Immaterial Correction of Prior Period Financial Statements (Tables)

9 Months Ended

Sep. 30, 2020

Accounting Changes and Error Corrections [Abstract]

Schedule of Effects of Corrections to Prior Period Financial Statements

The corrections to our condensed consolidated balance sheet as of December 31, 2019 were as follows (in millions):

	December 31, 2019
	As Previously Reported		Corrections		As Corrected
ASSETS
DEFERRED TAX ASSETS	$	232.6	$	(6.3)	$	226.3
TOTAL ASSETS	3,885.5		(6.3)		3,879.2
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Deferred revenue	1,173.6		(17.8)		1,155.8
Total current liabilities	1,473.6		(17.8)		1,455.8
DEFERRED REVENUE	962.3		(9.0)		953.3
Total liabilities	2,563.6		(26.8)		2,536.8
STOCKHOLDERS’ EQUITY:
Retained earnings (accumulated deficit)	140.3		20.5		160.8
Total stockholders’ equity	1,321.9		20.5		1,342.4
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,885.5	$	(6.3)	$	3,879.2

The corrections to our condensed consolidated statements of income for the three and nine months ended September 30, 2019 were as follows (in millions, except per share amounts):

	Three Months Ended September 30, 2019
	As Previously Reported		Corrections		As Corrected
REVENUE:
Service	$	350.4	$	0.6	$	351.0
Total revenue	547.5		0.6		548.1
GROSS PROFIT:
Service	305.3		0.6		305.9
Total gross profit	423.4		0.6		424.0
OPERATING INCOME	100.0		0.6		100.6
INCOME BEFORE INCOME TAXES	105.4		0.6		106.0
PROVISION FOR INCOME TAXES	25.6		0.2		25.8
NET INCOME	$	79.8	$	0.4	$	80.2
Net income per share (Note 10):
Basic	$	0.47	$	—	$	0.47
Diluted	$	0.46	$	—	$	0.46

	Nine Months Ended September 30, 2019
	As Previously Reported		Corrections		As Corrected
REVENUE:
Service	$	992.1	$	3.1	$	995.2
Total revenue	1,541.8		3.1		1,544.9
GROSS PROFIT:
Service	858.6		3.1		861.7
Total gross profit	1,176.4		3.1		1,179.5
OPERATING INCOME	225.8		3.1		228.9
INCOME BEFORE INCOME TAXES	251.5		3.1		254.6
PROVISION FOR INCOME TAXES	40.2		0.9		41.1
NET INCOME	$	211.3	$	2.2	$	213.5
Net income per share (Note 10):
Basic	$	1.24	$	0.01	$	1.25
Diluted	$	1.21	$	0.01	$	1.22

The corrections to our condensed consolidated statements of cash flows for the nine months ended September 30, 2019 were as follows (in millions):

	Nine Months Ended September 30, 2019
	As Previously Reported		Corrections		As Corrected
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	211.3	$	2.2	$	213.5
Changes in operating assets and liabilities:
Deferred tax assets	10.6		0.9		11.5
Deferred revenue	258.8		(3.1)		255.7
Net cash provided by operating activities	$	617.6	$	—	$	617.6