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Revenues from Contracts (Tables) | 12 Months Ended
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Dec. 31, 2019
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue | We disaggregate revenue from contracts with customers by major product line and based on the timing of recognition for each of our reportable segments and our group of other operating segments, as we believe such disaggregation best depicts how the nature, amount, timing, and uncertainty of our revenues and cash flows are effected by economic factors, with such disaggregation presented below for the years ended December 31, 2019 and 2018:
|  | Year Ended December 31, 2019 |  |  |  |  |  |  |  |
Reportable Segments and All Other |  | HVAC |  | Detection and Measurement |  | Engineered Solutions |  | All Other |  | Total
Major product lines |  |  |  |  |  |  |  |  |  |
Cooling |  | $ | 284.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 284.2 |
Boilers, comfort heating, and ventilation |  | 309.0 |  |  | — |  |  | — |  |  | — |  |  | 309.0 |
Underground locators and inspection and rehabilitation equipment |  | — |  |  | 194.3 |  |  | — |  |  | — |  |  | 194.3 |
Signal monitoring, obstruction lighting, and bus fare collection systems |  | — |  |  | 190.6 |  |  | — |  |  | — |  |  | 190.6 |
Power transformers |  | — |  |  | — |  |  | 403.4 |  |  | — |  |  | 403.4 |
Process cooling equipment, services, and heat exchangers |  | — |  |  | — |  |  | 145.5 |  |  | 9.3 |  |  | 154.8 |
South African projects |  | — |  |  | — |  |  | — |  |  | (10.9) |  |  | (10.9) |
|  | $ | 593.2 |  |  | $ | 384.9 |  |  | $ | 548.9 |  |  | $ | (1.6) |  |  | $ | 1,525.4 |
Timing of Revenue Recognition |  |  |  |  |  |  |  |  |  |
Revenues recognized at a point in time |  | $ | 593.2 |  |  | $ | 357.1 |  |  | $ | 48.4 |  |  | $ | 3.0 |  |  | $ | 1,001.7 |
Revenues recognized over time |  | — |  |  | 27.8 |  |  | 500.5 |  |  | (4.6) |  |  | 523.7 |
|  | $ | 593.2 |  |  | $ | 384.9 |  |  | $ | 548.9 |  |  | $ | (1.6) |  |  | $ | 1,525.4 |
|  | Year Ended December 31, 2018 |  |  |  |  |  |  |  |
Reportable Segments and All Other |  | HVAC |  | Detection and Measurement |  | Engineered Solutions |  | All Other |  | Total
Major product lines |  |  |  |  |  |  |  |  |  |
Cooling |  | $ | 281.7 |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  | $ | 281.7 |
Boilers, comfort heating, and ventilation |  | 300.4 |  |  | — |  |  | — |  |  | — |  |  | 300.4 |
Underground locators and inspection and rehabilitation equipment |  | — |  |  | 159.1 |  |  | — |  |  | — |  |  | 159.1 |
Signal monitoring, obstruction lighting, and bus fare collection systems |  | — |  |  | 161.8 |  |  | — |  |  | — |  |  | 161.8 |
Power transformers |  | — |  |  | — |  |  | 373.8 |  |  | — |  |  | 373.8 |
Process cooling equipment, services, and heat exchangers |  | — |  |  | — |  |  | 163.2 |  |  | 49.5 |  |  | 212.7 |
South African projects |  | — |  |  | — |  |  | — |  |  | 49.1 |  |  | 49.1 |
|  | $ | 582.1 |  |  |  | $ | 320.9 |  |  |  | $ | 537.0 |  |  |  | $ | 98.6 |  |  |  | $ | 1,538.6 |
Timing of Revenue Recognition |  |  |  |  |  |  |  |  |  |
Revenues recognized at a point in time |  | $ | 582.1 |  |  |  | $ | 307.3 |  |  |  | $ | 61.5 |  |  |  | $ | 5.1 |  |  | $ | 956.0 |
Revenues recognized over time |  | — |  |  | 13.6 |  |  | 475.5 |  |  | 93.5 |  |  | 582.6 |
|  | $ | 582.1 |  |  |  | $ | 320.9 |  |  |  | $ | 537.0 |  |  |  | $ | 98.6 |  |  |  | $ | 1,538.6 |
Contract with Customer, Asset and Liability | Our contract balances consisted of the following as of December 31, 2019 and 2018:
Contract Balances | December 31, 2019 |  | December 31, 2018 (1) |  | Change
Contract Accounts Receivable (1) | $ | 260.8 |  |  | $ | 263.9 |  |  | $ | (3.1) |
Contract Assets | 63.4 |  |  | 91.2 |  |  | (27.8) |
Contract Liabilities - current | (100.8) |  |  | (79.5) |  |  | (21.3) |
Contract Liabilities - non-current (2) | (3.3) |  |  | (2.1) |  |  | (1.2) |
Net contract balance | $ | 220.1 |  |  | $ | 273.5 |  |  | $ | (53.4) |
_____________________ (1) Included in “Accounts receivable, net” within the accompanying consolidated balance sheets. (2) Included in “Other long-term liabilities” within the accompanying consolidated balance sheets.
Schedule of New Accounting Pronouncements and Changes in Accounting Principles |
|  | December 31, 2018 |  | Impact of Adoption of ASC 842 |  | January 1, 2019
Assets |  |  |  |  |  |  |  |  |
Other assets |  | $ | 657.7 |  |  |  | $ | 27.7 |  |  |  | $ | 685.4 |
Liabilities |  |  |  |  |  |
Accrued expenses |  | 183.7 |  |  | 7.9 |  |  | 191.6 |
Other long-term liabilities |  | 817.3 |  |  | 19.8 |  |  | 837.1 |
Summarized below is a comparison of our consolidated statement of operations and comprehensive income for the year ended December 31, 2018 as prepared under the provisions of ASC 606 to a presentation of this financial statement under the prior revenue recognition guidance. As previously discussed, the most significant impact of adopting ASC 606 relates to our power transformer business where, under ASC 606, revenues for power transformers are now being recorded over time versus at a point in time under the prior revenue recognition guidance. As such, and as noted below, the difference in revenue and earnings under prior revenue recognition guidance during the year ended December 31, 2018 is due primarily to the timing of power transformer deliveries.
| Year ended December 31, 2018 |  |  |  |
Consolidated statement of operations and comprehensive income | Reported |  | Effect of ASC 606 Adoption |  | Under Prior Revenue Recognition Guidance
Revenues | $ | 1,538.6 |  |  | $ | (14.2) |  |  | $ | 1,524.4 |
Cost of products sold | 1,127.9 |  |  | (11.6) |  |  | 1,116.3 |
Selling, general and administrative | 292.6 |  |  | (0.6) |  |  | 292.0 |
Operating income | 107.6 |  |  | (2.0) |  |  | 105.6 |
Income from continuing operations before income taxes | 79.6 |  |  | (2.0) |  |  | 77.6 |
Income tax provision | (1.4) |  |  | 0.5 |  |  | (0.9) |
Income from continuing operations | 78.2 |  |  | (1.5) |  |  | 76.7 |
Net income | $ | 81.2 |  |  | $ | (1.5) |  |  | $ | 79.7 |
Comprehensive income | $ | 76.0 |  |  | $ | (0.5) |  |  | $ | 75.5 |
Basic income per share of common stock: |  |  |  |  |
Income from continuing operations | $ | 1.82 |  |  | $ | (0.04) |  |  | $ | 1.78 |
Net income per share | $ | 1.89 |  |  | $ | (0.04) |  |  | $ | 1.85 |
Diluted income per share of common stock: |  |  |  |  |
Income from continuing operations | $ | 1.75 |  |  | $ | (0.03) |  |  | $ | 1.72 |
Net income per share | $ | 1.82 |  |  | $ | (0.03) |  |  | $ | 1.79 |

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