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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 1, 2022
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.
Indiana 81-1197930
(State or Other Jurisdiction
of Incorporation or Organization)
 (I.R.S. Employer
Identification Number)

100 Washington Boulevard, 6th Floor, Stamford, CT 06902
(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 1, 2022, there were 82.7 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.investors.itt.com copies of materials we file with, or furnish to, the SEC as soon as reasonably practical after we electronically file or furnish these reports, as well as other important information that we disclose from time to time. Information contained on our website, or that can be accessed through our website, does not constitute a part of this Quarterly Report on Form 10-Q (this Report). We have included our website address only as an inactive textual reference and do not intend it to be an active link to our website.
Our corporate headquarters are located at 100 Washington Boulevard, 6th Floor, Stamford, CT 06902 and the telephone number of this location is (914) 641-2000.
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
Some of the information included herein includes forward-looking statements 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, we cannot provide any assurance that the expectation or belief will occur or that anticipated results will be achieved or accomplished.
Among the factors that could cause our results to differ materially from those indicated by forward-looking statements are risks and uncertainties inherent in our business including, without limitation:
impacts on our business stemming from the COVID-19 pandemic, including from government-mandated site closures, employee illness and absenteeism, and continued supply chain disruptions and raw material shortages, which has resulted in increased costs and reduced availability of key commodities and other necessary services;
uncertain global economic and capital markets conditions, which have been influenced by the COVID-19 pandemic, the Russia-Ukraine war, rising inflation, changes in monetary policies, the threat of a possible global economic recession, trade disputes between the U.S. and its trading partners, political and social unrest, and the availability and fluctuations in prices of energy and commodities, including steel, oil, copper, and tin;
volatility in raw material prices and our suppliers’ ability to meet quality and delivery requirements;
failure to manage the distribution of products and services effectively;
fluctuations in foreign currency exchange rates and the impact of such fluctuations on customer demand for our products and on our hedging arrangements;
fluctuations in interest rates and the impact of such fluctuations on consumer behavior and on our cost of debt;
failure to compete successfully and innovate in our markets;
failure to protect our intellectual property rights or violations of the intellectual property rights of others;
the extent to which there are quality problems with respect to manufacturing processes or finished goods;
the risk of cybersecurity breaches;



loss of or decrease in sales from our most significant customers;
risks due to our operations and sales outside the U.S. and in emerging markets;
the impacts on our business from Russia’s war with Ukraine, and the global response to it;
fluctuations in demand or customers’ levels of capital investment and maintenance expenditures, especially in the energy, chemical, and mining markets, or changes in our customers’ anticipated production schedules, especially in the commercial aerospace market;
the risk of material business interruptions, particularly at our manufacturing facilities;
risk of liabilities from past divestitures and spin-offs;
failure of portfolio management strategies, including cost-saving initiatives, to meet expectations;
risks related to government contracting, including changes in levels of government spending and regulatory and contractual requirements applicable to sales to the U.S. government;
fluctuations in our effective tax rate, including as a result of the passage of the Inflation Reduction Act of 2022 and other possible tax reform legislation in the U.S. and other jurisdictions;
changes in environmental laws or regulations, discovery of previously unknown or more extensive contamination, or the failure of a potentially responsible party to perform;
failure to comply with the U.S. Foreign Corrupt Practices Act (or other applicable anti-corruption legislation), export controls and trade sanctions, including tariffs;
risk of product liability claims and litigation; and
changes in laws relating to the use and transfer of personal and other information.
