (2.7) Foreign currency 0.1 (0.3) Environmental liability - ending balance $ 55.6 $ 56.6
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 Ended July 1, July 2, High-end estimate of environmental liability $ 90.6 $ 100.0 Number of open environmental sites 25 27

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
Derivative Instruments and Hedging Activities (Tables)	Jul. 01, 2023
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 Ended July 1, December 31, Notional amount (U.S. dollar equivalent) $ 86.0 $ 136.5 Fair value of foreign currency derivative contracts (a) $ 0.6 $ 1.7 (a) 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 Ended Six Months Ended July 1, July 2, July 1, July 2, (Loss) gain on foreign currency derivative contracts (b) $ (2.1) $ 3.3 $ (3.2) $ 5.6 (b) None of our derivative contracts were designated as hedging instruments under ASC 815 - Derivatives & Hedging .

ACQUISITIONS Acquisitions (Tabl

ACQUISITIONS Acquisitions (Tables)	6 Months Ended
ACQUISITIONS Acquisitions (Tables)	Jul. 01, 2023
Acquisitions [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Preliminary Allocation of Purchase Price Receivables $ 2.5 Inventory 5.6 Plant, property and equipment 3.2 Goodwill 43.4 Other intangible assets 34.8 Other assets 2.7 Accounts payable and accrued liabilities (2.1) Other liabilities (10.8) Net assets acquired $ 79.3

DESCRIPTION OF BUSINESS AND B_2

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Additional Information (Details) - USD ($) $ in Millions			6 Months Ended
	May 02, 2023	Apr. 04, 2022	Jul. 01, 2023	Jul. 02, 2022
Business Combination [Abstract]
Acquisitions, net of cash acquired			$ 79.3	$ 146.9
Habonim
Business Combination [Abstract]
Business Acquisition, Description of Acquired Entity		completed the acquisition of 100% of the privately held stock of Habonim
Acquisitions, net of cash acquired		$ 139.9
Russia-Ukraine Conflict [Abstract]
Business Acquisition, Effective Date of Acquisition		Apr. 04, 2022
Micro-Mode
Business Combination [Abstract]
Business Acquisition, Description of Acquired Entity	completed the acquisition of Micro-Mode Products, Inc. (Micro-Mode)
Acquisitions, net of cash acquired	$ 79.3
Russia-Ukraine Conflict [Abstract]
Business Acquisition, Effective Date of Acquisition	May 02, 2023
RUSSIAN FEDERATION
Russia-Ukraine Conflict [Abstract]
Asset impairment charges			$ 3.2	$ 8

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Segment Reporting Information by Segment Revenue (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Segment Reporting Information [Line Items]
Revenue	$ 833.9	$ 733.3	$ 1,631.8	$ 1,459.5
Operating income	$ 142	$ 100.5	$ 266.3	$ 195.1
Operating Margin	17%	13.70%	16.30%	13.40%
Total segment results
Segment Reporting Information [Line Items]
Revenue	$ 833.9	$ 733.3	$ 1,631.8	$ 1,459.5
Operating income	$ 152.5	$ 114.3	$ 290.6	$ 220.1
Operating Margin	18.30%	15.60%	17.80%	15.10%
Motion Technologies
Segment Reporting Information [Line Items]
Revenue	$ 368.8	$ 331.3	$ 733.6	$ 701.4
Operating income	$ 57.7	$ 47	$ 111.1	$ 106.7
Operating Margin	15.60%	14.20%	15.10%	15.20%
Industrial Process
Segment Reporting Information [Line Items]
Revenue	$ 293.6	$ 239.6	$ 560.1	$ 441.8
Operating income	$ 66.4	$ 39.1	$ 121.7	$ 59.5
Operating Margin	22.60%	16.30%	21.70%	13.50%
Connect & Control Technologies
Segment Reporting Information [Line Items]
Revenue	$ 172.2	$ 163.2	$ 339.8	$ 317.8
Operating income	$ 28.4	$ 28.2	$ 57.8	$ 53.9
Operating Margin	16.50%	17.30%	17%	17%
Eliminations
Segment Reporting Information [Line Items]
Revenue	$ (0.7)	$ (0.8)	$ (1.7)	$ (1.5)
Total Corporate and Other costs
Segment Reporting Information [Line Items]
Revenue	0	0
Operating income	$ (10.5)	$ (13.8)
Operating Margin	0%	0%
Corporate and Other
Segment Reporting Information [Line Items]
Operating income			$ (24.3)	$ (25)
Operating Margin			0%	0%

