Company Quick10K Filing
Quick10K
SPX
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$32.80 44 $1,440
10-Q 2019-06-29 Quarter: 2019-06-29
10-Q 2019-03-30 Quarter: 2019-03-30
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-29 Quarter: 2018-09-29
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-07-01 Quarter: 2017-07-01
10-Q 2017-04-01 Quarter: 2017-04-01
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-10-01 Quarter: 2016-10-01
10-Q 2016-07-02 Quarter: 2016-07-02
10-Q 2016-04-02 Quarter: 2016-04-02
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-26 Quarter: 2015-09-26
10-Q 2015-06-27 Quarter: 2015-06-27
10-Q 2015-03-28 Quarter: 2015-03-28
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-27 Quarter: 2014-09-27
10-Q 2014-06-28 Quarter: 2014-06-28
10-Q 2014-03-29 Quarter: 2014-03-29
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-05-09 Officers, Shareholder Vote, Other Events, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-02-14 Earnings, Exhibits
8-K 2019-02-14 Earnings, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-07-10 Regulation FD, Exhibits
8-K 2018-06-13 Regulation FD, Exhibits
8-K 2018-05-15 Shareholder Vote
8-K 2018-05-03 Earnings, Exhibits
8-K 2018-04-23 Enter Agreement, Exhibits
8-K 2018-02-20 Regulation FD, Exhibits
8-K 2018-02-15 Earnings, Exhibits
BOMN Boston Omaha 597
THOR Synthorx 544
SBT Sterling Bancorp 521
PFLT Pennantpark Floating Rate Capital 465
NWFL Norwood Financial 205
PFNX Pfenex 182
MLSS Milestone Scientific 15
BLGO Biolargo 0
ARTL Artelo Biosciences 0
ETAH Eternity Healthcare 0
SPXC 2019-06-29
Part I-Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (In Millions)
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii-Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 exhibit311q22019.htm
EX-31.2 exhibit312q22019.htm
EX-32.1 exhibit321q22019.htm

SPX Earnings 2019-06-29

SPXC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 29, 2019
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            
 
Commission File Number 1-6948

SPX CORPORATION
(Exact Name of registrant as specified in its charter)
Delaware
 
38-1016240
(State or other jurisdiction of incorporation or
organization)
 
(I.R.S. Employer Identification No.)
 
13320-A Ballantyne Corporate Place, Charlotte, North Carolina 28277
(Address of principal executive offices) (Zip Code)

(980474-3700
(Registrant’s telephone number, including area code)

NOT APPLICABLE
(Former name, former address, and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbols(s)
Name of each exchange on which registered
Common Stock, par value $0.01
SPXC
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
Smaller reporting company
 
 
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No. 
Common shares outstanding July 26, 2019, 44,033,914
 




SPX CORPORATION AND SUBSIDIARIES
FORM 10-Q INDEX

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 






PART I—FINANCIAL INFORMATION
 
ITEM 1. Financial Statements
 
SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited; in millions, except per share amounts)
 
Three months ended
 
Six Months Ended
 
June 29,
2019
 
June 30,
2018
 
June 29,
2019
 
June 30,
2018
Revenues
$
372.4

 
$
379.2

 
$
716.0

 
$
731.1

Costs and expenses:
 
 
 

 
 

 
 

Cost of products sold
264.2

 
281.5

 
524.6

 
543.3

Selling, general and administrative
78.2

 
72.6

 
154.9

 
141.2

Intangible amortization
2.4

 
0.8

 
4.0

 
1.0

Special charges, net
1.3

 
1.6

 
1.4

 
3.6

Other operating expenses

 

 
1.8

 

Operating income
26.3

 
22.7

 
29.3

 
42.0

 
 
 
 
 
 
 
 
Other income, net
1.9

 
2.2

 
9.1

 
3.2

Interest expense
(5.3
)
 
(5.1
)
 
(10.6
)
 
(9.4
)
Interest income
0.6

 
0.3

 
0.9

 
0.8

Income from continuing operations before income taxes
23.5

 
20.1

 
28.7

 
36.6

Income tax provision
(4.1
)
 
(0.4
)
 
(8.7
)
 
