XML 33 R23.htm IDEA: XBRL DOCUMENT
v3.10.0.1

NEW ACCOUNTING PRONOUNCEMENTS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] |
Cumulative Effect on Balance Sheet | Summarized below is the impact of the initial application of ASC 606 on our January 1, 2018 condensed consolidated 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 | )
Additionally, and as noted below, the difference in revenue and earnings under prior revenue recognition guidance during the three and six months ended June 30, 2018 is due primarily to the timing of power transformer deliveries.
| Three months ended June 30, 2018
Condensed consolidated statement of operations and comprehensive income | Reported |  | Effect of ASC 606 Adoption |  | Under Prior Revenue Recognition Guidance
Revenues | $ | 379.2 |  |  | $ | 1.8 |  |  | $ | 381.0 |
Cost of products sold | 281.5 |  |  | 2.3 |  |  | 283.8 |
Selling, general and administrative | 72.6 |  |  | — |  |  | 72.6 |
Operating income | 22.7 |  |  | (0.5 | ) |  | 22.2 |
Income from continuing operations before income taxes | 20.1 |  |  | (0.5 | ) |  | 19.6 |
Income tax provision | (0.4 | ) |  | 0.1 |  |  | (0.3 | )
Income from continuing operations | 19.7 |  |  | (0.4 | ) |  | 19.3 |
Net income | $ | 23.0 |  |  | $ | (0.4 | ) |  | $ | 22.6 |
Comprehensive income | $ | 20.0 |  |  | $ | (0.2 | ) |  | $ | 19.8 |
Basic income per share of common stock: |  |  |  |  |
Income from continuing operations | $ | 0.46 |  |  | $ | (0.01 | ) |  | $ | 0.45 |
Net income per share | $ | 0.54 |  |  | $ | (0.01 | ) |  | $ | 0.53 |
Diluted income per share of common stock: |  |  |  |  |
Income from continuing operations | $ | 0.44 |  |  | $ | (0.01 | ) |  | $ | 0.43 |
Net income per share | $ | 0.51 |  |  | $ | (0.01 | ) |  | $ | 0.50 |
| Six months ended June 30, 2018
Condensed consolidated statement of operations and comprehensive income | Reported |  | Effect of ASC 606 Adoption |  | Under Prior Revenue Recognition Guidance
Revenues | $ | 731.1 |  |  | $ | (19.6 | ) |  | $ | 711.5 |
Cost of products sold | 543.3 |  |  | (16.5 | ) |  | 526.8 |
Selling, general and administrative | 141.2 |  |  | (0.6 | ) |  | 140.6 |
Operating income | 42.0 |  |  | (2.5 | ) |  | 39.5 |
Income from continuing operations before income taxes | 36.6 |  |  | (2.5 | ) |  | 34.1 |
Income tax provision | (4.5 | ) |  | 0.6 |  |  | (3.9 | )
Income from continuing operations | 32.1 |  |  | (1.9 | ) |  | 30.2 |
Net income | $ | 35.4 |  |  | $ | (1.9 | ) |  | $ | 33.5 |
Comprehensive income | $ | 36.8 |  |  | $ | (1.2 | ) |  | $ | 35.6 |
Basic income per share of common stock: |  |  |  |  |
Income from continuing operations | $ | 0.75 |  |  | $ | (0.05 | ) |  | $ | 0.70 |
Net income per share | $ | 0.83 |  |  | $ | (0.05 | ) |  | $ | 0.78 |
Diluted income per share of common stock: |  |  |  |  |
Income from continuing operations | $ | 0.72 |  |  | $ | (0.04 | ) |  | $ | 0.68 |
Net income per share | $ | 0.79 |  |  | $ | (0.04 | ) |  | $ | 0.75 |
| As of June 30, 2018
Condensed consolidated balance sheet | Reported |  | Effect of ASC 606 Adoption |  | Under Prior Revenue Recognition Guidance
Accounts receivable, net | $ | 247.1 |  |  | $ | 40.2 |  |  | $ | 287.3 |
Contract assets | 92.4 |  |  | (92.4 | ) |  | — |
Inventories, net | 141.9 |  |  | 56.5 |  |  | 198.4 |
Other current assets | 74.3 |  |  | 4.1 |  |  | 78.4 |
Total current assets | 622.4 |  |  | 8.4 |  |  | 630.8 |
Deferred income taxes | 29.5 |  |  | 1.5 |  |  | 31.0 |
TOTAL ASSETS | $ | 2,123.8 |  |  | $ | 9.9 |  |  | $ | 2,133.7 |
Contract liabilities | $ | 78.3 |  |  | $ | (78.3 | ) |  | $ | — |
Accrued expenses | 179.8 |  |  | 91.9 |  |  | 271.7 |
Total current liabilities | 543.9 |  |  | 13.6 |  |  | 557.5 |
Other long-term liabilities | 849.1 |  |  | 1.5 |  |  | 850.6 |
Total long-term liabilities | $ | 1,221.3 |  |  | $ | 1.5 |  |  | $ | 1,222.8 |
Retained deficit | $ | (707.9 | ) |  | $ | (5.9 | ) |  | $ | (713.8 | )
Accumulated other comprehensive income | 251.5 |  |  | 0.7 |  |  | 252.2 |
Total equity | 358.6 |  |  | (5.2 | ) |  | 353.4 |
TOTAL LIABILITIES AND EQUITY | $ | 2,123.8 |  |  | $ | 9.9 |  |  | $ | 2,133.7 |

X
- References No definition available. + Details
Name: | us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration