XML 62 R52.htm IDEA: XBRL DOCUMENT v3.8.0.1
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.