(4.5
)
Income from continuing operations
19.4

 
19.7

 
20.0

 
32.1

 
 
 
 
 
 
 
 
Income (loss) from discontinued operations, net of tax

 

 

 

Gain (loss) on disposition of discontinued operations, net of tax
(0.2
)
 
3.3

 
(1.6
)
 
3.3

Gain (loss) from discontinued operations, net of tax
(0.2
)
 
3.3

 
(1.6
)
 
3.3

 
 
 
 
 
 
 
 
Net income
$
19.2

 
$
23.0

 
$
18.4

 
$
35.4

 
 
 
 
 
 
 
 
Basic income per share of common stock:
 
 
 

 
 

 
 

Income from continuing operations
$
0.44

 
$
0.46

 
$
0.46

 
$
0.75

Income (loss) from discontinued operations

 
0.08

 
(0.04
)
 
0.08

Net income per share
$
0.44

 
$
0.54

 
$
0.42

 
$
0.83

 
 
 
 
 
 
 
 
Weighted-average number of common shares outstanding — basic
43.914

 
42.988

 
43.767

 
42.881

 
 
 
 
 
 
 
 
Diluted income per share of common stock:
 
 
 

 
 

 
 

Income from continuing operations
$
0.43

 
$
0.44

 
$
0.45

 
$
0.72

Income (loss) from discontinued operations

 
0.07

 
(0.04
)
 
0.07

Net income per share
$
0.43

 
$
0.51

 
$
0.41

 
$
0.79

 
 
 
 
 
 
 
 
Weighted-average number of common shares outstanding — diluted
44.892

 
44.723

 
44.750

 
44.545

 
 
 
 
 
 
 
 
Comprehensive income
$
15.3

 
$
20.0

 
$
16.2

 
$
36.8


The accompanying notes are an integral part of these statements.

3



SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except share data)
 
June 29,
2019
 
December 31,
2018
ASSETS
 

 
 

Current assets:
 

 
 

Cash and equivalents
$
34.6

 
$
68.8

Accounts receivable, net
251.5

 
269.1

Contract assets
62.5

 
91.2

Inventories, net
155.5

 
128.8

Other current assets (includes income taxes receivable of $18.1 and $18.9 at June 29, 2019 and December 31, 2018, respectively)
41.4

 
40.5

Total current assets
545.5

 
598.4

Property, plant and equipment:
 

 
 

Land
18.7

 
19.4

Buildings and leasehold improvements
119.1

 
125.2

Machinery and equipment
331.4

 
334.1

 
469.2

 
478.7

Accumulated depreciation
(294.4
)
 
(294.5
)
Property, plant and equipment, net
174.8

 
184.2

Goodwill
431.4

 
394.4

Intangibles, net
229.2

 
198.4

Other assets
665.4

 
657.7

Deferred income taxes
21.0

 
24.4

TOTAL ASSETS
$
2,067.3

 
$
2,057.5

LIABILITIES AND EQUITY
 
 
 

Current liabilities:
 
 
 

Accounts payable
$
135.9

 
$
153.6

Contract liabilities
80.3

 
79.5

Accrued expenses
174.5

 
183.7

Income taxes payable
2.3

 
3.5

Short-term debt
59.5

 
31.9

Current maturities of long-term debt
14.1

 
18.0

Total current liabilities
466.6

 
470.2

Long-term debt
328.0

 
331.9

Deferred and other income taxes
31.5

 
23.2

Other long-term liabilities
804.5

 
817.3

Total long-term liabilities
1,164.0

 
1,172.4

Commitments and contingent liabilities (Note 15)


 


Equity:
 
 
 

Common stock (51,829,378 and 44,012,557 issued and outstanding at June 29, 2019, respectively, and 51,528,778 and 43,450,305 issued and outstanding at December 31, 2018, respectively)
0.5

 
0.5

Paid-in capital
1,285.3

 
1,295.4

Retained deficit
(631.7
)
 
(650.1
)
Accumulated other comprehensive income
242.7

 
244.9

Common stock in treasury (7,816,821 and 8,078,473 shares at June 29, 2019 and December 31, 2018, respectively)
(460.1
)
 
(475.8
)
Total equity
436.7

 
414.9

TOTAL LIABILITIES AND EQUITY
$
2,067.3

 
$
2,057.5

 
The accompanying notes are an integral part of these statements.

