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Immaterial Corrections | 6 Months Ended
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Jun. 30, 2012
Immaterial Corrections [Abstract] |
IMMATERIAL CORRECTIONS | IMMATERIAL CORRECTIONS NOTE 18 IMMATERIAL CORRECTIONS During the fourth quarter of 2011, management concluded the previously issued consolidated financial statements required adjustments to reflect certain immaterial corrections. The Company revised amounts previously reported in the consolidated financial statements to reflect certain adjustments, primarily related to income taxes, cumulative translation adjustments, and other adjustments, related to previously unrecorded immaterial adjustments identified during the preparation of prior years’ financial statements. Certain of these adjustments had an impact on the previously reported second quarter 2011 financial statements. Prior to the distribution of Exelis and Xylem, the Company had evaluated and concluded that the identified amounts were not material to any of its previously issued financial statements. Although management believes the amounts, individually and in the aggregate, were, and continue to be, immaterial to prior periods, management concluded that correcting prior periods in the post-Distribution financial statements was appropriate. As a result of these adjustments, basic and diluted earnings per share for the three months ended June 30, 2011 were adjusted by $0.02, including $0.04 related to discontinued operations. Basic and diluted earnings per share for the six months ended June 30, 2011 were adjusted by $(0.01), including less than $(0.01) related to discontinued operations. The impact of these adjustments is detailed in the table below.
Three Months Ended June 30, 2011 |  | As Previously Reported with Reclassification For Discontinued Operations (Note 4) |  |  | Adjustments |  |  | As Adjusted and with Reclassification For Discontinued Operations |
Cost of sales |  | $ | 376.6 |  |  | $ | (0.2 | ) |  | $ | 376.4 |
Gross profit |  |  | 175.8 |  |  |  | 0.2 |  |  |  | 176.0 |
Sales and marketing expenses |  |  | 44.0 |  |  |  | (0.1 | ) |  |  | 43.9 |
General and administrative expenses |  |  | 44.4 |  |  |  | 3.8 |  |  |  | 48.2 |
Operating income |  |  | 50.1 |  |  |  | (3.5 | ) |  |  | 46.6 |
Income (loss) from continuing operations before income tax expense |  |  | 31.9 |  |  |  | (3.5 | ) |  |  | 28.4 |
Income tax expense |  |  | 11.4 |  |  |  | (1.7 | ) |  |  | 9.7 |
Income (loss) from continuing operations |  |  | 20.5 |  |  |  | (1.8 | ) |  |  | 18.7 |
Income (loss) from discontinued operations |  |  | 147.2 |  |  |  | 3.8 |  |  |  | 151.0 |
Net income |  | $ | 167.7 |  |  | $ | 2.0 |  |  | $ | 169.7 |
Six Months Ended June 30, 2011 |  | As Previously Reported with Reclassification For Discontinued Operations (Note 4) |  |  | Adjustments |  |  | As Adjusted and with Reclassification For Discontinued Operations |
Cost of sales |  | $ | 741.0 |  |  | $ | 0.4 |  |  | $ | 741.4 |
Gross profit |  |  | 344.5 |  |  |  | (0.4 | ) |  |  | 344.1 |
Sales and marketing expenses |  |  | 85.1 |  |  |  | 0.2 |  |  |  | 85.3 |
General and administrative expenses |  |  | 92.1 |  |  |  | 0.4 |  |  |  | 92.5 |
Operating income |  |  | 37.9 |  |  |  | (1.0 | ) |  |  | 36.9 |
Income (loss) from continuing operations before income tax expense |  |  | (5.7 | ) |  |  | (1.0 | ) |  |  | (6.7 | )
Income tax expense (benefit) |  |  | (3.5 | ) |  |  | (0.4 | ) |  |  | (3.9 | )
Income (loss) from continuing operations |  |  | (2.2 | ) |  |  | (0.6 | ) |  |  | (2.8 | )
Income (loss) from discontinued operations |  |  | 294.0 |  |  |  | (0.2 | ) |  |  | 293.8 |
Net income |  | $ | 291.8 |  |  | $ | (0.8 | ) |  | $ | 291.0 |
The adjustments had no effect on any of the subtotals within the Consolidated Condensed Statement of Cash Flows.

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