Impact of Recently Issued Accounting Standards Impact of new accounting standards (Tables)

6 Months Ended

Jun. 30, 2018

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Impact of Recently Issued Accounting Standards [Table Text Block]

The following table presents the effect of the adoption of Topic 606, ASU No. 2017-07, and other prior period reclassifications.

	Quarter Ended July 1, 2017							Six Months Ended July 1, 2017
	As Previously Reported		Adjustments**			Adjusted for New Standards		As Previously Reported		Adjustments**			Adjusted for New Standards
Sales	$	6,465,346	$	(43,120	)	$	6,422,226	$	12,224,898	$	(65,892	)	$	12,159,006
Cost of sales	5,641,380		(43,178		)	5,598,202		10,641,045		(67,260		)	10,573,785
Gross profit	823,966		58			824,024		1,583,853		1,368			1,585,221
Operating expenses:
Selling, general, and administrative expenses	532,347		(566		)	531,781		1,047,866		(559		)	1,047,307
Depreciation and amortization	37,381		—			37,381		74,522		—			74,522
Restructuring, integration, and other charges	24,416		—			24,416		39,921		—			39,921
	594,144		(566		)	593,578		1,162,309		(559		)	1,161,750
Operating income	229,822		624			230,446		421,544		1,927			423,471
Equity in earnings of affiliated companies	724		—			724		1,649		—			1,649
Gain on investments, net	750		1,513			2,263		750		3,495			4,245
Loss on extinguishment of debt	58,759		—			58,759		58,759		—			58,759
Post-retirement expense	—		1,897			1,897		—		3,697			3,697
Interest and other financing expense, net	42,358		180			42,538		80,431		356			80,787
Income before income taxes	130,179		60			130,239		284,753		1,369			286,122
Provision for income taxes	29,575		17			29,592		68,799		357			69,156
Consolidated net income	100,604		43			100,647		215,954		1,012			216,966
Noncontrolling interests	925		—			925		2,507		—			2,507
Net income attributable to shareholders	$	99,679	$	43		$	99,722	$	213,447	$	1,012		$	214,459
Net income per share:
Basic*	$	1.12	$	—		$	1.12	$	2.40	$	0.01		$	2.41
Diluted*	$	1.11	$	—		$	1.11	$	2.37	$	0.01		$	2.38

* The sum of the as previously reported and as adjusted may not agree to totals, as presented, due to rounding.

** Topic 606 impacted sales and cost of sales. ASU No. 2017-07 and other reclassifications impacted operating and non-operating expenses.

The following table presents the effect of the adoption of Topic 606, ASU No. 2017-07, and other prior period reclassifications for 2017.

	First Quarter				Second Quarter				Third Quarter				Fourth Quarter				Year to Date
	As Previously Reported		Adjusted for New Standards		As Previously Reported		Adjusted for New Standards		As Previously Reported		Adjusted for New Standards		As Previously Reported		Adjusted for New Standards		As Previously Reported		Adjusted for New Standards
2017
Sales	$	5,759,552	$	5,736,780	$	6,465,346	$	6,422,226	$	6,953,740	$	6,856,108	$	7,633,870	$	7,539,449	$	26,812,508	$	26,554,563
Cost of sales	4,999,665		4,975,583		5,641,380		5,598,202		6,110,382		6,013,541		6,703,742		6,610,269		23,455,169		23,197,595
Operating income	191,722		193,025		229,822		230,446		235,992		235,441		270,914		286,824		928,450		945,736
Net income attributable to shareholders	$	113,768	$	114,737	$	99,679	$	99,722	$	134,630	$	134,064	$	53,885	$	53,653	$	401,962	$	402,176

Operating income for the fourth quarter of 2017 was impacted by a reclassification of pension settlement expense of $16,706 due to the implementation of ASU No. 2017-07. The settlement expense was moved to "post-retirement expense", which is classified as non-operating on the statement of operations.