SEGMENT INFORMATION - Schedul_2

SEGMENT INFORMATION - Schedule of Segment Reporting Information by Segment Assets (Detail) - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total Assets	$ 3,885.4		$ 3,780.3
Capital Expenditures	46.3	$ 47.5
Depreciation & Amortization	53.8	55.3
Motion Technologies
Segment Reporting Information [Line Items]
Total Assets	1,327		1,311.9
Capital Expenditures	29.9	34.7
Depreciation & Amortization	32.3	31
Industrial Process
Segment Reporting Information [Line Items]
Total Assets	1,288.2		1,218.6
Capital Expenditures	7.1	4.9
Depreciation & Amortization	11.1	12.6
Connect & Control Technologies
Segment Reporting Information [Line Items]
Total Assets	874.4		751.6
Capital Expenditures	8.3	4.2
Depreciation & Amortization	9.2	9.7
Corporate and Other
Segment Reporting Information [Line Items]
Total Assets	395.8		$ 498.2
Capital Expenditures	1	3.7
Depreciation & Amortization	$ 1.2	$ 2

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details)	6 Months Ended
SEGMENT INFORMATION (Details)	Jul. 01, 2023 Segment
Segment Reporting [Abstract]
Number of Reportable Segments	3

REVENUE Revenue (Details)

REVENUE Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
REVENUE Revenue (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 833.9	$ 733.3	$ 1,631.8	$ 1,459.5
Eliminations
Disaggregation of Revenue [Line Items]
Revenue	(0.7)	(0.8)	(1.7)	(1.5)
Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	360	320.3	716	680.7
Auto and rail \| Eliminations
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	226.5	196.6	444.5	363.8
Chemical and industrial pumps \| Eliminations
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	70.3	82.2	146.7	159.4
Aerospace and defense \| Eliminations
Disaggregation of Revenue [Line Items]
Revenue	(0.7)	(0.8)	(1.7)	(1.5)
General industrial
Disaggregation of Revenue [Line Items]
Revenue	96.1	80.8	184.9	157.2
General industrial \| Eliminations
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Energy
Disaggregation of Revenue [Line Items]
Revenue	81	53.4	139.7	98.4
Energy \| Eliminations
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Motion Technologies
Disaggregation of Revenue [Line Items]
Revenue	368.8	331.3	733.6	701.4
Motion Technologies \| Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	360	320.3	716	680.7
Motion Technologies \| Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Motion Technologies \| Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	6.8	8.5	13.7	16.7
Motion Technologies \| General industrial
Disaggregation of Revenue [Line Items]
Revenue	2	2.5	3.9	4
Motion Technologies \| Energy
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Industrial Process
Disaggregation of Revenue [Line Items]
Revenue	293.6	239.6	560.1	441.8
Industrial Process \| Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Industrial Process \| Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	226.5	196.6	444.5	363.8
Industrial Process \| Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Industrial Process \| General industrial
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Industrial Process \| Energy
Disaggregation of Revenue [Line Items]
Revenue	67.1	43	115.6	78
Connect & Control Technologies
Disaggregation of Revenue [Line Items]
Revenue	172.2	163.2	339.8	317.8
Connect & Control Technologies \| Auto and rail
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Connect & Control Technologies \| Chemical and industrial pumps
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Connect & Control Technologies \| Aerospace and defense
Disaggregation of Revenue [Line Items]
Revenue	64.2	74.5	134.7	144.2
Connect & Control Technologies \| General industrial
Disaggregation of Revenue [Line Items]
Revenue	94.1	78.3	181	153.2
Connect & Control Technologies \| Energy
Disaggregation of Revenue [Line Items]
Revenue	$ 13.9	$ 10.4	$ 24.1	$ 20.4

REVENUE Contract Assets and Lia

REVENUE Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Current contract assets, net	$ 28.1	$ 26.3
Non-current contract assets, net	2.3	1.2
Current contract liabilities	(83.2)	(70.2)
Non-current contract liabilities	(4.4)	(4.4)
Net contract liabilities	$ 57.2	$ 47.1

