Recent Accounting Pronouncements (Tables)

12 Months Ended

Dec. 31, 2017

The adoption of the ASU is expected to impact the Company’s results as follows:



	December 31, 2017									December 31, 2016
(in millions) (except per share amounts)	As Reported			New Revenue Standard Adjustment			As Adjusted			As Reported			New Revenue Standard Adjustment			As Adjusted
Net sales	$	15,191.5		$	(358.6	)	$	14,832.9		$	13,981.9		$	(309.2	)	$	13,672.7
Gross profit	2,449.9			0.3			$	2,450.2		2,327.2			1.1			2,328.3
Gross profit margin	16.1		%	40 bps			16.5		%	16.6		%	40 bps			17.0		%

Income from operations	866.1			0.4			866.5			819.2			0.8			820.0
Income tax expense	(137.3		)	(0.3		)	(137.6		)	(248.0		)	(0.1		)	(248.1		)
Net income	$	523.0		$	0.1		$	523.1		$	424.4		$	0.7		$	425.1

Net income per common share
Basic	$	3.37		$	—		$	3.37		$	2.59		$	0.01		$	2.60
Diluted	$	3.31		$	—		$	3.31		$	2.56		$	—		$	2.56



	December 31, 2017							December 31, 2016
(in millions)	As Reported		New Revenue Standard Adjustment			As Adjusted⁽¹⁾		As Reported		New Revenue Standard Adjustment			As Adjusted
Accounts receivable	$	2,320.5	$	8.8		$	2,329.3	$	2,168.6	$	0.3		$	2,168.9
Merchandise inventory	449.5		(38.0		)	411.5		452.0		(28.1		)	423.9
Miscellaneous receivables	336.5		6.5			343.0		234.9		2.6			237.5
Prepaid expenses and other	127.4		40.9			168.3		118.9		35.3			154.2
Total current assets	3,378.1		18.2			3,396.3		3,238.1		10.1			3,248.2

Other assets	40.8		(8.1		)	32.7		36.0		(0.1		)	35.9
Total assets	6,956.6		10.1			6,966.7		6,948.4		10.0			6,958.4

Deferred revenue	194.0		(35.2		)	158.8		172.6		(29.1		)	143.5
Income tax payable	15.1		1.1			16.2		2.6		0.7			3.3
Other accrued expenses	180.2		41.6			221.8		147.2		36.0			183.2
Total current liabilities	2,514.6		7.5			2,522.1		2,280.7		7.6			2,288.3

Total liabilities	5,973.7		7.5			5,981.1		5,902.9		7.6			5,910.5
Total stockholders’ equity	$	982.9	$	2.7		$	985.6	$	1,045.5	$	2.4		$	1,047.9


(1)	Amounts may not cross-foot due to rounding.