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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

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- 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

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