Recently Issued Accounting Pronouncements (Tables)

9 Months Ended

Dec. 31, 2018

Accounting Changes and Error Corrections [Abstract]

Schedule of new accounting pronouncements

The following table summarizes the opening balance sheet adjustments related to the adoption of the New Revenue Standard, ASU 2016-01-Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, and ASU 2016-16-Intra-Entity Transfers of Assets Other Than Inventory (in millions):

	Balance as of			Adjustments from									Balance as of
	March 31, 2018			ASC Topic 606			ASU 2016-01			ASU 2016-16			April 1, 2018
ASSETS
Accounts receivable, net	$	563.7		$	(45.6	)	$	—		$	—		$	518.1
Inventories	$	476.2		$	(5.1	)	$	—		$	—		$	471.1
Other current assets	$	119.8		$	17.2		$	—		$	—		$	137.0
Long-term deferred tax assets	$	100.2		$	(23.1	)	$	—		$	1,579.4		$	1,656.5
Other assets	$	71.8		$	—		$	—		$	(24.1	)	$	47.7
LIABILITIES
Accrued liabilities	$	229.6		$	18.5		$	—		$	—		$	248.1
Deferred income on shipments to distributors	$	333.8		$	(333.8	)	$	—		$	—		$	—
Long-term deferred tax liability	$	205.8		$	16.8		$	—		$	(1.1	)	$	221.5
Other long-term liabilities	$	240.9		$	—		$	—		$	(1.7	)	$	239.2
STOCKHOLDERS' EQUITY
Accumulated other comprehensive loss	$	(17.6	)	$	—		$	(1.7	)	$	—		$	(19.3	)
Retained earnings	$	1,397.3		$	241.9		$	1.7		$	1,558.1		$	3,199.0

In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our condensed consolidated income statement and balance sheet for the period ended December 31, 2018 was as follows (in millions):

Income Statement	For the three months ended December 31, 2018
	As reported		Balances without adoption of New Revenue Standard		Effect of Change Higher / (Lower)
Net Sales	$	1,374.7	$	1,391.4	$	(16.7	)
Cost of Sales	$	595.1	$	606.6	$	(11.5	)
Gross Profit	$	779.6	$	784.8	$	(5.2	)
Income tax provision (benefit)	$	5.8	$	5.2	$	0.6
Net Income	$	49.2	$	55.0	$	(5.8	)

Income Statement	For the nine months ended December 31, 2018
	As reported			Balances without adoption of New Revenue Standard			Effect of Change Higher / (Lower)
Net Sales	$	4,019.7		$	4,039.0		$	(19.3	)
Cost of Sales	$	1,908.8		$	1,925.9		$	(17.1	)
Gross Profit	$	2,110.9		$	2,113.1		$	(2.2	)
Income tax provision (benefit)	$	(127.9	)	$	(128.1	)	$	0.2
Net Income	$	181.2		$	183.6		$	(2.4	)

Balance Sheet	As of December 31, 2018
	As reported		Balances without adoption of New Revenue Standard		Effect of Change Higher / (Lower)
ASSETS
Accounts receivable, net	$	544.8	$	578.6	$	(33.8	)
Inventories	$	702.5	$	715.0	$	(12.5	)
Other current assets	$	194.1	$	157.3	$	36.8
Other assets	$	106.4	$	100.9	$	5.5
Long-term deferred tax assets	$	1,717.1	$	1,739.4	$	(22.3	)
LIABILITIES
Accrued liabilities	$	407.7	$	387.4	$	20.3
Deferred income on shipments to distributors	$	—	$	320.1	$	(320.1	)
Long-term deferred tax liability	$	830.5	$	813.7	$	16.8
STOCKHOLDERS' EQUITY
Retained Earnings	$	3,122.4	$	2,865.7	$	256.7