Recent Accounting Pronouncements (Tables)

3 Months Ended

Mar. 31, 2018

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

For the three months ended March 31, 2017, the adoption of Topic 606 impacted the Company's results as follows:

	March 31, 2017
(in millions) (except per share amounts)	As Reported			New Revenue Standard Adjustment			As Adjusted
Net sales	$	3,324.7		$	(68.7	)	$	3,256.0
Gross profit	552.6			0.9			553.5
Gross profit margin	16.6		%	40 bps			17.0		%
Income from operations	169.8			0.9			170.7
Income tax expense	(16.0		)	(0.3		)	(16.3		)
Net income	$	57.6		$	0.6		$	58.2
Net income per common share
Basic	$	0.36		$	—		$	0.36
Diluted	$	0.35		$	0.01		$	0.36

The adoption of Topic 606 impacted the Company's Consolidated Balance Sheet as of December 31, 2017 as follows:

	December 31, 2017
(in millions)	As Reported		New Revenue Standard Adjustment			As Adjusted(1)
Accounts receivable	$	2,320.5	$	8.8		$	2,329.3
Merchandise inventory	449.5		(38.0		)	411.5
Miscellaneous receivables	336.5		6.5			343.0
Prepaid expenses and other	127.4		40.9			168.3
Total current assets	3,378.1		18.2			3,396.3
Other assets	40.8		(8.1		)	32.7
Total assets	6,956.6		10.1			6,966.7
Contract liabilities	194.0		(35.2		)	158.8
Income tax payable	15.1		1.1			16.2
Other accrued expenses	180.2		41.6			221.8
Total current liabilities	2,514.6		7.5			2,522.1
Total liabilities	5,973.7		7.5			5,981.1
Total stockholders’ equity	$	982.9	$	2.7		$	985.6

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