REVENUE Revenue Textuals (Detai

REVENUE Revenue Textuals (Details) $ in Millions	3 Months Ended	6 Months Ended
REVENUE Revenue Textuals (Details) $ in Millions	Jul. 01, 2023 USD ($)	Jul. 01, 2023 USD ($)
Contract with Customer, Liability, Revenue Recognized	$ 19.2	$ 40.1
Revenue, Remaining Performance Obligation, Amount	1,215.8	1,215.8
Remaining Current Fiscal Year [Member] \| Minimum [Member]
Revenue, Remaining Performance Obligation, Amount	750	750
Remaining Current Fiscal Year [Member] \| Maximum [Member]
Revenue, Remaining Performance Obligation, Amount	$ 770	$ 770

INCOME TAXES Income Tax Expen_2

INCOME TAXES Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 30.6	$ 24	$ 50.7	$ 43.5
Effective tax rate	21.90%	24%	19.50%	22.30%
GERMANY
Valuation Allowance [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount			$ (16.3)

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Detail) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 01, 2023 USD ($)	Jul. 01, 2023 USD ($)
Valuation Allowance [Line Items]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 0.6	$ 0.6
ITALY
Valuation Allowance [Line Items]
Tax Adjustments, Settlements, and Unusual Provisions	(14.1)
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

EARNINGS PER SHARE DATA - Basic

EARNINGS PER SHARE DATA - Basic and Diluted Loss Per Share (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Earnings Per Share [Abstract]
Weighted average common shares – basic	82.4	83.1	82.5	84
Add: Dilutive impact of outstanding equity awards	0.2	0.3	0.3	0.3
Diluted weighted average common shares outstanding	82.6	83.4	82.8	84.3

EARNINGS PER SHARE DATA - Anti-

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		6 Months Ended
		Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	[1]	0.2	0.2	0.2	0

[1](a) Anti-dilutive shares related to equity stock unit awards excluded from the computation of diluted earnings per share.

RECEIVABLES, NET - (Detail)

RECEIVABLES, NET - (Detail) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade accounts receivable	$ 671.9	$ 614
Notes receivable	20.1	8.2
Other	12.9	18.3
Receivables, gross	704.9	640.5
Less: Allowance for credit losses - receivables	(15.6)	(11.7)
Receivables, net	$ 689.3	$ 628.8

RECEIVABLES, NET Allowance for

RECEIVABLES, NET Allowance for Credit Losses (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022	Jul. 02, 2022	Dec. 31, 2021
Credit Loss [Abstract]
Allowance for credit losses - receivables	$ 15.6	$ 11.7
Allowance for credit losses - contract assets	0.5	0.5
Total allowance for credit losses	$ 16.1	$ 12.2	$ 16.9	$ 12.5

RECEIVABLES, NET Allowance fo_2

RECEIVABLES, NET Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions		6 Months Ended
		Jul. 01, 2023	Jul. 02, 2022
Credit Loss [Abstract]
Total allowance for credit losses - January 1		$ 12.2	$ 12.5
Charges to income(a)	[1]	3.6	4.7
Write-offs		(0.4)	(0.4)
Foreign currency and other		0.7	0.1
Total allowance for credit losses - ending balance		$ 16.1	$ 16.9

[1]We recognized bad debt expense of $1.2 and $1.9 relating to impacts stemming from the Russia-Ukraine war during the six months ended July 1, 2023 and July 2, 2022, respectively. See Note 1, Description of Business and Basis of Presentation , for further information.

RECEIVABLES, NET Textuals (Deta

RECEIVABLES, NET Textuals (Details) - USD ($) $ in Millions		6 Months Ended
RECEIVABLES, NET Textuals (Details) - USD ($) $ in Millions		Jul. 01, 2023	Jul. 02, 2022
Charges to income(a)	[1]	$ 3.6	$ 4.7
RUSSIAN FEDERATION
Charges to income(a)		$ 1.2	$ 1.9

[1]We recognized bad debt expense of $1.2 and $1.9 relating to impacts stemming from the Russia-Ukraine war during the six months ended July 1, 2023 and July 2, 2022, respectively. See Note 1, Description of Business and Basis of Presentation , for further information.

INVENTORIES, NET - Components o

INVENTORIES, NET - Components of Inventories, Net (Detail) - USD ($) $ in Millions		Jul. 01, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials		$ 375.5	$ 342.7
Work in process		108.5	104.6
Finished goods		89.2	86.6
Inventories(a)	[1]	$ 573.2	$ 533.9

[1]We recorded inventory write-downs of $1.2 and $5.7 related to inventories held by entities impacted by the Russia-Ukraine war during the six months ended July 1, 2023 and July 2, 2022, respectively. See Note 1, Description of Business and Basis of Presentation , for further information.

