XML 53 R40.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

New Accounting Pronouncements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] |
Cumulative Effect on Balance Sheet |
|  | 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 |

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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -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 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e725-108305 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration