Restatement Of Previously Issued Financial Statements

12 Months Ended

Dec. 31, 2019

Restatement Of Previously Issued Financial Statements

NOTE 3. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

We have restated the 2017 financial statements to correct a material error related to the previously reported estimated loss on sale of our EMEA and Pacific Rim businesses. The correction increased the estimated loss on sale recorded in 2017 and reduced the assets held for sale by $35.2 million as of December 31, 2017. Notes 2 and 7 have been updated to reflect the restatement. The impacts of this error correction are as follows:

Statements of Earnings and Comprehensive Income

	Year Ended
	December 31, 2017
	As Reported			As Restated
Loss on disposal of discontinued businesses, net of tax (benefit) of ($4.1)	$	(70.0	)	$	(105.2	)
Net loss from operations		(65.8	)		(101.0	)
Net earnings		154.8			119.6
Total comprehensive income		212.7			177.5
(Loss) per share of common stock, discontinued operations:
Basic	$	(1.23	)	$	(1.89	)
Diluted	$	(1.22	)	$	(1.87	)
Net earnings per share of common stock:
Basic	$	2.89		$	2.23
Diluted	$	2.86		$	2.21

Statements of Shareholders’ Equity

	Retained Earnings				Total Shareholders' Equity
	As Reported		As Restated		As Reported		As Restated
December 31, 2017	$	633.4	$	598.2	$	419.3	$	384.1

Statements of Cash Flows

	Year Ended
	December 31, 2017
	As Reported		As Restated
Net earnings	$	154.8	$	119.6
Loss on disposal of discontinued operations		74.1		109.3

Discontinued Operations

	Year Ended
	December 31, 2017
	As Reported			As Restated
EMEA and Pacific Rim Businesses
(Loss) from disposal of discontinued businesses, before income tax	$	(74.0	)	$	(109.2	)
(Loss) gain from disposal of discontinued businesses, net of tax		(74.0	)		(109.2	)
Net (loss) earnings from discontinued operations		(69.8	)		(105.0	)
Total
(Loss) from disposal of discontinued businesses, before income tax	$	(74.1	)	$	(109.3	)
(Loss) gain from disposal of discontinued businesses, net of tax		(70.0	)		(105.2	)
Net (loss) earnings from discontinued operations		(65.8	)		(101.0	)

	Year Ended
	December 31, 2017
	As Reported		As Restated
Estimated loss on sale to Knauf	$	74.0	$	109.2