INVENTORIES, NET Textuals (Deta

INVENTORIES, NET Textuals (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
INVENTORIES, NET Textuals (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 01, 2023	Jul. 02, 2022
Italian Government Energy Subsidy Grant	$ 2.4	$ 6.3
RUSSIAN FEDERATION
Inventory Write-down	$ 1.2		$ 5.7

OTHER CURRENT AND NON-CURRENT_4

OTHER CURRENT AND NON-CURRENT ASSETS - Textuals (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Payments to acquire interest in unconsolidated subsidiaries	$ 1.4	$ 25.1

PLANT, PROPERTY AND EQUIPMENT_3

PLANT, PROPERTY AND EQUIPMENT, NET - Components of Plant, Property and Equipment, Net (Detail) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Machinery and equipment	$ 1,272	$ 1,208.3
Buildings and improvements	284.5	277.6
Furniture, fixtures and office equipment	82.4	80.5
Construction work in progress	73.9	86.9
Land and improvements	29.1	29.3
Other	3.1	3.3
Plant, property and equipment, gross	1,745	1,685.9
Less: Accumulated depreciation	(1,216.3)	(1,159.1)
Plant, property and equipment, net	$ 528.7	$ 526.8

PLANT, PROPERTY AND EQUIPMENT_4

PLANT, PROPERTY AND EQUIPMENT, NET (Details) - Estimated Useful Lives	Jul. 01, 2023
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

PLANT, PROPERTY AND EQUIPMENT_5

PLANT, PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 20.4	$ 21	$ 41.1	$ 42

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Changes in the Carrying Amount of Goodwill (Detail) $ in Millions	6 Months Ended
	Jul. 01, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill - December 31, 2022	$ 964.8
Acquired	43.4
Goodwill, Other Increase (Decrease)	(2.4)
Foreign exchange translation	3.5
Goodwill - July 1, 2023	1,009.3
Motion Technologies
Goodwill [Roll Forward]
Goodwill - December 31, 2022	287.7
Acquired	0
Goodwill, Other Increase (Decrease)	0
Foreign exchange translation	2.7
Goodwill - July 1, 2023	290.4
Industrial Process
Goodwill [Roll Forward]
Goodwill - December 31, 2022	398.7
Acquired	0
Goodwill, Other Increase (Decrease)	0
Foreign exchange translation	0.5
Goodwill - July 1, 2023	399.2
Connect & Control Technologies
Goodwill [Roll Forward]
Goodwill - December 31, 2022	278.4
Acquired	43.4
Goodwill, Other Increase (Decrease)	(2.4)	[1]
Foreign exchange translation	0.3
Goodwill - July 1, 2023	$ 319.7

[1]During the second quarter of 2023, we completed the sale of a product line within our CCT segment to a third party for $10.5. The Company determined that the product line met the definition of a business per ASC 805, Business Combinations. As a result of the transaction, we recognized a gain on sale of $7.2, which is included in the General and administrative expenses line on our Consolidated Statements of Operations for the three and six months ended July 1, 2023. Goodwill of $2.4 was allocated to the divestiture

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS, NET Other Intangible Assets (Detail) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Intangible Assets, Gross (Excluding Goodwill) [Abstract]
Finite-Lived Intangible Assets, Gross	$ 300.5	$ 268.3
Indefinite-lived intangibles	20.5	19
Other Intangible Assets, Gross Carrying Amount	321	287.3
Accumulated Amortization	(184.8)	(174.5)
Finite-live intangible asset, net of accumulated amortization	115.7	93.8
Other intangible assets	136.2	112.8
Customer relationships
Intangible Assets, Gross (Excluding Goodwill) [Abstract]
Customer relationships	215.5	191.5
Accumulated Amortization	(134.6)	(127.1)
Finite-live intangible asset, net of accumulated amortization	80.9	64.4
Technology-Based Intangible Assets
Intangible Assets, Gross (Excluding Goodwill) [Abstract]
Proprietary technology	64.2	59.2
Accumulated Amortization	(33.1)	(30.8)
Finite-live intangible asset, net of accumulated amortization	31.1	28.4
Patents and other
Intangible Assets, Gross (Excluding Goodwill) [Abstract]
Patents and Other, Gross Carrying Amount	20.8	17.6
Accumulated Amortization	(17.1)	(16.6)
Finite-live intangible asset, net of accumulated amortization	$ 3.7	$ 1

