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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 2, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                    
Commission File Number: 001-05672
ITT INC.
State of Indiana 81-1197930
(State or Other Jurisdiction
of Incorporation or Organization)
 (I.R.S. Employer
Identification Number)
1133 Westchester Avenue, White Plains, NY 10604
(Principal Executive Office)
Telephone Number: (914) 641-2000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareITTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No  
As of November 2, 2021, there were 85.6 million shares of Common Stock (par value $1.00 per share) of the issuer outstanding.



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



WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly and current reports, proxy statements and other information with the U.S. Securities and Exchange Commission (the SEC). The SEC maintains a website at www.sec.gov on which you may access our SEC filings. In addition, we make available free of charge at www.itt.com/investors copies of materials we file with, or furnish to, the SEC as soon as reasonably practical after we electronically file or furnish these reports, as well as other important information that we disclose from time to time. Information contained on our website, or that can be accessed through our website, does not constitute a part of this Quarterly Report on Form 10-Q (this Report). We have included our website address only as an inactive textual reference and do not intend it to be an active link to our website.
Our corporate headquarters are located at 1133 Westchester Avenue, White Plains, New York 10604 and the telephone number of this location is (914) 641-2000.
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
Some of the information included herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical facts, but rather represent only a belief regarding future events based on current expectations, estimates, assumptions and projections about our business, future financial results and the industry in which we operate, and other legal, regulatory and economic developments. These forward-looking statements include, but are not limited to, future strategic plans and other statements that describe the company’s business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future events and future operating or financial performance.
We use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “target,” “future,” “may,” “will,” “could,” “should,” “potential,” “continue,” “guidance” and other similar expressions to identify such forward-looking statements. Forward-looking statements are uncertain and, by their nature, many are inherently unpredictable and outside of ITT’s control, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied in, or reasonably inferred from, such forward-looking statements.
Where in any forward-looking statement we express an expectation or belief as to future results or events, such expectation or belief is based on current plans and expectations of our management, expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that the expectation or belief will occur or that anticipated results will be achieved or accomplished.
Among the factors that could cause our results to differ materially from those indicated by forward-looking statements are risks and uncertainties inherent in our business including, without limitation:
impacts on our business due to the COVID-19 pandemic, including:
variant strains of the virus, as well as the timing, effectiveness and availability of, and people’s receptivity to, vaccines or other medical remedies;
disruptions to our operations and demand for our products, increased costs, disruption of supply chain and other constraints in the availability of key commodities and other necessary services;
government-mandated site closures, employee illness, skilled labor shortages, the impact of potential travel restrictions, stay-in-place restrictions, and vaccination requirements on our business and workforce; and
customer and supplier bankruptcies, impacts to the global economy and financial markets, and liquidity challenges in accessing capital markets;
uncertain global economic and capital markets conditions, including those due to COVID-19, trade disputes between the U.S. and its trading partners, the new U.S. administration, political and social unrest, and the availability and fluctuations in prices of steel, oil, copper, and other commodities;
volatility in raw material prices and our suppliers’ ability to meet quality and delivery requirements;
fluctuations in our effective tax rate, including as a result of possible tax reform legislation in the U.S.;
fluctuations in demand or customers’ levels of capital investment and maintenance expenditures, especially in the oil and gas, chemical, and mining markets, or changes in our customers’ anticipated production schedules, especially in the commercial aerospace market;
failure to manage the distribution of products and services effectively;
the risk of material business interruptions, particularly at our manufacturing facilities;
risks due to our operations and sales outside the U.S. and in emerging markets;



