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New Accounting Pronouncements (Tables)
 3 Months Ended
Nov. 30, 2018
Accounting Changes and Error Corrections [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
The impact of the provisions of ASU 2017-07 on the Consolidated Statement of Comprehensive Income for the three months ended November 30, 2017 are as follows (in millions):
 
Three Months Ended November 30, 2017
 
As Revised
 
Previously Reported
 
Higher (Lower)
Cost of products sold
$
492.9

 
$
492.6

 
$
0.3

Selling, distribution, and administrative expenses
229.5

 
231.4

 
(1.9
)
Miscellaneous expense (income), net
1.2

 
(0.4
)
 
1.6

The effects of the adoption of ASC 606 on our Consolidated Statement of Comprehensive Income for the three months ended November 30, 2018, and the Consolidated Balance Sheet as of November 30, 2018 are as follows (in millions except per share amounts):
Consolidated Statement of Comprehensive Income
 
Three Months Ended November 30, 2018
 
 
As Currently Reported
 
Without ASC 606 Adoption
 
Higher (Lower)
Net sales
 
$
932.6

 
$
935.0

 
$
(2.4
)
Cost of products sold
 
565.1

 
566.4

 
(1.3
)
Selling, distribution, and administrative expenses
 
250.1

 
250.0

 
0.1

Operating profit
 
116.4

 
117.6

 
(1.2
)
Income tax expense
 
26.8

 
27.1

 
(0.3
)
Net income
 
79.6

 
80.5

 
(0.9
)
 
 
 
 
 
 
 
Basic earnings per share
 
$
1.99

 
$
2.01

 
$
(0.02
)
Diluted earnings per share
 
1.98

 
2.00

 
(0.02
)
Consolidated Balance Sheet
 
November 30, 2018
 
 
As Currently Reported
 
Without ASC 606 Adoption
 
Higher (Lower)
Accounts receivable, net
 
$
556.7

 
535.7

 
$
21.0

Prepayments and other current assets
 
60.1

 
43.9

 
16.2

Other accrued liabilities
 
222.2

 
184.8

 
37.4

Deferred income tax liabilities
 
88.7

 
93.2

 
(4.5
)
Other long-term liabilities
 
96.8

 
78.6

 
18.2

Retained earnings
 
2,060.6

 
2,074.5

 
(13.9
)