4



SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited; in millions)
 
Three months ended June 29, 2019
 
Common
Stock
 
Paid-In
Capital
 
Retained
Deficit
 
Accum. Other
Comprehensive
Income
 
Common
Stock In
Treasury
 
SPX
Corporation
Shareholders’
Equity
Balance at March 30, 2019
$
0.5

 
$
1,279.9

 
$
(650.9
)
 
$
246.6

 
$
(460.8
)
 
$
415.3

Net income

 

 
19.2

 

 

 
19.2

Other comprehensive loss, net

 

 

 
(3.9
)
 

 
(3.9
)
Incentive plan activity

 
3.5

 

 

 

 
3.5

Long-term incentive compensation expense

 
2.7

 

 

 

 
2.7

Restricted stock and restricted stock unit vesting

 
(0.8
)
 

 

 
0.7

 
(0.1
)
Balance at June 29, 2019
$
0.5

 
$
1,285.3

 
$
(631.7
)
 
$
242.7

 
$
(460.1
)
 
$
436.7


 
Six months ended June 29, 2019
 
Common
Stock
 
Paid-In
Capital
 
Retained
Deficit
 
Accum. Other
Comprehensive
Income
 
Common
Stock In
Treasury
 
SPX
Corporation
Shareholders’
Equity
Balance at December 31, 2018
$
0.5

 
$
1,295.4

 
$
(650.1
)
 
$
244.9

 
$
(475.8
)
 
$
414.9

Net income

 

 
18.4

 

 

 
18.4

Other comprehensive loss, net

 

 

 
(2.2
)
 

 
(2.2
)
Incentive plan activity

 
6.9

 

 

 

 
6.9

Long-term incentive compensation expense

 
5.3

 

 

 

 
5.3

Restricted stock and restricted stock unit vesting

 
(22.3
)
 

 

 
15.7

 
(6.6
)
Balance at June 29, 2019
$
0.5

 
$
1,285.3

 
$
(631.7
)
 
$
242.7

 
$
(460.1
)
 
$
436.7


 
Three months ended June 30, 2018
 
Common
Stock
 
Paid-In
Capital
 
Retained
Deficit
 
Accum. Other
Comprehensive
Income
 
Common
Stock In
Treasury
 
SPX
Corporation
Shareholders’
Equity
Balance at March 31, 2018
$
0.5

 
$
1,300.4

 
$
(730.9
)
 
$
254.5

 
$
(491.3
)
 
$
333.2

Net income

 

 
23.0

 

 

 
23.0

Other comprehensive loss, net

 

 

 
(3.0
)
 

 
(3.0
)
Incentive plan activity

 
2.3

 

 

 

 
2.3

Long-term incentive compensation expense

 
3.1

 

 

 

 
3.1

Balance at June 30, 2018
$
0.5

 
$
1,305.8

 
$
(707.9
)
 
$
251.5

 
$
(491.3
)
 
$
358.6

 
Six months ended June 30, 2018
 
Common
Stock
 
Paid-In
Capital
 
Retained
Deficit
 
Accum. Other
Comprehensive
Income
 
Common
Stock In
Treasury
 
SPX
Corporation
Shareholders’
Equity
Balance at December 31, 2017
$
0.5

 
$
1,309.8

 
$
(742.3
)
 
$
250.1

 
$
(503.4
)
 
$
314.7

Net income

 

 
35.4

 

 

 
35.4

Other comprehensive income, net

 

 

 
1.4

 

 
1.4

Incentive plan activity

 
5.3

 

 

 

 
5.3

Long-term incentive compensation expense

 
6.1

 

 

 

 
6.1

Restricted stock and restricted stock unit vesting

 
(15.4
)
 

 

 
12.1

 
(3.3
)
Impact of adoption of ASC 606 - See Note 2

 

 
4.0

 

 

 
4.0

Impact of adoption of ASU 2016-16 - See Note 2

 

 
(0.2
)
 

 

 
(0.2
)
Stranded income tax effects resulting from tax reform - See Note 2

 

