Description of Business and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of Topic 606 was as follows (in millions):

	As Reported					As Restated
	December 31, 2017		Adjustments due to Topic 606			January 1, 2018
Trade receivables, net of allowance	$	316.4	$	(31.3	)	$	285.1
Inventories	190.2		103.6			293.8
Other current assets	48.0		7.0			55.0
Deferred income taxes	$	13.1	2.3			$	15.4
Total Assets	$	1,391.4	$	81.6		$	1,473.0
Advance and progress payments	127.6		113.1			240.7
Other current liabilities	96.4		(2.3		)	94.1
Other long-term liabilities	49.5		(1.2		)	48.3
Retained earnings	333.7		(28.0		)	305.7
Total Liabilities and Stockholders' Equity	$	1,391.4	$	81.6		$	1,473.0

The following tables summarize the impacts of adopting Topic 606 on the Company's consolidated financial statements for the quarter ended March 31, 2018.

Consolidated Statement of Income:

			Adjustments
	As reported		Due to			Balances without
	March 31, 2018		Topic 606			Adoption
Revenue	$	409.2	$	(50.5	)	$	358.7
Cost of sales	305.6		(37.5		)	268.1
Gross profit	103.6		(13.0		)	90.6
Income tax provision (benefit)	0.4		(3.3		)	(2.9		)
Net income	$	1.2	$	(9.7	)	$	(8.5	)

Consolidated Balance Sheets:

			Adjustments
	As reported		Due to			Balances without
	March 31, 2018		Topic 606			Adoption
Trade receivables, net of allowance	287.6		33.6			321.2
Inventories	305.4		(75.9		)	229.5
Other current assets	55.0		(7.8		)	47.2
Deferred income taxes	14.4		(1.8		)	12.6
Total Assets	$	1,498.0	$	(51.9	)	$	1,446.1
Accounts payable, trade and other	156.8		(2.2		)	154.6
Advance and progress payments	245.3		(68.0		)	177.3
Other current liabilities	132.7		(1.8		)	130.9
Other liabilities	45.2		1.8			47.0
Retained earnings	303.4		18.3			321.7
Total Liabilities and stockholders' equity	$	1,498.0	$	(51.9	)	$	1,446.1