Summary of Significant Accounting Policies (Tables)

3 Months Ended

Apr. 01, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of New Accounting Pronouncements

he following changes were made to our condensed consolidated balance sheet on January 1, 2018 as a result of the adoption of ASC 606 (in millions):

	Balance at January 1, 2018			ASC 606 Adjustment			Adjusted Balance at January 1, 2018
Assets
Unbilled receivable, net	$	138.1		$	1.3		$	139.4
Inventoried costs	49.0			(0.3		)	48.7
Liabilities
Accrued expenses	$	40.9		$	(0.6	)	$	40.3
Billings in excess of costs and earnings on uncompleted contracts	42.8			1.8			44.6
Stockholders’ Equity
Accumulated deficit	$	(720.8	)	$	(0.2	)	(721.0		)

The following table summarizes the impacts of ASC 606 adoption on the Company’s operating income from continuing operation for the three months ended April 1, 2018 (in millions):

	For the period ended April 1, 2018
			Balances Without Adoption of ASC 606		Effect of Change Higher/(Lower)
	As Reported
Service revenues	$	46.0	$	46.0	$	—
Product sales	97.0		89.3		7.7
Total revenues	143.0		135.3		7.7
Cost of service revenue	32.9		32.9		—
Cost of product sales	69.3		65.1		4.2
Total costs	102.2		98.0		4.2
Gross profit	40.8		37.3		3.5
Selling, general and administrative expenses	29.8		29.8		—
Total operating income from continuing operations	$	7.0	$	3.5	$	3.5

The following table summarizes the impacts of ASC 606 adoption on the Company’s balance sheet as of April 1, 2018 (in millions):

	April 1, 2018
				Balances Without Adoption of ASC 606			Effect of Change Higher/(Lower)
	As Reported
Assets
Accounts receivable	$	57.7		$	55.6		$	2.1
Unbilled receivables	151.2			147.1			4.1
Inventoried costs	48.2			52.4			(4.2		)
Liabilities
Billings in excess of costs and earnings on uncompleted contracts	38.2			39.7			(1.5		)
Stockholders’ Equity
Accumulated deficit	$	(723.2	)	$	(726.7	)	$	3.5