Quarterly report pursuant to Section 13 or 15(d)

Significant Accounting Policies (Tables)

v3.10.0.1
Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]
The cumulative effect of the changes made to the Company's Condensed Consolidated Balance Sheets as of January 1, 2018 for the adoption of the new revenue standard was as follows:
(in millions)
Balance as of December 31, 2017
 
Adjustments Due to ASC 606
 
Balance as of January 1, 2018
Assets
 
 
 
 
 
Accounts and notes receivable
$
485.3

 
$
1.2

 
$
486.5

Deferred income tax asset
165.6

 
9.3

 
174.9

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Accrued expenses
609.0

 
39.1

 
648.1

 
 
 
 
 
 
Shareholders' equity
 
 
 
 
 
Retained earnings
1,966.8

 
(28.6
)
 
1,938.2

The impact to the Company's Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Balance Sheets as of and for the three and six months ended June 30, 2018 as a result of applying the new revenue standard was as follows:
 
Three Months Ended June 30, 2018
(in millions)
As Reported
 
Effect of Change
 
Balances without adoption of ASC 606
Net sales
$
1,400.9

 
$
9.7

 
$
1,410.6

Cost of sales
1,051.2

 
(0.9
)
 
1,050.3

 
 
 
 
 
 
Earnings before income taxes
98.0

 
10.6

 
108.6

Income tax provision
19.0

 
2.0

 
21.0

Net earnings
$
79.0

 
$
8.6

 
$
87.6


 
Six Months Ended June 30, 2018
(in millions)
As Reported
 
Effect of Change
 
Balances without adoption of ASC 606
Net sales
$
2,612.3

 
$
4.9

 
$
2,617.2

Cost of sales
1,952.6

 
(0.1
)
 
1,952.5

 
 
 
 
 
 
   Earnings before income taxes
198.1

 
5.0

 
203.1

Income tax provision
46.2

 
0.8

 
47.0

Net earnings
$
151.9

 
$
4.2

 
$
156.1

 
As of June 30, 2018
 
As Reported
 
Effect of Change
 
Balances without adoption of ASC 606
Assets
 
 
 
 
 
Accounts and notes receivable
$
578.1

 
$
1.4

 
$
579.5

Deferred income tax asset
169.5

 
(10.5
)
 
159.0

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Accrued expenses
679.7

 
(33.5
)
 
646.2

 
 
 
 
 
 
Shareholders' equity
 
 
 
 
 
Retained earnings
2,056.9

 
24.4

 
2,081.3