secwatch.observer — SEC 8-K summary
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Issuer:     ITT INC. (ITT)
CIK:        0000216228
Form:       8-K
Filed at:   2021-07-01T23:59:59+00:00
Accession:  0000216228-21-000032
Event type: other_material
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ITT divests legacy asbestos liabilities to Warburg Pincus affiliate; expects ~$27M after-tax loss
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- Transferred 100% of InTelCo equity to Delticus (Warburg Pincus portfolio) for $398M cash contribution; no asbestos liabilities retained.
- Estimated one-time after-tax loss of ~$27M in Q2 2021, excluded from adjusted EPS; balance sheet removes $818.3M liabilities and $330.8M insurance assets.
- Pro forma shows removal of ~$95M in annual asbestos-related costs (2020); $150M commercial paper borrowings at 21 bps partially funded deal.
- Indemnification from Buyer for asbestos and product liabilities has no cap or time limit; solvency opinion confirmed InTelCo adequately capitalized post-sale.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/216228/000021622821000032/0000216228-21-000032-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/216228/000021622821000032/itt-20210701.htm
  HTML page:      https://secwatch.observer/filing/0000216228-21-000032

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer