Short answer
Itt Inc (ITT) filed its fiscal 2015 10-K annual report with the SEC on Feb 22, 2016.
- Top risk flagged: Asbestos claims: ITT indemnified Exelis and Xylem for pre-2011 spin-off asbestos liabilities, including unasserted claims
Itt Inc FY2015 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Diversified manufacturer of engineered critical components and customized technology solutions for energy, transportation and industrial markets
- 2015 additions: Hartzell Aerospace in Control Technologies and Wolverine Automotive in Motion Technologies
- Expanded automotive positioning through Wolverine brake shims and specialized sealing technologies
- Revenue $2.5 billion, approximately 9,700 employees, with 62% of sales outside the U.S.
- R&D expense increased to $78.9 million, or 3.2% of revenue, from $76.6 million in 2014
Management Discussion & Analysis
- Revenue $2,485.6, down 6.4% YoY, including $193.8 foreign-currency headwind
- Operating margin 15.3% vs 10.0%, operating income $380.1 vs $266.4
- Best segment: Motion Technologies organic revenue growth 9.1%; worst: Interconnect Solutions revenue $328.1, down 16.5%
- Operating cash flow $229.7, capex $86.3, acquisitions $351.0, buybacks $80.0, dividends $42.8
- 2016 restructuring focus on Industrial Process; risks from lower oil prices, industrial declines, foreign exchange volatility and asbestos costs
Risk Factors
- Asbestos claims: ITT indemnified Exelis and Xylem for pre-2011 spin-off asbestos liabilities, including unasserted claims
- International exposure: 62% of 2015 sales outside the U.S., concentrated in politically and economically volatile emerging markets
- Supply chain vulnerability: Single-source suppliers and limited commodity markets threaten availability of castings, motors and critical components
- Customer concentration: Continental ATE represented approximately 10% of total revenue
- Competitive disruption: ICS depends on innovation against competitors developing superior products and more efficient technologies
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