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Quarterly Results (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Schedule of quarterly results
 
First (4)
 
Second (4)
 
Third (4)
 
Fourth (4)
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Operating revenues (1)
$
351.9

 
$
340.6

 
$
379.2

 
$
349.7

 
$
362.5

 
$
348.5

 
$
445.0

 
$
387.0

Gross profit (1)
90.1

 
88.1

 
97.7

 
76.1

 
87.7

 
85.1

 
135.2

 
80.9

Income (loss) from continuing operations, net of tax (2)
12.4

 
10.3

 
19.7

 
(8.3
)
 
6.8

 
22.0

 
39.3

 
60.0

Income (loss) from discontinued operations, net of tax (3)
—

 
7.1

 
3.3

 
(0.7
)
 
(0.2
)
 
0.3

 
(0.1
)
 
(1.4
)
Net income (loss)
$
12.4

 
$
17.4

 
$
23.0

 
$
(9.0
)
 
$
6.6

 
$
22.3

 
$
39.2

 
$
58.6

Basic income (loss) per share of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Continuing operations, net of tax
$
0.29

 
$
0.24

 
$
0.46

 
$
(0.19
)
 
$
0.16

 
$
0.51

 
$
0.91

 
$
1.41

Discontinued operations, net of tax
—

 
0.17

 
0.08

 
(0.02
)
 
(0.01
)
 
0.01

 
(0.01
)
 
(0.03
)
Net income (loss)
$
0.29

 
$
0.41

 
$
0.54

 
$
(0.21
)
 
$
0.15

 
$
0.52

 
$
0.90

 
$
1.38

Diluted income (loss) per share of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Continuing operations, net of tax
$
0.28

 
$
0.24

 
$
0.44

 
$
(0.19
)
 
$
0.15

 
$
0.50

 
$
0.88

 
$
1.35

Discontinued operations, net of tax
—

 
0.16

 
0.07

 
(0.02
)
 
—

 
0.01

 
—

 
(0.03
)
Net income (loss)
$
0.28

 
$
0.40

 
$
0.51

 
$
(0.21
)
 
$
0.15

 
$
0.51

 
$
0.88

 
$
1.32

___________________________________________________________________
Note:    The sum of the quarters’ income per share may not equal the full year per share amounts.
(1) 
During the third quarter of 2018, we revised our estimates of revenues and costs, associated with our large power projects in South Africa. These revisions resulted in a charge to “Income (loss) from continuing operations before income taxes” of $4.7, which is comprised of a reduction in revenue of $2.7 and an increase in cost of products sold of $2.0.
During the second and fourth quarters of 2017, we revised our estimates of revenues and costs associated with the above projects. These revisions resulted in charges to “Income (loss) from continuing operations before income taxes” of $22.9 and $29.9, respectively, which is comprised of reductions in revenue of $13.5 and $23.4, respectively, and increases in cost of products sold of $9.4 and $6.5, respectively, in the second and fourth quarters of 2017. See Notes 6 and 14 for additional details.
(2) 
During the third quarter of 2017, in connection with a favorable legal ruling, we reduced our unfunded liability related to postretirement benefits resulting in a pre-tax gain of $2.6. See Note 10 for additional details.
During the third quarter of 2017, we settled a contract that had been suspended and then ultimately cancelled by a customer of our Heat Transfer business, resulting in a pre-tax gain of $10.2.
During the fourth quarter of 2018 and 2017, we recognized pre-tax actuarial losses of $6.6 and $4.2, respectively, associated with our pension and postretirement benefit plans. See Note 10 for additional details.
During the fourth quarter of 2017, we recognized an income tax benefit of $77.6 for a worthless stock deduction in the U.S. associated with our investment in a South African subsidiary. See Note 11 for additional details.
During the fourth quarter of 2017, we recorded a provisional net charge of $11.8 associated with the impact of the new corporate tax regulations that were enacted in the U.S.. See Note 11 for additional details.
(3) During the first quarter of 2017, we reduced the net loss on the sale of Balcke Dürr by $7.2.

During the second quarter of 2017, we increased the net loss on the sale of Balcke Dürr by $0.4.
During the second quarter of 2018, we reached an agreement with the buyer of Balcke Dürr on the amount of cash and working capital at the closing date, as well as various other matters. The agreement resulted in a net gain of $3.8.
See Note 4 for additional details on the above transactions.
(4) We establish actual interim closing dates using a fiscal calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2018 were March 31, June 30 and September 29, compared to the respective April 1, July 1 and September 30, 2017 dates. This practice only affects the quarterly reporting periods and not the annual reporting period. We had one less day in the first quarter of 2018 and one more day in the fourth quarter of 2018 than in the respective 2017 periods.