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CONTINGENT LIABILITIES AND OTHER MATTERS (Details 2) $ in Millions | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2017 USD ($) | Jul. 01, 2017 contractor | Oct. 01, 2016 USD ($) | Sep. 30, 2017 USD ($) | Oct. 01, 2016 USD ($)
Contingent Liabilities and Other Matters |  |  |  |  |  |
Consolidated operating income |  | $ (31.2) |  | $ (11.3) | $ (53.1) | $ (53.2)
Revenues | [1] | (348.5) |  | (345.0) | (1,038.8) | (1,077.0)
Cost of products sold |  | 263.4 |  | 264.2 | 789.5 | 815.2
Engineered Solutions segment |  |  |  |  |  |
Contingent Liabilities and Other Matters |  |  |  |  |  |
Revenues | [1],[2] | (162.2) |  | (175.8) | (504.0) | (558.8)
Operating Segments |  |  |  |  |  |
Contingent Liabilities and Other Matters |  |  |  |  |  |
Consolidated operating income |  | (45.4) |  | (26.0) | (100.4) | (88.0)
Operating Segments | Engineered Solutions segment |  |  |  |  |  |
Contingent Liabilities and Other Matters |  |  |  |  |  |
Consolidated operating income | [2],[3] | (13.3) |  | $ (2.6) | $ (7.9) | $ (8.5)
Large Power Projects | South Africa |  |  |  |  |  |
Contingent Liabilities and Other Matters |  |  |  |  |  |
Period to implement various controls and initiatives to reduce risks |  |  |  |  | 2 years |
Revenue recognized |  | $ 29.5 |  |  | $ 29.5 |
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 $67.0 and $78.3 in the three months ended September 30, 2017 and October 1, 2016, respectively. For the nine months ended September 30, 2017 and October 1, 2016, revenues under the percentage-of-completion method were $211.6 and $262.7, respectively. Costs and estimated earnings in excess of billings on uncompleted contracts accounted for under the percentage-of-completion method were $41.0 and $33.9 as of September 30, 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 $19.7 and $53.3 as of September 30, 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 nine months ended September 30, 2017.
[3] | During the third quarter of 2017, we settled a contract that had been suspended and then ultimately cancelled by a customer for cash proceeds of $9.0 and other consideration. In connection with the settlement, we recorded a gain of $10.2 during the quarter within our Engineered Solutions reportable segment.

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