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, 2021 (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 1, 2022October 2, 2021October 1, 2022October 2, 2021
Revenue$753.6 $689.6 $2,213.1 $2,079.6 
Cost of revenue520.2 467.6 1,539.1 1,404.0 
Gross profit233.4 222.0 674.0 675.6 
General and administrative expenses47.5 60.4 164.9 176.4 
Sales and marketing expenses39.5 37.4 118.3 112.4 
Research and development expenses24.4 22.5 73.7 70.0 
Asbestos-related benefit, net   (74.4)
Operating income122.0 101.7 317.1 391.2 
Interest and non-operating expense (income), net2.3 0.5 2.6 (4.3)
Income from continuing operations before income tax expense119.7 101.2 314.5 395.5 
Income tax expense16.4 14.1 59.9 182.7 
Income from continuing operations103.3 87.1 254.6 212.8 
(Loss) income from discontinued operations, net of tax (expense) benefit of $(0.1), $0.5, $0.3, and $0.5, respectively
(0.1)0.9 (1.3)0.9 
Net income103.2 88.0 253.3 213.7 
Less: Income attributable to noncontrolling interests0.8 0.5 1.5 1.0 
Net income attributable to ITT Inc.$102.4 $87.5 $251.8 $212.7 
Amounts attributable to ITT Inc.:
Income from continuing operations$102.5 $86.6 $253.1 $211.8 
(Loss) income from discontinued operations, net of tax(0.1)0.9 (1.3)0.9 
Net income attributable to ITT Inc.$102.4 $87.5 $251.8 $212.7 
Earnings (loss) per share attributable to ITT Inc.:
Basic:
Continuing operations$1.24 $1.01 $3.03 $2.46 
Discontinued operations 0.01 (0.02)0.01 
Net income$1.24 $1.02 $3.01 $2.47 
Diluted:
Continuing operations$1.23 $1.00 $3.02 $2.45 
Discontinued operations 0.01 (0.02)0.01 
Net income$1.23 $1.01 $3.00 $2.46 
Weighted average common shares – basic82.7 85.9 83.6 86.1 
Weighted average common shares – diluted83.0 86.3 83.9 86.6 
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 1, 2022October 2, 2021October 1, 2022October 2, 2021
Net income$103.2 $88.0 $253.3 $213.7 
Other comprehensive (loss):
Net foreign currency translation adjustment(44.6)(21.5)(127.1)(43.1)
Net change in postretirement benefit plans, net of tax expense of $3.4, $0.8, $3.1 and $0.6, respectively
11.4 3.1 10.9 3.1 
Other comprehensive (loss)(33.2)(18.4)(116.2)(40.0)
Comprehensive income70.0 69.6 137.1 173.7 
Less: Comprehensive income attributable to noncontrolling interests0.8 0.5 1.5 1.0 
Comprehensive income attributable to ITT Inc.$69.2 $69.1 $135.6 $172.7 
Disclosure of reclassification adjustments to postretirement benefit plans:
Reclassification adjustments:
Amortization of prior service benefit, net of tax expense of $(0.3), $(0.2), $(0.9) and $(0.8), respectively
$(1.1)$(0.7)$(3.0)$(2.6)
Amortization of net actuarial loss, net of tax benefit of $0.1, $0.1, $0.4 and $0.5, respectively
0.7 0.9 2.1 2.8 
Other adjustments:
Net actuarial gain, net of tax expense of $1.8, $0.9, $1.8 and $0.9, respectively
5.7 2.9 5.7 2.9 
Prior service credit, net of tax expense of $1.9, $0.0, $1.9, and $0.0, respectively
$6.1 $ $6.1 $ 
Net change in postretirement benefit plans, net of tax$11.4 $3.1 $10.9 $3.1 
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) 
As of the Period EndedOctober 1,
2022
December 31,
2021
Assets
Current assets:
Cash and cash equivalents$514.5 $647.5 
Receivables, net628.9 555.1 
Inventories525.1 430.9 
Other current assets117.1 88.6 
Total current assets1,785.6 1,722.1 
Non-current assets:
Plant, property and equipment, net491.5 509.1 
Goodwill947.6 924.3 
Other intangible assets, net116.3 85.7 
Other non-current assets349.2 324.2 
Total non-current assets1,904.6 1,843.3 
Total assets$3,690.2 $3,565.4 
Liabilities and Shareholders’ Equity
Current liabilities:
Commercial paper and current maturities of long-term debt$541.4 $197.6 
Accounts payable390.7 373.4 
Accrued liabilities337.0 357.3 
Total current liabilities1,269.1 928.3 
Non-current liabilities:
Postretirement benefits170.2 199.9 
Other non-current liabilities185.4 206.5 
Total non-current liabilities355.6 406.4 
Total liabilities1,624.7 1,334.7 
Shareholders’ equity:
Common stock:
Authorized – 250.0 shares, $1 par value per share
Issued and outstanding – 82.7 shares and 85.5 shares, respectively
82.7 85.5 
Retained earnings2,411.8 2,461.6 
Total accumulated other comprehensive loss(437.5)(321.3)
Total ITT Inc. shareholders’ equity2,057.0 2,225.8 
Noncontrolling interests8.5 4.9 
Total shareholders’ equity2,065.5 2,230.7 
Total liabilities and shareholders’ equity$3,690.2 $3,565.4 
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)
For the Nine Months EndedOctober 1, 2022October 2, 2021
Operating Activities
Income from continuing operations attributable to ITT Inc.$253.1 $211.8 
Adjustments to income from continuing operations:
Depreciation and amortization81.5 85.3 
Equity-based compensation13.6 11.8 
Asbestos-related benefit, net (74.4)
Other non-cash charges, net20.2 17.9 
Divestiture of asbestos-related assets and liabilities (398.0)
Changes in assets and liabilities:
Change in receivables(120.8)(63.0)
Change in inventories(111.3)(62.6)
Change in contract assets(15.6)0.6 
Change in contract liabilities24.4 (10.5)
Change in accounts payable54.0 48.1 
Change in accrued expenses(30.6)19.4 
Change in income taxes(12.1)129.4 
Other, net(41.2)(43.7)
Net Cash – Operating Activities115.2 (127.9)
Investing Activities
Capital expenditures(73.7)(52.6)
Acquisitions, net of cash acquired(146.9) 
Payments to acquire interest in unconsolidated subsidiaries(25.6) 
Other, net1.4 (1.3)
Net Cash – Investing Activities(244.8)(53.9)
Financing Activities
Commercial paper, net borrowings363.1 95.4 
Long-term debt, repayments(1.1)(1.3)
Share repurchases under repurchase plan(245.6)(100.7)
Payments for taxes related to net share settlement of stock incentive plans(8.5)(11.0)
Dividends paid(66.1)(57.0)
Other, net1.2 0.4 
Net Cash – Financing Activities43.0 (74.2)
Exchange rate effects on cash and cash equivalents(46.3)(18.5)
Net cash – operating activities of discontinued operations(0.1)0.7 
Net change in cash and cash equivalents(133.0)(273.8)
Cash and cash equivalents – beginning of year (includes restricted cash of $0.8 and $0.8, respectively)
648.3 860.6 
Cash and Cash Equivalents – End of Period (includes restricted cash of $0.8 and $1.0, respectively)
$515.3 $586.8 
Supplemental Disclosures of Cash Flow Information
Cash paid during the year for:
Interest$5.7 $3.3 
Income taxes, net of refunds received$63.5 $50.2 
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 1, 2022
Common StockRetained EarningsAccumulated Other Comprehensive LossNoncontrolling InterestTotal Shareholders' Equity
(Shares)(Dollars)
July 2, 202282.7$82.7 $2,329.9 $(404.3)$8.3 $2,016.6 
Net income— — 102.4 0.8 103.2 
Shares issued and activity from stock incentive plans  6.0   6.0 
Shares repurchased under repurchase plan  (4.4)  (4.4)
Shares withheld related to net share settlement of stock incentive plans  (0.2)  (0.2)
Dividends declared ($0.264 per share)
—  (21.9)  (21.9)
Dividends to noncontrolling interest— — — — (0.5)(0.5)
Total other comprehensive loss, net of tax—   (33.2) (33.2)
Other— —  — (0.1)(0.1)
October 1, 2022
82.7 $82.7 $2,411.8 $(437.5)$8.5 $2,065.5 
As of and for the Nine Months Ended
October 1, 2022
December 31, 2021
85.5 $85.5 $2,461.6 $(321.3)$4.9 $2,230.7 
Net income— — 251.8  1.5 253.3 
Shares issued and activity from stock incentive plans0.3 0.3 15.1   15.4 
Shares repurchased under repurchase plan(3.0)(3.0)(242.3)  (245.3)
