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NEW ACCOUNTING PRONOUNCEMENTS (Tables)
 3 Months Ended
Mar. 31, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
Cumulative Effect on Balance Sheet

 
December 31,
2017
 
Impact of Adoption of ASC 606
 
January 1,
2018

 

 
 
 
 
Assets
 
 
 
 
 
Accounts receivable, net
$
267.5

 
$
(36.0
)
 
$
231.5

Inventories, net
143.0

 
(40.2
)
 
102.8

Contract Assets
—

 
70.7

 
70.7

Other current assets
97.7

 
(3.6
)
 
94.1

Deferred income taxes
50.9

 
(0.9
)
 
50.0

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Contract Liabilities
—

 
86.9

 
86.9

Accrued expenses
292.6

 
(99.0
)
 
193.6

Other long-term liabilities
885.8

 
(1.6
)
 
884.2

 
 
 
 
 
 
Equity
 
 
 
 
 
Accumulated other comprehensive income
250.1

 
(0.3
)
 
249.8

Retained deficit
$
(742.3
)
 
$
4.0

 
$
(738.3
)
 
Three months ended March 31, 2018
Condensed consolidated statement of operations and comprehensive income
Reported
 
Effect of ASC 606 Adoption
 
Under Prior Revenue Recognition Guidance
Revenues
$
351.9

 
$
(21.4
)
 
$
330.5

Cost of products sold
261.8

 
(18.8
)
 
243.0

Selling, general and administrative
68.6

 
(0.6
)
 
68.0

Operating income
19.3

 
(2.0
)
 
17.3

Income from continuing operations before income taxes
16.5

 
(2.0
)
 
14.5

Income tax provision
(4.1
)
 
0.5

 
(3.6
)
Income from continuing operations
12.4

 
(1.5
)
 
10.9

Net income
$
12.4

 
$
(1.5
)
 
$
10.9

 
 
 
 
 
 
Comprehensive income
$
16.8

 
$
(1.0
)
 
$
15.8

 
 
 
 

 
 

Basic income per share of common stock:
 
 
 
 
 
Income from continuing operations
$
0.29

 
$
(0.04
)
 
$
0.25

Net income per share
$
0.29

 
$
(0.04
)
 
$
0.25

 
 
 
 
 
 
Diluted income per share of common stock:
 
 
 
 
 
Income from continuing operations
$
0.28

 
$
(0.03
)
 
$
0.25

Net Income per share
$
0.28

 
$
(0.03
)
 
$
0.25

 
As of March 31, 2018
Condensed consolidated balance sheet
Reported
 
Effect of ASC 606 Adoption
 
Under Prior Revenue Recognition Guidance
Accounts receivable, net
$
214.7

 
$
43.4

 
$
258.1

Contract assets
98.3

 
(98.3
)
 
—

Inventories, net
109.3

 
58.5

 
167.8

Other current assets
72.5

 
4.2

 
76.7

Total current assets
598.5

 
7.8

 
606.3

Deferred income taxes
52.3

 
1.4

 
53.7

TOTAL ASSETS
$
2,012.1

 
$
9.2

 
$
2,021.3

Contract liabilities
$
88.5

 
$
(88.5
)
 
$
—

Accrued expenses
180.8

 
101.1

 
281.9

Total current liabilities
428.2

 
12.6

 
440.8

Other long-term liabilities
872.8

 
1.6

 
874.4

Total long-term liabilities
$
1,250.7

 
$
1.6

 
$
1,252.3

 


 
 
 


Retained deficit
$
(730.9
)
 
$
(5.5
)
 
$
(736.4
)
Accumulated other comprehensive income
254.5

 
0.5

 
255.0

Total equity
333.2

 
(5.0
)
 
328.2

TOTAL LIABILITIES AND EQUITY
$
2,012.1

 
$
9.2

 
$
2,021.3