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CONTINGENT LIABILITIES AND OTHER MATTERS (Details 2)
$ in Millions

3 Months Ended

6 Months Ended

Jul. 01, 2017

USD ($)

contractor

Jul. 02, 2016

USD ($)

Jul. 01, 2017

USD ($)

Jul. 02, 2016

USD ($)

Contingent Liabilities and Other Matters

Consolidated operating income

$ (4.1)

$ (13.8)

$ (21.9)

$ (41.9)

Revenues

^[1]

(349.7)

(371.4)

(690.3)

(732.0)

Cost of products sold

273.6

280.3

526.1

551.0

Engineered Solutions segment

Contingent Liabilities and Other Matters

Revenues

^[1],[2]

(164.9)

(189.4)

(341.8)

(383.0)

Operating Segments

Contingent Liabilities and Other Matters

Consolidated operating income

(20.7)

(32.2)

(55.0)

(62.0)

Operating Segments | Engineered Solutions segment

Contingent Liabilities and Other Matters

Consolidated operating income

^[2]

12.0

$ (3.0)

$ 5.4

$ (5.9)

Large Power Projects | South Africa

Contingent Liabilities and Other Matters

Period to implement various controls and initiatives to reduce risks

2 years

Revenue recognized

27.6

$ 27.6

Large Power Projects | South Africa | Engineered Solutions segment

Contingent Liabilities and Other Matters

Revenues

13.5

Large Power Projects | South Africa | Operating Segments | Engineered Solutions segment

Contingent Liabilities and Other Matters

Consolidated operating income

$ 22.9

Large Power Projects | South Africa | Operating Segments | Engineered Solutions segment | Contracts Accounted for under Percentage of Completion

Contingent Liabilities and Other Matters

Consolidated operating income

^[2]

22.9

Revenues

^[1]

13.5

Cost of products sold

^[1]

$ 9.4

Large Power Projects | South Africa | Supplier Concentration Risk

Contingent Liabilities and Other Matters

Number of sub-contractors | contractor

1

[1]

Under the percentage-of-completion method, we recognized revenues of $65.8 and $80.1 in the three months ended July 1, 2017 and July 2, 2016, respectively. For the six months ended July 1, 2017 and July 2, 2016, revenues under the percentage-of-completion method were $144.6 and $184.4, respectively. Costs and estimated earnings in excess of billings on uncompleted contracts accounted for under the percentage-of-completion method were $31.3 and $33.9 as of July 1, 2017 and December 31, 2016, respectively, and are reported as a component of ‘‘Accounts receivable, net’’ in the condensed consolidated balance sheets. Billings in excess of costs and estimated earnings on uncompleted contracts accounted for under the percentage-of-completion method were $42.0 and $53.3 as of July 1, 2017 and December 31, 2016, respectively, and are reported as a component of ‘‘Accrued expenses’’ in the condensed consolidated balance sheets.

[2]

As further discussed in Note 13, during the second quarter of 2017, we made revisions to our expected revenues and profits on our large power projects in South Africa. As a result of these revisions, we reduced revenue and segment income by $13.5 and $22.9, respectively, for the three and six months ended July 1, 2017.

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