XML 32 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
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