 
(4.8
)
 

 

 
(4.8
)
Balance at June 30, 2018
$
0.5

 
$
1,305.8

 
$
(707.9
)
 
$
251.5

 
$
(491.3
)
 
$
358.6




5



SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
 
Six months ended
 
June 29,
2019
 
June 30,
2018
Cash flows from operating activities:
 

 
 

Net income
$
18.4

 
$
35.4

Less: Gain (loss) from discontinued operations, net of tax
(1.6
)
 
3.3

Income from continuing operations
20.0

 
32.1

Adjustments to reconcile income from continuing operations to net cash from operating activities:
 
 
 

Special charges, net
1.4

 
3.6

Gain on change in fair value of equity security
(7.9
)
 

Deferred and other income taxes
4.4

 
6.1

Depreciation and amortization
16.6

 
13.4

Pension and other employee benefits
5.1

 
3.8

Long-term incentive compensation
6.8

 
8.1

Other, net
0.6

 
0.7

Changes in operating assets and liabilities, net of effects from acquisitions:
 
 


Accounts receivable and other assets
71.0

 
11.1

Inventories
(18.0
)
 
(4.8
)
Accounts payable, accrued expenses and other
(69.8
)
 
(67.4
)
Cash spending on restructuring actions
(2.2
)
 
(0.9
)
Net cash from continuing operations
28.0

 
5.8

Net cash used in discontinued operations
(1.5
)
 
(1.1
)
Net cash from operating activities
26.5

 
4.7

Cash flows used in investing activities:
 
 
 
Proceeds from company-owned life insurance policies, net
2.4

 
0.2

Business acquisitions, net of cash acquired
(77.2
)
 
(182.6
)
Net proceeds from sale of assets
5.5

 
10.1

Capital expenditures
(6.2
)
 
(5.4
)
Net cash used in continuing operations
(75.5
)
 
(177.7
)
Net cash from discontinued operations

 
2.4

Net cash used in investing activities
(75.5
)
 
(175.3
)
Cash flows from financing activities:
 
 
 
Borrowings under senior credit facilities
101.6

 
129.0

Repayments under senior credit facilities
(86.8
)
 
(33.0
)
Borrowings under trade receivables financing arrangement
45.0

 
32.0

Repayments under trade receivables financing arrangement
(44.0
)
 
(10.0
)
Net borrowings (repayments) under other financing arrangements
2.7

 
(1.1
)
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options and other
(4.8
)
 
(3.0
)
Net cash from continuing operations
13.7

 
113.9

Net cash from (used in) discontinued operations

 

Net cash from financing activities
13.7

 
113.9

Change in cash and equivalents due to changes in foreign currency exchange rates
1.1

 
(0.9
)
Net change in cash and equivalents
(34.2
)
 
(57.6
)
Consolidated cash and equivalents, beginning of period
68.8

 
124.3

Consolidated cash and equivalents, end of period
$
34.6

 
$
66.7

 
The accompanying notes are an integral part of these statements.

6



SPX CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; in millions, except per share data)
 
     (1) 
BASIS OF PRESENTATION
Unless otherwise indicated, “we,” “us” and “our” mean SPX Corporation and its consolidated subsidiaries (“SPX”).
We prepared the condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally required by accounting principles generally accepted in the United States (“GAAP”) can be condensed or omitted. The financial statements represent our accounts after the elimination of intercompany transactions and, in our opinion, include the adjustments (consisting only of normal and recurring items) necessary for their fair presentation.
We account for investments in unconsolidated companies where we exercise significant influence but do not have control using the equity method. In determining whether we are the primary beneficiary of a variable interest entity (“VIE”), we perform a qualitative analysis that considers the design of the VIE, the nature of our involvement and the variable interests held by other parties to determine which party has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and which party has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We have an interest in a VIE, in which we are not the primary beneficiary, as a result of the 2016 sale of Balcke Dürr. All other VIEs are considered immaterial, individually and in aggregate, to our condensed consolidated financial statements.
Sale of Balcke Dürr

On December 30, 2016, we completed the sale of Balcke Dürr to a subsidiary of mutares AG (the “Buyer”). On April 30, 2018, we reached a settlement with the Buyer on the amount of cash and working capital at the closing date, as well as on various other matters, for a net payment from the Buyer in the amount of Euro 3.0 (with Euro 2.0 received in May 2018 and Euro 1.0 in July 2018). The settlement resulted in a gain, net of tax, of $3.8, which was recorded to “Gain (loss) on disposition of discontinued operations, net of tax” during the second quarter of 2018. See Note 3 for information on discontinued operations.

