New Accounting Pronouncements New Accounting Pronouncements (Tables)

6 Months Ended

Jun. 30, 2018

New Accounting Pronouncements [Abstract]

Summary of the Effects of Adopting ASC 606

A summary of the effects of adopting ASC 606 on the Condensed Consolidated Financial Statements follows:

	Three Months Ended June 30, 2018
(in millions)	As Reported		Balances Without Adoption of ASC 606		Effect of Change Higher/(Lower)
Condensed Consolidated Statement of Income
Revenues	$	1,236.1	$	1,227.1	$	9.0
Cost of goods sold	903.9		896.9		7.0
Operating income	159.7		157.7		2.0
Provision for income taxes	31.5		31.0		0.5
Income from continuing operations	114.7		113.2		1.5
Net income	113.7		112.2		1.5

	Six Months Ended June 30, 2018
(in millions)	As Reported		Balances Without Adoption of ASC 606		Effect of Change Higher/(Lower)
Condensed Consolidated Statement of Income
Revenues	$	2,220.8	$	2,200.8	$	20.0
Cost of goods sold	1,639.2		1,625.3		13.9
Operating income	254.4		248.3		6.1
Provision for income taxes	51.9		50.4		1.5
Income from continuing operations	172.6		168.0		4.6
Net income	423.3		418.7		4.6

	June 30, 2018
(in millions)	As Reported		Balances Without Adoption of ASC 606		Effect of Change Higher/(Lower)
Condensed Consolidated Balance Sheet
Receivables	$	841.6	$	799.6	$	42.0
Inventories	491.2		519.5		(28.3		)
Other current assets	54.3		53.4		0.9
Accrued expenses	253.5		252.0		1.5
Other long-term liabilities	275.5		273.5		2.0
Retained earnings	3,211.5		3,205.0		6.5