the extent to which there are quality problems with respect to manufacturing processes or finished goods;
loss of or decrease in sales from our most significant customers;
fluctuations in foreign currency exchange rates;
failure to compete successfully and innovate in our markets;
risks related to government contracting, including changes in levels of government spending and regulatory and contractual requirements applicable to sales to the U.S. government, including the impact of the COVID-19 vaccine mandate on our ability to continue to participate in federal contracting;
failure to protect our intellectual property rights or violations of the intellectual property rights of others;
the risk of cybersecurity breaches;
changes in laws relating to the use and transfer of personal and other information;
failure of portfolio management strategies, including cost-saving initiatives, to meet expectations;
changes in environmental laws or regulations, discovery of previously unknown or more extensive contamination, or the failure of a potentially responsible party to perform;
failure to comply with the U.S. Foreign Corrupt Practices Act (or other applicable anti-corruption legislation), export controls and trade sanctions, including tariffs;
risk of product liability claims and litigation; and
risk of liabilities from past divestitures and spin-offs.
More information on factors that could cause actual results or events to differ materially from those anticipated is included in Part II, Item 1A, “Risk Factors” herein, as well as in our reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2020 (particularly under the caption “Risk Factors”), our Quarterly Reports on Form 10-Q and in other documents we file from time to time with the SEC.
The forward-looking statements included in this Report speak only as of the date of this Report. We undertake no obligation (and expressly disclaim any obligation) to update any forward-looking statements, whether written or oral or as a result of new information, future events or otherwise.



PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
Three Months EndedNine Months Ended
October 2, 2021September 26, 2020October 2, 2021September 26, 2020
Revenue$689.6 $591.2 $2,079.6 $1,769.2 
Costs of revenue467.6 400.6 1,404.0 1,205.6 
Gross profit222.0 190.6 675.6 563.6 
General and administrative expenses55.9 47.1 168.2 148.8 
Sales and marketing expenses37.4 33.4 112.4 110.7 
Research and development expenses22.5 19.7 70.0 61.3 
Asbestos-related costs (benefit), net 141.4 (74.4)116.7 
Restructuring costs4.5 11.5 8.2 42.5 
Asset impairment charges   16.3 
Operating income (loss)101.7 (62.5)391.2 67.3 
Interest and non-operating expenses (income), net0.5 1.2 (4.3)4.0 
Income (loss) from continuing operations before income tax expense (benefit)101.2 (63.7)395.5 63.3 
Income tax expense (benefit)14.1 (16.2)182.7 (19.6)
Income (loss) from continuing operations87.1 (47.5)212.8 82.9 
Income from discontinued operations, net of tax benefit (expense) of $0.5, $0.5, $0.5, and $(0.2), respectively
0.9 1.2 0.9 3.9 
Net income (loss)88.0 (46.3)213.7 86.8 
Less: Income attributable to noncontrolling interests0.5 0.5 1.0 0.8 
Net income (loss) attributable to ITT Inc.$87.5 $(46.8)$212.7 $86.0 
Amounts attributable to ITT Inc.:
Income (loss) from continuing operations, net of tax$86.6 $(48.0)$211.8 $82.1 
Income from discontinued operations, net of tax0.9 1.2 0.9 3.9 
Net income (loss) attributable to ITT Inc.$87.5 $(46.8)$212.7 $86.0 
Earnings (loss) per share attributable to ITT Inc.:
Basic:
Continuing operations$1.01 $(0.55)$2.46 $0.95 
Discontinued operations0.01 0.01 0.01 0.04 
Net income (loss)$1.02 $(0.54)$2.47 $0.99 
Diluted:
Continuing operations$1.00 $(0.55)$2.45 $0.94 
Discontinued operations0.01 0.01 0.01 0.04 
Net income (loss)$1.01 $(0.54)$2.46 $0.98 
Weighted average common shares – basic85.9 86.4 86.1 86.8 
Weighted average common shares – diluted86.3 86.4 86.6 87.4 
The accompanying Notes to the Consolidated Condensed Financial Statements are an integral part of the Statements of Operations.
1


CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(IN MILLIONS) 
 
