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Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2018
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
In the following table, revenue is disaggregated by type of good or service and primary geographical market. The table also includes a reconciliation of the disaggregated revenue with the reportable segments.

 
March 31, 2018
Type of Good or Service
FoodTech
 
AeroTech
Non-recurring (1)
$
180.6

 
$
62.5

Recurring (1)
123.0

 
43.1

Total
$
303.6

 
$
105.6

 
 
 
 
Geographical Region (2)
 
 
 
North America
$
164.0

 
$
83.8

Europe, Middle East and Africa
76.3

 
14.1

Asia Pacific
40.2

 
7.0

Latin America
23.1

 
0.7

Total
$
303.6

 
$
105.6


(1) Aftermarket parts and services and revenue from leasing contracts are considered recurring revenue. Non-recurring revenue is new equipment and installation.

(2) Geographical region represents the region in which the end customer resides.
Contract with Customer, Asset and Liability
Significant changes in the contract assets and the contract liabilities balances during the period are as follows:

 
March 31, 2018
 
Contract assets
 
Contract liabilities
Balance at beginning of period
$
39.1

 
$
(109.6
)
Change due to Topic 606 restatement
20.9

 
(113.1
)
Net revenue recognized prior to billings/cash receipts in the period
10.1

 
(6.7
)
Balance at end of period
$
70.1

 
$
(229.4
)
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