XML 72 R42.htm IDEA: XBRL DOCUMENT v3.19.3
Recent Accounting Pronouncements Table (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Jun. 30, 2019
Jan. 01, 2019
Dec. 31, 2018
Jun. 30, 2018
Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                  
Operating Lease, Right-of-Use Asset $ 115.0   $ 115.0     $ 114.1 $ 0.0    
Intangible Assets, Net (Excluding Goodwill) 702.8   702.8     733.9 733.2    
Other Assets, Noncurrent (16.0)   (16.0)     (21.7) (37.0)    
Accounts Receivable, after Allowance for Credit Loss, Current (548.3)   (548.3)       (546.6)    
Revenue from Contract with Customer, Excluding Assessed Tax 914.0 $ 881.3 2,893.7 $ 2,670.7          
Cost of Goods and Services Sold 636.5 628.0 2,007.9 1,885.1          
Gross Profit 277.5 253.3 885.8 785.6          
Selling, General and Administrative Expense 148.0 142.0 459.4 432.4          
Operating Income (Loss) 127.9 108.7 422.9 350.1          
Income (Loss) Before Income Taxes 102.2 97.3 367.3 328.2          
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets 4,565.3   4,565.3       4,445.2    
Unbilled Receivables, Asset, Net 151.6   151.6       116.6    
Inventory, Net (805.3)   (805.3)       (835.7)    
Other Assets, Current 90.2   90.2       77.0    
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent (27.3)   (27.3)       (59.0)    
Other Liabilities, Current 174.7   174.7       171.0    
Assets, Current 1,807.4   1,807.4       1,737.2    
Total Assets 4,565.3   4,565.3     4,544.7 4,445.2    
Deferred income taxes 131.7   131.7       138.0    
Liabilities, Noncurrent           2,902.0 2,802.5    
Stockholders' Equity Attributable to Parent 1,744.8   1,744.8       1,579.6    
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 1,817.5 1,640.4 1,817.5 1,640.4 $ 1,783.6   1,642.7 $ 1,552.3 $ 1,474.9
Increase (Decrease) in Other Accrued Liabilities     (28.7) 10.2          
Cumulative Effect on Retained Earnings, Tax 35.5 25.0 110.4 83.5          
Other Nonoperating Income (Expense) 5.8 3.7 10.5 7.3          
Net income 66.7 72.3 256.9 244.7          
Net Income (Loss) Attributable to Parent $ 64.2 $ 71.6 $ 248.6 $ 242.8          
Basic earnings per share $ 0.85 $ 0.93 $ 3.28 $ 3.14          
Diluted earnings per share $ 0.84 $ 0.91 $ 3.23 $ 3.09          
Deferred Income Tax Expense (Benefit)     $ 1.7 $ 2.2          
Increase (Decrease) in Accounts Receivable     6.4 65.7          
Increase (Decrease) in Unbilled Receivables     35.0 37.6          
Increase (Decrease) in Inventories     (37.8) 94.3          
Increase (Decrease) in Other Operating Assets and Liabilities, Net     0.6 (17.0)          
Net Cash Provided by Operating Activities     354.8 195.0          
Restricted cash $ 0.5   0.5       0.6    
Retained Earnings (Accumulated Deficit) 1,815.0 $ 1,595.4 1,815.0 1,595.4 $ 1,772.0   1,630.2 $ 1,545.3 $ 1,408.4
Operating Lease, Liability, Current 28.0   28.0     29.8 0.0    
Operating Lease, Liability, Noncurrent $ 72.3   $ 72.3     69.7 $ 0.0    
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]     The cumulative effect of the changes made to the balance sheet as of January 1, 2019 for the adoption of the new lease standard was as follows:
 
Balance at December 31, 2018
Effect of Accounting Change
Balance at
January 1, 2019
Operating lease assets
$

$
114.1

$
114.1

Other intangible assets
733.2

0.7

733.9

Other non-current assets (1)
37.0

(15.3
)
21.7

Total Assets
4,445.2

99.5

4,544.7

 
 
 
 
Short-term operating lease liability

29.8

29.8

Long-term operating lease liability

69.7

69.7

Total Liabilities
$
2,802.5

$
99.5

$
2,902.0


(1) Due to the adoption of the new leasing standard, the Company recognized operating lease assets and corresponding operating lease liabilities on the Consolidated Balance Sheet. In conjunction with the adoption of the new leasing standard, the Company reclassified $15.3 million of lease assets related to purchase accounting adjustments from the ABC Bearings Limited ("ABC Bearings") acquisition from Other assets to Operating lease assets. These assets do not have material corresponding lease liabilities.

           
Accounting Standard Update 2018-02 [Member]                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                  
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle       $ (0.7)          
Adjustments for New Accounting Pronouncement [Member]                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                  
Operating Lease, Right-of-Use Asset           114.1      
Intangible Assets, Net (Excluding Goodwill)           0.7      
Other Assets, Noncurrent           (15.3)      
Total Assets           99.5      
Liabilities, Noncurrent           99.5      
Operating Lease, Liability, Current           29.8      
Operating Lease, Liability, Noncurrent           $ 69.7