Shares withheld related to net share settlement of stock incentive plans(0.1)(0.1)(8.6)  (8.7)
Dividends declared ($0.792 per share)
—  (65.8)  (65.8)
Dividends to noncontrolling interest— — — — (0.5)(0.5)
Purchase of noncontrolling interest—    2.7 2.7 
Total other comprehensive loss, net of tax—   (116.2) (116.2)
Other— —   (0.1)(0.1)
October 1, 2022
82.7 $82.7 $2,411.8 $(437.5)$8.5 $2,065.5 


5


CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED) (CONTINUED)
(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
July 3, 202186.1 $86.1 $2,353.1 $(301.0)$2.1 $2,140.3 
Net income—  87.5  0.5 88.0 
Shares issued and activity from stock incentive plans0.1 0.1 4.9   5.0 
Share repurchases under repurchase plan(0.6)(0.6)(49.4)  (50.0)
Shares withheld related to net share settlement of stock incentive plans  (0.3)  (0.3)
Dividends declared ($0.22 per share)
—  (19.0)  (19.0)
Dividends to noncontrolling interest— — — — (0.4)(0.4)
Total other comprehensive income, 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, 202086.5 $86.5 $2,319.3 $(279.4)$1.5 $2,127.9 
Net income—  212.7  1.0 213.7 
Shares issued and activity from stock incentive plans0.4 0.4 12.5   12.9 
Share repurchases under repurchase plan(1.2)(1.2)(98.8)  (100.0)
Shares withheld related to net share settlement of stock incentive plans(0.1)(0.1)(11.6)  (11.7)
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 
The accompanying Notes to the Consolidated Condensed Financial Statements are an integral part of the Statements of Changes in Shareholders’ Equity.
6


NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
(DOLLARS AND SHARES (EXCEPT PER SHARE AMOUNTS) IN MILLIONS, UNLESS OTHERWISE STATED)
NOTE 1
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business
ITT Inc. is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. Unless the context otherwise indicates, references herein to “ITT,” “the Company,” and such words as “we,” “us,” and “our” include ITT Inc. and its subsidiaries. ITT operates through three reportable segments: Motion Technologies (MT), consisting of friction and shock and vibration equipment; Industrial Process (IP), consisting of industrial flow equipment and services; and Connect & Control Technologies (CCT), consisting of electronic connectors, fluid handling, motion control, composite materials and noise and energy absorption products. Financial information for our segments is presented in Note 3, Segment Information.
Business Combination
During the second quarter of 2022, we completed the acquisition of 100% of the privately held stock of Habonim Industrial Valves and Actuators Ltd. (Habonim), a leading provider of industrial valves and actuators for the gas distribution (including liquified natural gas), biotech, and harsh application service sectors, for a purchase price of $139.9. Habonim reported 2021 annual sales of $44. Habonim’s results are reported within the Industrial Process segment beginning in the second quarter of 2022. Refer to Note 20, Acquisitions and Investments for detailed information.
Divestiture of InTelCo Management LLC (InTelCo)
Effective July 1, 2021, the Company divested InTelCo, the entity holding asbestos-related assets and liabilities, to a third-party. See Note 18, Commitments and Contingencies, for further 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. As described in Part I, Item IA, “Risk Factors” in our 2021 Annual Report for the fiscal year ended December 31, 2021, our business may be sensitive to global economic conditions, which can be negatively impacted by instability in the geopolitical environment. Our annual sales directly to customers in Russia and Ukraine were approximately $38 in 2021.
