Revision of Prior Period Financial Statements

12 Months Ended

Dec. 31, 2019

Revision of Prior Period Financial Statements

Revision of Prior Period Financial Statements

21. Revision of Prior Period Financial Statements

As discussed in Note 1, the Company revised certain prior period financial statements for an immaterial error related to the recognition of deferred tax assets associated with state bonus depreciation modification in certain states. A summary of revisions to the Company’s previously reported financial statements presented herein for comparative purposes is included below.

Revised Consolidated Balance Sheets

	December 31, 2018
	As Reported		Adjustment		As Revised
	(in millions)
Liabilities and Stockholders’ Deficit
Deferred income taxes, net	$	201.4	$	(8.5)	$	192.9
Total liabilities		2,709.9		(8.5)		2,701.4
Accumulated deficit		(519.3)		8.5		(510.8)
Total stockholders’ deficit		(290.3)		8.5		(281.8)
Total liabilities and stockholders’ deficit	$	2,419.6	$	—	$	2,419.6

Revised Consolidated Statements of Operations

	Year ended December 31,
	2018						2017
	As Reported		Adjustment		As Revised		As Reported		Adjustment		As Revised
	(in millions)
Income tax benefit	$	61.8	$	3.3	$	65.1	$	157.2	$	1.1	$	158.3
Net income (loss)	$	(90.6)	$	3.3	$	(87.3)	$	184.2	$	1.1	$	185.3
Basic earnings (loss) per share	$	(1.11)	$		$	(1.07)	$	2.34			$	2.35
Dilutive earnings (loss) per share	$	(1.11)	$		$	(1.07)	$	2.34			$	2.35

Revised Consolidated Statements of Comprehensive Income (Loss)

		Year ended December 31,
		2018						2017
		As Reported		Adjustment		As Revised		As Reported		Adjustment		As Revised
	(in millions)
Net income (loss)		$	(90.6)	$	3.3	$	(87.3)	$	184.2	$	1.1	$	185.3
Comprehensive income (loss)		$	(97.1)	$	3.3	$	(93.8)	$	184.2	$	1.1	$	185.3

Revised Statement of Stockholders’ Deficit

	As Reported		Adjustment		As Revised
	(in millions)
Accumulated deficit at January 1, 2017	$	(622.0)	$	4.1	$	(617.9)
Net income for the year ended December 31, 2017		184.2		1.1		185.3
Accumulated deficit at December 31, 2017		(437.8)		5.2		(432.6)
Net loss for the year ended December 31, 2018		(90.6)		3.3		(87.3)
Accumulated deficit at December 31, 2018		(519.3)		8.5		(510.8)
Total Stockholders' Deficit at January 1, 2017	$	(680.1)	$	4.1	$	(676.0)
Total Stockholders' Deficit at December 31, 2017	$	(141.8)	$	5.2	$	(136.6)
Total Stockholders' Deficit at December 31, 2018	$	(290.3)	$	8.5	$	(281.8)

Revised Statement of Cash Flows

	Year ended December 31,
	2018						2017
	As Reported		Adjustment		As Revised		As Reported		Adjustment		As Revised
	(in millions)
Net income (loss)	$	(90.6)	$	3.3	$	(87.3)	$	184.2	$	1.1	$	185.3
Deferred income taxes	$	(54.0)	$	(3.3)	$	(57.3)	$	(174.8)	$	(1.1)	$	(175.9)