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65
Consolidated Statement of Financial Position
December 31, 2014
As Previously
Tax Revision
Other
Reported
Adjustments
Adjustments *
As Revised
ASSETS
Current assets:
Trade receivables
$
421.6
$
0.1
$
2.4
$
424.1
Prepaid expenses and other current assets
225.8
(7.1)
–
218.7
Total current assets
1,834.3
(7.0)
2.4
1,829.7
Goodwill
605.8
–
(2.4)
603.4
Other assets
142.6
61.6
(3.2)
201.0
Total assets
$
3,633.1
$
54.6
$
(3.2)
$
3,684.5
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued liabilities
$
678.5
$
(6.2)
$
–
$
672.3
Total current liabilities
1,211.3
(6.2)
–
1,205.1
Long-term debt
699.7
–
(3.2)
696.5
Other liabilities
458.8
33.5
–
492.3
Total liabilities
2,369.8
27.3
(3.2)
2,393.9
Stockholders' equity:
Capital in excess of par
956.2
(0.5)
–
955.7
Retained earnings
1,404.1
20.9
–
1,425.0
Accumulated other comprehensive loss
(91.6)
6.9
–
(84.7)
Total stockholders' equity
1,263.3
27.3
–
1,290.6
Total liabilities and stockholders' equity
$
3,633.1
$
54.6
$
(3.2)
$
3,684.5
* Other Adjustments include second quarter 2015 measurement period adjustments applied retrospectively prior to the Company’s election to early adopt ASU 2015-
16 and the impact of the Company’s retrospective application of ASU 2015-03 to present debt issuance costs as a direct reduction to the related debt obligation.
Refer to Note 2 of the Notes to Consolidated Financial Statements for more information on the Company’s election to early adopt
ASU 2015-17 issued in November 2015 related to the balance sheet presentation of deferred income taxes. The Company elected to
early adopt the guidance during 2015 on a prospective basis.
Refer to Note 2 of the Notes to Consolidated Financial Statements for information regarding the Company’s election to early adopt
ASU 2015-07 issued in May 2015 that removes the requirement to categorize within the fair value hierarchy investments for which
fair value is measured using the net asset value per share practical expedient.
Refer to Note 4 of the Notes to Consolidated Financial Statements for information regarding the second quarter 2015 measurement
period adjustments applied retrospectively to the Consolidated Statements of Financial Position related to the acquisition of ReadSoft
in the third quarter of 2014. Beginning in the third quarter of 2015, the Company elected to early adopt ASU 2015-16 issued in
September 2015 to record measurement period adjustments in the period in which they are determined, rather than retrospectively.
Refer to Note 13 of the Notes to Consolidated Financial Statements for information regarding the Company’s election to early adopt
ASU 2015-03 issued in April 2015 to simplify the presentation of debt issuance costs.
2. SIGNIFICANT ACCOUNTING POLICIES
The Company’s significant accounting policies are an integral part of its financial statements.
Principles of Consolidation:
The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All significant
intercompany accounts and transactions have been eliminated.