During the three and nine months ended October 1, 2022, we recorded total charges of $0.3 and $8.2, respectively, primarily related to inventory and accounts receivable write-downs to reflect the increased risks facing some of our customers that serve the regions impacted by the Russia-Ukraine war. If circumstances worsen, we may experience a further reduction in demand for our products. We are currently exploring alternatives for our operations in Russia, which could include a sale, disposition or wind down of operations, or a combination of these, although we cannot provide any assurance of the timeline for or the success of these alternatives. Such alternatives may cause us to incur additional costs, such as fixed asset impairments, severance and other expenses. For additional discussion of the risks related to the Russia-Ukraine war, see Part II, Item 1A, “Risk Factors” herein.
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, 2021, presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K (2021 Annual Report) for the year ended December 31, 2021, 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 2021 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 2021 Annual Report.
7


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 31st. ITT’s third quarter for 2022 and 2021 ended on October 1, 2022 and October 2, 2021, respectively.
Certain prior year amounts have been reclassified to conform to the current year presentation.
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 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 acquisition. The adoption of this guidance did not have a significant impact on our operating results, financial position, or cash flows.
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, certain acquisition- and investment-related due diligence, and other administrative costs, as well as charges related to certain matters, such as environmental liabilities, and, for 2021, asbestos-related impacts, that are managed at a corporate level and are not included in segment results when evaluating performance or allocating resources. Corporate and Other also includes research and development-related expenses associated with a subsidiary that does not constitute a reportable segment. Assets of the segments exclude general corporate assets, which principally consist of cash, investments, deferred taxes, and certain property, plant and equipment.
8


The following table presents our revenue, operating income, and operating margin for each segment.
 RevenueOperating IncomeOperating Margin
For the Three Months EndedOctober 1, 2022October 2, 2021October 1, 2022October 2, 2021October 1, 2022October 2, 2021
Motion Technologies$342.2 $332.3 $54.0 $53.6 15.8 %16.1 %
Industrial Process248.5 210.7 48.1 32.4 19.4 %15.4 %
Connect & Control Technologies163.2 147.1 30.3 25.2 18.6 %17.1 %
Eliminations(0.3)(0.5) —  — 
Total segment results753.6 689.6 132.4 111.2 17.6 %16.1 %
Corporate and Other costs  (10.4)(9.5)  
Total$753.6 $689.6 $122.0 $101.7 16.2 %14.7 %


 RevenueOperating IncomeOperating Margin
For the Nine Months Ended
October 1, 2022October 2, 2021October 1, 2022October 2, 2021October 1, 2022October 2, 2021
Motion Technologies$1,043.6 $1,045.0 $160.7 $194.3 15.4 %18.6 %
Industrial Process690.3 626.9 107.6 94.9 15.6 %15.1 %
Connect & Control Technologies481.0 408.9 84.2 54.9 17.5 %13.4 %
Eliminations(1.8)(1.2) —  — 
Total segment results2,213.1 2,079.6 352.5 344.1 15.9 %16.5 %
Asbestos-related benefit, net(a)
   74.4   
Other Corporate costs — (35.4)(27.3)  
Total Corporate and Other costs  (35.4)47.1   
Total$2,213.1 $2,079.6 $317.1 $391.2 14.3 %18.8 %
(a)The 2021 period includes a pre-tax gain of $88.8 resulting from the divestiture of the entity holding asbestos-related assets and liabilities. See Note 18, Commitments and Contingencies, for further information.
The following table presents our total assets, capital expenditures, and depreciation & amortization expense for each segment.
As of and for the Nine Months Ended
Total AssetsCapital
Expenditures
Depreciation &
Amortization
October 1, 2022December 31, 2021October 1, 2022October 2, 2021October 1, 2022October 2, 2021
Motion Technologies$1,298.9 $1,272.8 $