Short answer
Itt Inc (ITT) filed its fiscal 2011 10-K annual report with the SEC on Feb 29, 2012.
- Top risk flagged: Asbestos litigation: Goulds Pumps claims and coverage agreements exhausting within twelve months could increase net cash outflows
Itt Inc FY2011 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Section 'business' was empty or not found.
Management Discussion & Analysis
- Revenue $2,119, up 11.1% YoY from $1,908, driven by 19.1% emerging-market growth
- Operating margin (11.7%) vs (9.6%), with $396 Distribution costs including $297 debt extinguishment costs
- Best segment Control Technologies: revenue up 15.6%, operating margin 17.3% vs 10.5%; worst ICS: revenue up 1.2%
- Operating cash flow ($323), capex $85, dividends $193, debt extinguishment $1.25B, ending cash $690
- Outlook: 2012 Transformation costs $15 to $20, with asbestos exposure potentially materially affecting financial position and cash flows
Risk Factors
- Asbestos litigation: Goulds Pumps claims and coverage agreements exhausting within twelve months could increase net cash outflows
- International exposure: 63% of 2011 sales outside the United States, including China, India, Central and South America, and Middle East
- Supply-chain vulnerability: Single-source suppliers and limited commodity markets threaten delivery of castings, motors, and critical components
- Distribution concentration: One distributor represented 31% of Motion Technologies revenue and 9% of consolidated ITT revenue
- Tax risk: IRS examination and potential Section 355(e) liability could create substantial federal tax obligations after the Distribution
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