Wind-Down of the SPX Heat Transfer Business (“Heat Transfer”)
Transactions of note associated with the wind-down of Heat Transfer were as follows:
Second quarter of 2018:
We recorded charges of $2.0, with $0.9 related to the write-down of inventories (included in “Cost of products sold”), $0.6 related to the impairment of machinery and equipment, and $0.5 related to severance costs (both included in “Special charges, net” - See Note 7).
We sold certain intangible assets of the business for cash proceeds of $5.5, which resulted in a gain of less than $0.1.

First quarter of 2019 - We sold the business’s manufacturing facility for cash proceeds of $5.5, which resulted in a gain of $0.3 (included in “Other income, net”).

We anticipate completing the wind-down by the end of 2019.

Change in Segment Reporting Structure
During the fourth quarter of 2018, due, in part, to the certain wind-down activities, and the related decline in volumes, at our South African subsidiary, DBT Technologies (PTY) LTD (“DBT”), and Heat Transfer, we concluded that these operating segments were no longer economically similar to the other operating segments within our Engineered Solutions reportable segment. As such, DBT and Heat Transfer are now being reported, for all periods presented, within an “All Other” category outside of our reportable segments. See Notes 4 and 6 for additional details.
Acquisition of Schonstedt
On March 1, 2018, we completed the acquisition of Schonstedt Instrument Company (“Schonstedt”), a manufacturer and distributor of magnetic locator products used for locating underground utilities and other buried objects, for a purchase price of $16.4, net of cash acquired of $0.3. The post-acquisition operating results of Schonstedt are reflected within our Detection and Measurement reportable segment.

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Acquisition of Cues
On June 7, 2018, we completed the acquisition of Cues, Inc. (“Cues”), a manufacturer of pipeline inspection and rehabilitation equipment, which significantly increases our presence in the pipeline inspection market. The acquisition was completed through the purchase of all of the issued and outstanding shares of Cues’ parent company for a purchase price of $164.4, net of cash acquired of $20.6. The post-acquisition operating results of Cues are reflected within our Detection and Measurement reportable segment. See Note 3 for additional details on the Cues acquisition.
Acquisition of Sabik
On February 1, 2019, we completed the acquisition of Sabik Marine (“Sabik”), a manufacturer of obstruction lighting products, from Carmanah Technologies Corporation for a purchase price of $77.2, net of cash acquired of $0.6. The assets acquired and liabilities assumed have been recorded at estimates of fair value as determined by management, based on information available and on assumptions as to future operations and are subject to change upon completion of acquisition accounting. The post-acquisition operating results of Sabik are reflected within our Detection and Measurement reportable segment. See Notes 3 and 9 for additional details on the Sabik acquisition.
Other
Preparing financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from these estimates. The unaudited information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018. Interim results are not necessarily indicative of full year results. We have reclassified certain prior year amounts to conform to the current year presentation, including amounts related to the change in the segment reporting structure previously discussed. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations only. See Note 3 for information on discontinued operations.
We establish actual interim closing dates using a fiscal calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2019 are March 30, June 29 and September 28, compared to the respective March 31, June 30 and September 29, 2018 dates. We had one less day in the first quarter of 2019 and will have one more day in the fourth quarter of 2019 than in the respective 2018 periods. We do not believe the one less day during the first quarter of 2019 had a material impact on our consolidated operating results for the first half of 2019, when compared to the consolidated operating results for the first half of 2018.
(2)                                NEW ACCOUNTING PRONOUNCEMENTS
The following is a summary of new accounting pronouncements that apply or may apply to our business.
ASC Topic 842
In February 2016, the Financial Accounting Standards Board (“FASB”) issued an amendment to existing guidance, Accounting Standards Codification (“ASC”) 842, that requires lessees to recognize assets and liabilities for the rights and obligations created by leases. Under the amendment, additional qualitative and quantitative disclosures are required to allow users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. Effective January 1, 2019, we adopted ASC 842 using the modified retrospective transition approach. The modified retrospective transition approach recognizes any changes as of the beginning of the year of initial application (i.e., as of January 1, 2019) through retained earnings, with no restatement of comparative periods.