Three Months EndedNine Months Ended
October 2, 2021September 26, 2020October 2, 2021September 26, 2020
Net income (loss)$88.0 $(46.3)$213.7 $86.8 
Other comprehensive (loss) income:
Net foreign currency translation adjustment(21.5)23.5 (43.1)(25.7)
Net change in postretirement benefit plans, net of tax expense of $0.8, $0.6, $0.6, and $1.2, respectively
3.1 1.8 3.1 3.6 
Other comprehensive (loss) income(18.4)25.3 (40.0)(22.1)
Comprehensive income (loss)69.6 (21.0)173.7 64.7 
Less: Comprehensive income attributable to noncontrolling interests0.5 0.5 1.0 0.8 
Comprehensive income (loss) attributable to ITT Inc.$69.1 $(21.5)$172.7 $63.9 
Disclosure of reclassification and other adjustments to postretirement benefit plans:
Reclassification adjustments (see Note 15):
Amortization of prior service benefit, net of tax expense of $(0.2), $(0.3), $(0.8) and $(0.9), respectively
$(0.7)$(1.0)$(2.6)$(2.9)
Amortization of net actuarial loss, net of tax benefit of $0.1, $0.6, $0.5 and $1.8, respectively
0.9 1.8 2.8 5.5 
Other adjustments:
Net actuarial gain, net of tax expense of $0.9, $0.3, $0.9 and $0.3, respectively
2.9 1.0 2.9 1.0 
Net change in postretirement benefit plans, net of tax$3.1 $1.8 $3.1 $3.6 
The accompanying Notes to the Consolidated Condensed Financial Statements are an integral part of the Statements of Comprehensive Income.
2


CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 
October 2,
2021
December 31,
2020
Assets
Current assets:
Cash and cash equivalents$585.8 $859.8 
Receivables, net560.2 507.5 
Inventories, net413.7 360.5 
Other current assets82.1 189.5 
Total current assets1,641.8 1,917.3 
Plant, property and equipment, net494.7 525.1 
Goodwill929.1 944.8 
Other intangible assets, net90.8 106.4 
Asbestos-related assets 353.7 
Deferred income taxes36.9 158.3 
Other non-current assets260.9 272.0 
Total non-current assets1,812.4 2,360.3 
Total assets$3,454.2 $4,277.6 
Liabilities and Shareholders’ Equity
Current liabilities:
Commercial paper and current maturities of long-term debt$198.6 $106.8 
Accounts payable342.0 306.8 
Accrued liabilities358.6 457.4 
Total current liabilities899.2 871.0 
Asbestos-related liabilities 840.6 
Postretirement benefits215.1 227.5 
Other non-current liabilities194.9 210.6 
Total non-current liabilities410.0 1,278.7 
Total liabilities1,309.2 2,149.7 
Shareholders’ equity:
Common stock:
Authorized – 250.0 shares, $1 par value per share
Issued and outstanding – 85.6 shares and 86.5 shares, respectively
85.6 86.5 
Retained earnings2,376.8 2,319.3 
Total accumulated other comprehensive loss(319.4)(279.4)
Total ITT Inc. shareholders’ equity2,143.0 2,126.4 
Noncontrolling interests2.0 1.5 
Total shareholders’ equity2,145.0 2,127.9 
Total liabilities and shareholders’ equity$3,454.2 $4,277.6 
The accompanying Notes to the Consolidated Condensed Financial Statements are an integral part of the Balance Sheets.
3


CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
(IN MILLIONS)
Nine Months Ended
October 2, 2021September 26, 2020
Operating Activities
Income from continuing operations attributable to ITT Inc.$211.8 $82.1 
Adjustments to income from continuing operations:
Depreciation and amortization85.3 82.0 
Equity-based compensation11.8 9.7 
Asbestos-related (benefit) costs, net(74.4)116.7 
Asset impairment charges 16.3 
Other non-cash charges, net17.9 33.5 
Asbestos-related payments, net(14.9)(8.9)
Divestiture of asbestos-related assets and liabilities(398.0) 
Changes in assets and liabilities:
Change in receivables(63.0)77.8 
Change in inventories(62.6)13.8 
Change in accounts payable48.1 (34.8)
Change in accrued expenses9.5 17.3 
Change in income taxes129.4 (63.9)
Other, net(28.8)(23.5)
Net Cash – Operating Activities(127.9)318.1 
Investing Activities
Capital expenditures(52.6)(47.6)
Other, net(1.3)(2.8)
Net Cash – Investing Activities(53.9)(50.4)
Financing Activities
Commercial paper, net borrowings95.4 30.7 
Short-term revolving loans, borrowings 495.8 
Short-term revolving loans, repayments (524.7)
Long-term debt, issued 1.5 
Long-term debt, repayments(1.3)(1.3)
Repurchase of common stock(111.7)(83.9)
Dividends paid(57.0)(29.7)
Other, net0.4 1.7 
Net Cash – Financing Activities(74.2)(109.9)
Exchange rate effects on cash and cash equivalents(18.5)12.2 
Net cash – operating activities of discontinued operations0.7 0.2 
Net change in cash and cash equivalents(273.8)170.2 
Cash and cash equivalents – beginning of year (includes restricted cash of $0.8 and $0.8, respectively)
860.6 612.9 
Cash and Cash Equivalents – End of Period (includes restricted cash of $1.0 and $0.8, respectively)
$586.8 $783.1 
Supplemental Disclosures of Cash Flow Information
Cash paid during the year for:
Interest$3.3 $2.6 
Income taxes, net of refunds received$50.2 $40.9 
The accompanying Notes to the Consolidated Condensed Financial Statements are an integral part of the Statements of Cash Flows.
4


CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 
As of and for the Three Months Ended
October 2, 2021
Common StockRetained EarningsAccumulated Other Comprehensive LossNoncontrolling InterestTotal Shareholders' Equity
(Shares)(Dollars)
July 3, 2021
86.186.1$2,353.1 $(301.0)$2.1 $2,140.3 
Net income—  87.5 0.5 88.0 
Activity from stock incentive plans0.10.14.9  5.0 
Share repurchases(0.6)(0.6)(49.7)  (50.3)
Dividends declared ($0.22 per share)
—  (19.0)  (19.0)
Dividends to noncontrolling interest— — — — (0.4)(0.4)
Total other comprehensive loss, net of tax—   (18.4) (18.4)
Other— — — — (0.2)(0.2)
October 2, 2021
85.6 $85.6 $2,376.8 $(319.4)$2.0 $2,145.0 
As of and for the Nine Months Ended
October 2, 2021
December 31, 2020
86.5 $86.5 $2,319.3 $(279.4)$1.5 $2,127.9 
Net income—  212.7  1.0 213.7 
Activity from stock incentive plans0.4 0.4 12.5   12.9 
Share repurchases(1.3)(1.3)(110.4)  (111.7)
Dividends declared ($0.66 per share)
—  (57.3)  (57.3)
Dividends to noncontrolling interest— — — — (0.4)(0.4)
Total other comprehensive loss, net of tax—   (40.0) (40.0)
Other— — — — (0.1)(0.1)
October 2, 2021
85.6 $85.6 $2,376.8 $(319.4)$2.0 $2,145.0 
As of and for the Three Months Ended
September 26, 2020
June 27, 2020
86.3 $86.3 $2,398.2 $(432.7)$3.2 $2,055.0 
Net (loss) income—  (46.8) 0.5 (46.3)
Activity from stock incentive plans0.1 0.1 5.4   5.5 
Share repurchases  (0.2)  (0.2)
Dividends declared ($0.169 per share)
—  (14.7)  (14.7)
Total other comprehensive income, net of tax—   25.3  25.3 
Other— — — — (0.1)(0.1)
September 26, 2020
86.4 $86.4 $2,341.9 $(407.4)$3.6 $2,024.5 
As of and for the Nine Months Ended
September 26, 2020
December 31, 2019
87.8 $87.8 $2,372.4 $(385.3)$2.9 $2,077.8 
Net income—  86.0  0.8 86.8 
Activity from stock incentive plans0.5 0.5 10.9   11.4 
Share repurchases(1.9)(1.9)(82.0)  (83.9)
Cumulative adjustment for accounting change— — (1.2)— — (1.2)
Dividends declared ($0.507 per share)
—  (44.2)  (44.2)
Total other comprehensive loss, net of tax—   (22.1) (22.1)
Other— — — — (0.1)(0.1)
September 26, 2020
86.4 $86.4 $2,341.9 $(407.4)$3.6 $2,024.5 
The accompanying Notes to the Consolidated Condensed Financial Statements are an integral part of the Statements of Changes in Shareholders’ Equity.
5


NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
(DOLLARS AND SHARES (EXCEPT PER SHARE AMOUNTS) IN MILLIONS, UNLESS OTHERWISE STATED)
NOTE 1
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business
ITT Inc. is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. Unless the context otherwise indicates, references herein to “ITT,” “the Company,” and such words as “we,” “us,” and “our” include ITT Inc. and its subsidiaries. ITT operates through three 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.
In March 2020, the World Health Organization declared the outbreak of the novel coronavirus (COVID-19) a pandemic, resulting in certain local government-mandated site closures. While most of our businesses were deemed essential, we have experienced and continue to experience disruption in our operations due to supply chain challenges, decreased customer demand, and elevated safety standards to keep our employees safe. The Company continues to face certain risks and uncertainties resulting from the COVID-19 pandemic, including variant strains of the virus, as well as the timing, effectiveness, and availability of, and people’s receptivity to, COVID-19 vaccines or other medical remedies and potential impacts from mandatory vaccination requirements. Due to these uncertainties, the severity and extent of future impacts from COVID-19, including from variant strains of the virus, cannot be reasonably estimated at this time.
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, 2020, presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K (2020 Annual Report) for the year ended December 31, 2020 but does not include all disclosures required by GAAP. We consistently applied the accounting policies described in the 2020 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 2020 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 and may be impacted by the duration and severity of the COVID-19 pandemic. 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.
Effective July 1, 2021, the Company divested the entity holding legacy asbestos-related assets and liabilities to a third-party. As a result of the transaction, all associated asbestos-related assets and liabilities were removed from the Company’s consolidated balance sheet. See Note 19, Commitments and Contingencies, for further information.
ITT’s quarterly financial periods end on the Saturday that is closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year, which ends on December 31st. ITT’s third quarter for 2021 and 2020 ended on October 2, 2021 and September 26, 2020, respectively, and were both thirteen-week periods.
Certain prior year amounts have been reclassified to conform to the current year presentation.
6


NOTE 2
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 expected to not have a material impact on our consolidated financial position or results of operations.
Recent Accounting Pronouncements Not Yet Adopted:
In March 2020 and January 2021, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01, Reference Rate Reform (Topic 848): Scope, respectively. Together, the ASUs provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance was effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. We do not expect this guidance to have a significant impact on our operating results, financial position, or cash flows; however, we will continue to monitor the potential impact, if adopted.
NOTE 3
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.
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, such as asbestos and environmental liabilities, that are managed at a corporate level and are not included in segment results when evaluating performance or allocating resources. Assets of the segments exclude general corporate assets, which principally consist of cash, investments, asbestos-related receivables, deferred taxes, and certain property, plant and equipment.











7


The following tables present our revenue, operating income, and operating margin for each segment.

 RevenueOperating IncomeOperating Margin
For the Three Months EndedOctober 2, 2021September 26, 2020October 2, 2021September 26, 2020October 2, 2021September 26, 2020
Motion Technologies$332.3 $271.8 $53.6 $50.4 16.1 %18.5 %
Industrial Process210.7 194.1 32.4 17.1 15.4 %8.8 %
Connect & Control Technologies147.1 125.9 25.2 16.4 17.1 %13.0 %
Eliminations(0.5)(0.6) —   
Total segment results689.6 591.2 111.2 83.9 16.1 %14.2 %
Asbestos-related costs, net(a)
   (141.4)  
Other Corporate costs — (9.5)(5.0)  
Total Corporate and other costs  (9.5)(146.4)  
Total$689.6 $591.2 $101.7 $(62.5)14.7 %(10.6)%
 RevenueOperating IncomeOperating Margin
For the Nine Months Ended
October 2, 2021September 26, 2020October 2, 2021September 26, 2020October 2, 2021September 26, 2020
Motion Technologies$1,045.0 $769.0 $194.3 $113.9 18.6 %14.8 %
Industrial Process626.9 614.7 94.9 44.5 15.1 %7.2 %
Connect & Control Technologies408.9 387.5 54.9 40.7 13.4 %10.5 %
Eliminations(1.2)(2.0) —   
Total segment results2,079.6 1,769.2 344.1 199.1 16.5 %11.3 %
Asbestos-related benefit (costs), net(a)(b)
  74.4 (116.7)  
Other Corporate costs — (27.3)(15.1)  
Total Corporate and other benefit (costs)  47.1 (131.8)  
Total$2,079.6 $1,769.2 $391.2 $