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NEW ACCOUNTING PRONOUNCEMENTS (Tables)
 9 Months Ended
Sep. 29, 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 nine months ended September 29, 2018 is due primarily to the timing of power transformer deliveries. 
 
Three months ended September 29, 2018
Condensed consolidated statement of operations and comprehensive income
Reported
 
Effect of ASC 606 Adoption
 
Under Prior Revenue Recognition Guidance
Revenues
$
362.5

 
$
(0.6
)
 
$
361.9

Cost of products sold
274.8

 
0.6

 
275.4

Selling, general and administrative
71.6

 
0.1

 
71.7

Operating income
13.4

 
(1.3
)
 
12.1

Income from continuing operations before income taxes
8.5

 
(1.3
)
 
7.2

Income tax provision
(1.7
)
 
0.4

 
(1.3
)
Income from continuing operations
6.8

 
(0.9
)
 
5.9

Net income
$
6.6

 
$
(0.9
)
 
$
5.7

 
 
 
 
 
 
Comprehensive income
$
5.6

 
$
(0.3
)
 
$
5.3

 
 
 
 

 
 

Basic income per share of common stock:
 
 
 
 
 
Income from continuing operations
$
0.16

 
$
(0.02
)
 
$
0.14

Net income per share
$
0.15

 
$
(0.02
)
 
$
0.13

 
 
 
 
 
 
Diluted income per share of common stock:
 
 
 
 
 
Income from continuing operations
$
0.15

 
$
(0.02
)
 
$
0.13

Net income per share
$
0.15

 
$
(0.02
)
 
$
0.13

 
Nine months ended September 29, 2018
Condensed consolidated statement of operations and comprehensive income
Reported
 
Effect of ASC 606 Adoption
 
Under Prior Revenue Recognition Guidance
Revenues
$
1,093.6

 
$
(20.2
)
 
$
1,073.4

Cost of products sold
818.1

 
(15.9
)
 
802.2

Selling, general and administrative
212.8

 
(0.5
)
 
212.3

Operating income
55.4

 
(3.8
)
 
51.6

Income from continuing operations before income taxes
45.1

 
(3.8
)
 
41.3

Income tax provision
(6.2
)
 
1.0

 
(5.2
)
Income from continuing operations
38.9

 
(2.8
)
 
36.1

Net income
$
42.0

 
$
(2.8
)
 
$
39.2

 
 
 
 
 
 
Comprehensive income
$
42.4

 
$
(1.5
)
 
$
40.9

 
 
 
 

 
 

Basic income per share of common stock:
 
 
 
 
 
Income from continuing operations
$
0.91

 
$
(0.07
)
 
$
0.84

Net income per share
$
0.98

 
$
(0.07
)
 
$
0.91

 
 
 
 
 
 
Diluted income per share of common stock:
 
 
 
 
 
Income from continuing operations
$
0.87

 
$
(0.06
)
 
$
0.81

Net income per share
$
0.94

 
$
(0.06
)
 
$
0.88

 
As of September 29, 2018
Condensed consolidated balance sheet
Reported
 
Effect of ASC 606 Adoption
 
Under Prior Revenue Recognition Guidance
Accounts receivable, net
$
256.2

 
$
34.2

 
$
290.4

Contract assets
90.2

 
(90.2
)
 
—

Inventories, net
143.5

 
56.6

 
200.1

Other current assets
71.3

 
4.1

 
75.4

Total current assets
623.1

 
4.7

 
627.8

Deferred income taxes
32.9

 
1.9

 
34.8

TOTAL ASSETS
$
2,106.4

 
$
6.6

 
$
2,113.0

Contract liabilities
$
75.3

 
$
(75.3
)
 
$
—

Accrued expenses
186.4

 
85.9

 
272.3

Total current liabilities
527.0

 
10.6

 
537.6

Other long-term liabilities
835.7

 
1.5

 
837.2

Total long-term liabilities
1,209.7

 
1.5

 
1,211.2

 


 
 
 


Retained deficit
(701.3
)
 
(6.8
)
 
(708.1
)
Accumulated other comprehensive income
250.5

 
1.3

 
251.8

Total equity
369.7

 
(5.5
)
 
364.2

TOTAL LIABILITIES AND EQUITY
$
2,106.4

 
$
6.6

 
$
2,113.0