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS, NET Intangibles Textuals (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	May 02, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 5,100	$ 5,800	$ 9,800	$ 10,000
Micro-Mode
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Gross (Excluding Goodwill)					$ 34,800
Intangible Assets, Gross (Excluding Goodwill)					$ 34,800

ACCRUED AND OTHER CURRENT LIA_3

ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES - (Detail) - USD ($) $ in Millions		Jul. 01, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Compensation and other employee-related benefits		$ 143.9	$ 134.4
Contract liabilities and other customer-related liabilities		118	92.2
Accrued income taxes and other tax-related liabilities		27.1	27.1
Operating lease liabilities		18.7	19
Accrued warranty costs		14.2	14.3
Environmental liabilities and other legal matters		6.4	5.7
Accrued restructuring costs		2.7	3.9
Other		40.3	36.8
Accrued and other current liabilities		371.3	333.4
Operating lease liabilities(a)	[1]	72.3	58.9
Environmental liabilities		51.5	53.1
Deferred income taxes and other tax-related liabilities		35.1	31.1
Compensation and other employee-related benefits		26.8	25
Non-current maturities of long-term debt(a)	[2]	6.8	7.7
Other		23.7	24.4
Other non-current liabilities		$ 216.2	$ 200.2

[1]The increase in the non-current operating lease liabilities balance from December 31, 2022 to July 1, 2023 is primarily driven by the renewal of an operating facility lease in Irvine, California, and by the current period acquisition of Micro-Mode.[2]Our long-term debt is primarily related to outstanding Italian government loans.

DEBT Debt (Details)

DEBT Debt (Details) - USD ($) $ in Millions		Jul. 01, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Commercial paper		$ 393.8	$ 448.3
Current maturities of long-term debt and finance leases		2.2	2.2
Other short-term notes payable		0.5	0.5
Commercial paper and current maturities of long-term debt		396.5	451
Non-current maturities of long-term debt(a)	[1]	6.8	7.7
Total debt and finance leases		$ 403.3	$ 458.7

[1]Our long-term debt is primarily related to outstanding Italian government loans.

DEBT Commercial Paper - Table (

DEBT Commercial Paper - Table (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Short-term Debt [Line Items]
Commercial paper	$ 393.8	$ 448.3
UNITED STATES
Short-term Debt [Line Items]
Commercial paper	80	299.2
Europe [Member]
Short-term Debt [Line Items]
Commercial paper	$ 313.8	$ 149.1
Commercial Paper [Member] \| UNITED STATES
Short-term Debt [Line Items]
Weighted Average Interest Rate	5.45%	4.92%
Commercial Paper [Member] \| Europe [Member]
Short-term Debt [Line Items]
Weighted Average Interest Rate	3.82%	2.31%

DEBT Short-term Loans (Details)

DEBT Short-term Loans (Details) $ in Millions	6 Months Ended
DEBT Short-term Loans (Details) $ in Millions	Jul. 01, 2023 USD ($)
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Margin Above LIBOR	1.10%
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, Unused Capacity, Commitment Fee Percentage	0.15%

LONG-TERM INCENTIVE EMPLOYEE _4

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Summary of Long-Term Incentive Plan Awards (Detail) shares in Millions	6 Months Ended
	Jul. 01, 2023 $ / 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	$ 92.12
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	$ 112.31

LONG-TERM INCENTIVE EMPLOYEE _5

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from the exercise of stock options	$ 0.4	$ 0.7
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	$ 36.2
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 1 month 6 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	$ 2.6
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 2 months 12 days
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

COMMITMENTS AND CONTINGENCIES R

COMMITMENTS AND CONTINGENCIES Rollforward of Environmental Liability and Related Assets (Detail) - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Loss Contingency Accrual [Roll Forward]
Environmental liability - beginning balance	$ 57.1	$ 54.1
Payments	(2.3)	(2.7)
Accrual for Environmental Loss Contingencies, Period Increase (Decrease)	0	0.1
Foreign currency	0.1	(0.3)
Environmental liability - ending balance	55.6	56.6
Environmental-related assets	11.4	14.5
Continuing Operations [Member]
Loss Contingency Accrual [Roll Forward]
Change in estimates for pre-existing accruals:	0.7	0
Discontinued Operations [Member]
Loss Contingency Accrual [Roll Forward]
Change in estimates for pre-existing accruals:	$ 0	5.4	[1]
Environmental-related assets		4.3
Changes in Pre-Existing Environmental Accruals, Net of Insurance Recovery		$ 1.1

[1]During the six months ended July 2, 2022, we increased the estimated environmental liability for a former site of ITT by $5.4 and recognized an insurance-related asset of $4.3. The resulting net pre-tax expense of $1.1 has been presented as a loss from discontinued operations within the Consolidated Condensed Statements of Operations.

COMMITMENTS AND CONTINGENCIES E

COMMITMENTS AND CONTINGENCIES Environmental Matters Textuals (Details) $ in Millions	Jul. 01, 2023 USD ($) site	Jul. 02, 2022 USD ($) site
Site Contingency [Line Items]
Environmental-related assets	$ 11.4	$ 14.5
Environmental Related Matters [Member]
Site Contingency [Line Items]
Number Of Active Environmental Investigation And Remediation Sites \| site	25	27
Maximum [Member] \| Environmental Related Matters [Member]
Site Contingency [Line Items]
Loss Contingency, Range of Possible Loss, Maximum	$ 90.6	$ 100

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional amount (U.S. dollar equivalent)		$ 86		$ 86		$ 136.5
Fair value of foreign currency derivative contracts(a)	[1]	0.6		0.6		$ 1.7
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	[2]	$ (2.1)	$ 3.3	(3.2)	$ 5.6
Cash inflow (outflow) from settlement of foreign currency derivative contracts				$ 4.8	$ 1.8

[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 .

ACQUISITIONS Acquisitions (Deta

ACQUISITIONS Acquisitions (Details) - USD ($) $ in Millions	Jul. 01, 2023	May 02, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 1,009.3		$ 964.8
Micro-Mode
Business Acquisition [Line Items]
Receivables		$ 2.5
Inventory		5.6
Plant, property and equipment		3.2
Goodwill		43.4
Other intangible assets		34.8
Other assets		2.7
Accounts payable and accrued liabilities		(2.1)
Other liabilities		(10.8)
Net assets acquired		$ 79.3

ACQUISITIONS Acquisitions Textu

ACQUISITIONS Acquisitions Textuals (Details) $ in Millions			3 Months Ended	6 Months Ended
ACQUISITIONS Acquisitions Textuals (Details) $ in Millions	May 02, 2023 USD ($)	Apr. 04, 2022 USD ($) Employees	Jul. 02, 2022 USD ($)	Jul. 01, 2023 USD ($)	Jul. 02, 2022 USD ($)
Business Acquisition [Line Items]
Acquisitions, net of cash acquired				$ 79.3	$ 146.9
Micro-Mode
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition	May 02, 2023
Acquisitions, net of cash acquired	$ 79.3
Revenue of Acquired Entity for Last Annual Period	$ 26
Business Acquisition, Description of Acquired Entity	completed the acquisition of Micro-Mode Products, Inc. (Micro-Mode)
Habonim
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition		Apr. 04, 2022
Acquisitions, net of cash acquired		$ 139.9
Business Acquisition, Description of Acquired Entity		completed the acquisition of 100% of the privately held stock of Habonim
Number of Employees at Entity to be Acquired \| Employees		200
Clippard Instrument Laboratory
Business Acquisition [Line Items]
Acquisitions, net of cash acquired			$ 7

ACQUISITIONS Equity Method Inve

ACQUISITIONS Equity Method Investments - CRP (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023 USD ($)	Jul. 02, 2022 USD ($)	Jul. 01, 2023 USD ($)	Jul. 02, 2022 USD ($)	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Payments to acquire interest in unconsolidated subsidiaries			$ 1,400	$ 25,100
Minority Investment in CRP Technology Srl
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage					46%
Minority Investment in CRP USA LLC
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage					33%
Minority Investment in CRP
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	4,200%		4,200%
Equity method investment, increase in ownership percentage	9
Minority Investment in CRP
Schedule of Equity Method Investments [Line Items]
Payments to acquire interest in unconsolidated subsidiaries		$ 23,000
Minority Investment in CRP USA LLC
Schedule of Equity Method Investments [Line Items]
Payments to acquire interest in unconsolidated subsidiaries	$ 1,400