XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Impact of Recently Issued Accounting Standards Impact of new accounting standards (Tables)
 9 Months Ended
Sep. 29, 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 September 30, 2017
 
Nine Months Ended September 30, 2017
 
 
As Previously Reported
 
Adjustments**
 
Adjusted for New Standards
 
As Previously Reported
 
Adjustments**
 
Adjusted for New Standards
Sales
 
$
6,953,740


$
(97,632
)

$
6,856,108

 
$
19,178,638

 
$
(163,524
)
 
$
19,015,114

Cost of sales
 
6,110,382


(96,841
)

6,013,541

 
16,751,427

 
(164,101
)
 
16,587,326

Gross profit
 
843,358


(791
)

842,567

 
2,427,211

 
577

 
2,427,788

Operating expenses:
 








 


 


 


Selling, general, and administrative expenses
 
552,896


(240
)

552,656

 
1,600,762

 
(799
)
 
1,599,963

Depreciation and amortization
 
38,574


—


38,574

 
113,096

 
—

 
113,096

Restructuring, integration, and other charges
 
15,896


—


15,896

 
55,817

 
—

 
55,817

 
 
607,366


(240
)

607,126

 
1,769,675

 
(799
)
 
1,768,876

Operating income
 
235,992


(551
)

235,441

 
657,536

 
1,376

 
658,912

Equity in earnings of affiliated companies
 
1,216


—


1,216

 
2,865

 
—

 
2,865

Gain (loss) on investments, net
 
(15,000
)

1,971


(13,029
)
 
(14,250
)
 
5,466

 
(8,784
)
Loss on extinguishment of debt
 
786


—


786

 
59,545

 
—

 
59,545

Employee benefit plan expense
 
—


1,850


1,850

 
—

 
5,547

 
5,547

Interest and other financing expense, net
 
39,748


363


40,111

 
120,179

 
719

 
120,898

Income before income taxes
 
181,674


(793
)

180,881

 
466,427

 
576

 
467,003

Provision for income taxes
 
46,199


(227
)

45,972

 
114,998

 
130

 
115,128

Consolidated net income
 
135,475


(566
)

134,909

 
351,429

 
446

 
351,875

Noncontrolling interests
 
845


—


845

 
3,352

 
—

 
3,352

Net income attributable to shareholders
 
134,630


(566
)

134,064

 
348,077

 
446

 
348,523

Net income per share:
 
 
 
 
 
 
 
 
 

 
 
Basic*
 
$
1.52


$
—


$
1.52

 
$
3.92

 
$
—

 
$
3.92

Diluted*
 
$
1.50


$
—


$
1.50

 
$
3.87

 
$
0.01

 
$
3.88

* 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 "Employee benefit plan expense", which is classified as non-operating on the statement of operations.