Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table presents the impact on our opening Consolidated Balance Sheet as of January 1, 2018 of adopting ASC 606 (in millions of dollars):

	December 31, 2017 As Reported		Cumulative-effect Adjustments1			January 1, 2018 As Adjusted
Contract assets	$	—	$	55.6		$	55.6
Inventories	207.9		(40.7		)	167.2
Total current assets	656.6		14.9			671.5
Deferred tax assets, net	72.0		(3.3		)	68.7
Total assets	$	1,385.2	$	11.6		$	1,396.8
Other accrued liabilities	40.5		1.5			42.0
Total current liabilities	173.1		1.5			174.6
Total liabilities	$	638.9	$	1.5		$	640.4
Retained earnings	85.5		10.1			95.6
Total stockholders' equity	746.3		10.1			756.4
Total liabilities and stockholders' equity	$	1,385.2	$	11.6		$	1,396.8

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¹  Included in the cumulative-effect adjustment was a charge of $5.0 million as a result of decrementing higher cost prior LIFO layers.

The following table presents the impact of adopting ASC 606 on our Consolidated Balance Sheet as of the period presented (in millions of dollars):

	December 31, 2018 As Reported		Adjustments			December 31, 2018 without Adoption of ASC 606
Contract assets	$	54.9	$	(54.9	)	$	—
Inventories	215.1		32.4			247.5
Total current assets	656.6		(22.5		)	634.1
Deferred tax assets, net	35.9		3.3			39.2
Total assets	$	1,419.3	$	(19.2	)	$	1,400.1
Other accrued liabilities	44.0		(3.7		)	40.3
Total current liabilities	205.5		(3.7		)	201.8
Total liabilities	$	678.9	$	(3.7	)	$	675.2
Retained earnings	150.2		(15.5		)	134.7
Total stockholders' equity	740.4		(15.5		)	724.9
Total liabilities and stockholders' equity	$	1,419.3	$	(19.2	)	$	1,400.1

The following table presents the impact of adopting ASC 606 on our Statements of Consolidated Income for each period presented (in millions of dollars, except per share amounts):

	Year Ended December 31, 2018
	As Reported			Adjustments			Without Adoption of ASC 606
Net sales	$	1,585.9		$	1.2		$	1,587.1
Cost of products sold, excluding depreciation and amortization and other items1	1,300.7			8.3			1,309.0
Operating income	143.6			(7.1		)	136.5
Income before income taxes	120.0			(7.1		)	112.9
Income tax provision	(28.3		)	1.7			(26.6		)
Net income	$	91.7		$	(5.4	)	$	86.3
Net income per common share:
Basic	$	5.53		$	(0.33	)	$	5.20
Diluted	$	5.43		$	(0.32	)	$	5.11

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¹  Included in the "as reported" amounts was the benefit of having decremented higher cost prior LIFO layers as part of the cumulative-effect adjustment of adopting ASC 606, as discussed in the opening balance sheet table above.

The following table presents the impact of adopting ASC 606 on our Statements of Consolidated Comprehensive Income for each period presented (in millions of dollars):

	Year Ended December 31, 2018
	As Reported		Adjustments			Without Adoption of ASC 606
Net income	$	91.7	$	(5.4	)	$	86.3
Comprehensive income	$	80.0	$	(5.4	)	$	74.6

The following table presents the impact of adopting ASC 606 on our Statements of Consolidated Cash Flows for the period presented (in millions of dollars):

	Year Ended December 31, 2018 As Reported			Adjustments			Year Ended December 31, 2018 without Adoption of ASC 606
Net income	$	91.7		$	(5.4	)	$	86.3
Changes in operating assets and liabilities:
Contract assets	0.7			(0.7		)	—
Inventories	(45.0		)	8.3			(36.7		)
Accrued liabilities	(2.6		)	(2.2		)	(4.8		)
Net cash provided by operating activities	$	150.2		$	—		$	150.2