The new standard provides a number of optional practical expedients upon transition. We elected the “package of practical expedients,” which allowed us to maintain our prior conclusions regarding lease identification, lease classification and initial direct costs. We did not elect the practical expedients for the use-of-hindsight or land easements; the latter not being applicable to us.

The impact of the initial adoption of the standard on our condensed consolidated balance sheet is summarized below, with the most significant impact being the recognition of right-of-use (“ROU”) assets and lease liabilities for operating leases. Our accounting for finance leases remains substantially unchanged.

8



 
December 31,
2018
 
Impact of Adoption of ASC 842
 
January 1,
2019
Assets
 
 
 
 
 
Other assets
$
657.7

 
$
27.7

 
$
685.4

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Accrued expenses
183.7

 
7.9

 
191.6

Other long-term liabilities
817.3

 
19.8

 
837.1



The adoption of ASC 842 had no impact on our retained deficit and no significant impact on the accompanying condensed consolidated statements of operations for the three and six months ended June 29, 2019 and condensed consolidated statement of cash flows for the six months ended June 29, 2019.

See Note 5 for further discussion of the post adoption impact of ASC 842.

Other Accounting Pronouncements
In May 2014, the FASB issued a new standard on revenue recognition (“ASC 606”) that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The only significant change in revenue recognition as a result of the adoption of ASC 606 related to our power transformer business. Under ASC 606, revenues for our power transformer business are being recognized over time, while under previous revenue recognition guidance (ASC 605), revenues for power transformers were recognized at a point in time. We adopted the standard as of January 1, 2018 under the modified retrospective transition approach, which resulted in a decrease of our retained deficit of $4.0.

In June 2016 the FASB issued an amendment on the measurement of credit losses. The FASB’s new guidance changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income, including trade receivables, based on historical experience, current conditions and reasonable and supportable forecasts. This amendment is effective for interim and annual reporting periods beginning after December 15, 2019. We are currently evaluating the impact this amendment may have on our consolidated financial statements.

In October 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-16, which removes the prohibition in ASC 740 against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. ASU 2016-16 became effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. The requirements of ASU 2016-16 were to be applied on a modified retrospective basis, which entailed recognizing the initial effect of adoption in retained earnings. We adopted ASU 2016-16 as of January 1, 2018, which resulted in an increase of our retained deficit of $0.2.
In January 2017, the FASB issued an amendment to simplify the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires that an entity recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This amendment is effective for annual reporting periods beginning after December 31, 2019, including interim periods within those annual reporting periods. Early adoption is permitted. The impact of this amendment on our consolidated financial statements will depend on the results of future goodwill impairment tests.
In August 2017, the FASB issued significant amendments to hedge accounting. The FASB’s new guidance will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. We adopted this guidance during the first quarter of 2019, with such adoption having no material impact to our condensed consolidated financial statements.
In February 2018, the FASB amended its guidance for reporting comprehensive income to reflect the potential impacts of the reduction in the corporate tax rate resulting from the Tax Cuts and Jobs Act (the “Act”). The amendment gives the option of reclassifying the stranded tax effects within accumulated other comprehensive income (“AOCI”) to retained earnings during the fiscal year or quarter in which the effect of the lower tax rate is recorded. We adopted this guidance as of January 1, 2018, which resulted in an increase of our retained deficit of $4.8.

