Quarterly report pursuant to Section 13 or 15(d)

Significant Accounting Policies (Tables)

v3.10.0.1
Significant Accounting Policies (Tables)
9 Months Ended
Sep. 29, 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 nine months ended September 29, 2018 as a result of applying the new revenue standard was as follows:
 
Three Months Ended September 29, 2018
(in millions)
As Reported
 
Effect of Change
 
Balances without adoption of ASC 606
Net sales
$
1,298.0

 
$
(15.7
)
 
$
1,282.3

Cost of sales
953.1

 
(6.2
)
 
946.9

 
 
 
 
 
 
Earnings before income taxes
74.9

 
(9.5
)
 
65.4

Income tax provision
4.9

 
(1.7
)
 
3.2

Net earnings
$
70.0

 
$
(7.8
)
 
$
62.2


 
Nine Months Ended September 29, 2018
(in millions)
As Reported
 
Effect of Change
 
Balances without adoption of ASC 606
Net sales
$
3,910.3

 
$
(10.8
)
 
$
3,899.5

Cost of sales
2,905.7

 
(6.2
)
 
2,899.5

 
 
 
 
 
 
   Earnings before income taxes
273.0

 
(4.6
)
 
268.4

Income tax provision
51.1

 
(0.9
)
 
50.2

Net earnings
$
221.9

 
$
(3.7
)
 
$
218.2

 
As of September 29, 2018
 
As Reported
 
Effect of Change
 
Balances without adoption of ASC 606
Assets
 
 
 
 
 
Accounts and notes receivable
$
577.8

 
$
(1.2
)
 
$
576.6

Deferred income tax asset
99.9

 
(8.1
)
 
91.8

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Accrued expenses
668.6

 
(34.5
)
 
634.1

 
 
 
 
 
 
Shareholders' equity
 
 
 
 
 
Retained earnings
2,110.5

 
25.2

 
2,135.7