The following table shows how the adoption of ASC 606 impacted our consolidated statement of operations for the year ended April 30, 2019:



	Year Ended April 30, 2019
	Under Prior Guidance			As Reported Under ASC 606			Effect of Adoption
Sales	$	4,299		$	4,276		$	(23	)
Excise taxes	952			952			—
Net sales	3,347			3,324			(23		)
Cost of sales	1,157			1,158			1
Gross profit	2,190			2,166			(24		)
Advertising expenses	410			396			(14		)
Selling, general, and administrative expenses	649			641			(8		)
Other expense (income), net	(15		)	(15		)	—
Operating income	1,146			1,144			(2		)
Non-operating postretirement expense	22			22			—
Interest income	(8		)	(8		)	—
Interest expense	88			88			—
Income before income taxes	1,044			1,042			(2		)
Income taxes	208			207			(1		)
Net income	$	836		$	835		$	(1	)
Earnings per share:
Basic	$	1.74		$	1.74		$	—
Diluted	$	1.73		$	1.73		$	—

The following table shows how the adoption of ASC 606 impacted our consolidated balance sheet as of April 30, 2019:



	As of April 30, 2019
	Under Prior Guidance		As Reported Under ASC 606		Effect of Adoption
Assets:
Other current assets	$	284	$	283	$	(1	)
Deferred tax assets	15		16		1
Total assets	5,139		5,139		—

Liabilities:
Accounts payable and accrued expenses	$	511	$	544	$	33
Accrued income taxes	8		9		1
Deferred tax liabilities	153		145		(8		)
Total liabilities	3,466		3,492		26

Stockholders’ Equity:
Retained earnings	$	2,264	$	2,238	$	(26	)
Total stockholders’ equity	1,673		1,647		(26		)