Quarterly report pursuant to Section 13 or 15(d)

Significant Accounting Policies (Tables)

v3.8.0.1
Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 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
$
480.2

 
$
1.2

 
$
481.4

Deferred income tax asset
165.6

 
9.3

 
174.9

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Accrued expenses
563.6

 
25.4

 
589.0

Current liabilities held for sale
56.2

 
13.7

 
69.9

 
 
 
 
 
 
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 months ended March 31, 2018 as a result of applying the new revenue standard was as follows:
(in millions)
As Reported
 
Effect of Change
 
Balances without adoption of ASC 606
Net sales
$
1,155.4

 
$
(1.8
)
 
$
1,153.6

Cost of sales
847.6

 
0.9

 
848.5

 
 
 
 
 
 
Earnings before income taxes
110.3

 
(2.7
)
 
107.6

Income tax provision
29.8

 
(0.6
)
 
29.2

Net earnings from continuing operations
80.5

 
(2.1
)
 
78.4

 
 
 
 
 
 
Discontinued operations:
 
 
 
 
 
   Loss from discontinued operations, net of tax
(7.6
)
 
(2.3
)
 
(9.9
)
 
 
 
 
 
 
   Net earnings
$
72.9

 
$
(4.4
)
 
$
68.5

 
As Reported
 
Effect of Change
 
Balances without adoption of ASC 606
Assets
 
 
 
 
 
Accounts and notes receivable
$
617.5

 
$
(1.2
)
 
$
616.3

Deferred income tax asset
171.0

 
(8.0
)
 
163.0

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Accrued expenses
583.6

 
(22.8
)
 
560.8

Current liabilities held for sale
68.0

 
(10.8
)
 
57.2

 
 
 
 
 
 
Shareholders' equity
 
 
 
 
 
Retained earnings
1,994.4

 
24.2

 
2,018.6