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