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     (3) 
ACQUISITIONS AND DISCONTINUED OPERATIONS
Acquisition of Sabik
As indicated in Note 1, on February 1, 2019, we completed the acquisition of Sabik for $77.2, net of cash acquired of $0.6. The assets acquired and liabilities assumed have been recorded at estimates of fair value as determined by management, based on available information and on assumptions as to future operations and are subject to change upon completion of acquisition accounting. We financed the acquisition with available cash and borrowings under our senior credit and trade receivables financing arrangements. For the period February 1, 2019 to June 29, 2019, Sabik recognized revenues and a net income of $12.3 and $0.3, respectively, with the net income impacted by charges of $1.7 associated with the excess fair value (over historical cost) of inventory acquired which was subsequently sold during the period. During the six months ended June 29, 2019, we incurred acquisition related costs for Sabik of $0.2, which have been recorded to “Selling, general and administrative” within the accompanying condensed consolidated statement of operations. The pro forma effects of the Sabik acquisition are not material to our consolidated results of operations.
Acquisition of Cues
As indicated in Note 1, on June 7, 2018, we completed the acquisition of Cues for $164.4, net of cash acquired of $20.6. We financed the acquisition with available cash and borrowings under our senior credit and trade receivables financing arrangements. The following is a summary of the recorded fair values of the assets acquired and liabilities assumed for Cues as of June 7, 2018:
Assets acquired:
 
 
Current assets, including cash and equivalents of $20.6
 
$
70.4

Property, plant and equipment
 
7.4

Goodwill
 
47.8

Intangible assets
 
79.5

Other assets
 
2.3

Total assets acquired
 
207.4

 
 
 
Current liabilities assumed
 
7.8

Non-current liabilities assumed
 
14.6

 
 
 
Net assets acquired
 
$
185.0


The identifiable intangible assets acquired consist of a trademark, customer backlog, customer relationships, and technology of $27.6, $0.8, $42.6, and $8.5, respectively, with such amounts based on an assessment of the related fair values. We are amortizing the customer backlog, customer relationships, and technology assets over 0.5, 12.0, and 11.0 years, respectively.
We acquired gross receivables of $13.6, which had a fair value at the acquisition date of $13.2 based on our estimates of cash flows expected to be recovered.
The qualitative factors that comprise the recorded goodwill include expected synergies from combining our existing inspection equipment operations with those of Cues, expected market growth for Cues’ existing operations, and various other factors. We expect none of this goodwill or the intangible assets described above to be deductible for tax purposes.
The following unaudited pro forma information presents our results of operations for the three and six months ended June 30, 2018 as if the acquisition of Cues had taken place on January 1, 2018. The unaudited pro forma financial information is not intended to represent or be indicative of our consolidated results of operations that would have been reported had the acquisition been completed as of the date presented, and should not be taken as representative of our future consolidated results of operations. The pro forma results include estimates and assumptions that management believes are reasonable; however, these results do not include any anticipated cost savings or expenses of the planned integration of Cues. These pro forma results of operations have been prepared for comparative purposes only and include additional interest expense on the borrowings required to finance the acquisition, additional depreciation and amortization expense associated with fair value adjustments to the acquired property, plant and equipment and intangible assets, the removal of charges associated with excess fair value (over historical cost) of inventory

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acquired and subsequently sold, the removal of professional fees incurred in connection with the transaction, and the related income tax effects.
 
Three months ended
 
Six months ended
 
June 30,
2018
 
June 30,
2018
Revenues
$
395.9

 
$
765.2

Income from continuing operations
23.6

 
36.3

Net income
26.9

 
39.6

 
 
 
 
Income from continuing operations per share of common stock:
 
 
 
Basic
$
0.55

 
$
0.85

Diluted
$
0.53

 
$
0.81

 
 
 
 
Net income per share of common stock:
 
 
 
Basic
$
0.63

 
$
0.92

Diluted
$
0.60

 
$
0.89



Acquisition of Schonstedt
As indicated in Note 1, on March 1, 2018, we completed the acquisition of Schonstedt for $16.4, net of cash acquired of $0.3. The pro forma effects of the Schonstedt acquisition are not material to our consolidated results of operations.
Discontinued Operations
As indicated in Note 1, during the second quarter of 2018, we reached a settlement with the Buyer of Balcke Dürr on the working capital and cash at the closing date, as well as on various other matters. The settlement resulted in a gain, net of tax, of $3.8, which was recorded to “Gain (loss) on disposition of discontinued operations, net of tax” during the second quarter of 2018.

In addition to the adjustment to the net loss related to the Balcke Dürr sale, we recognized net losses of $0.2 and