Recent Accounting Pronouncements (Tables)

6 Months Ended

Jun. 30, 2018

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

he adoption of Topic 606 impacted the Company's results as follows:

	Three Months Ended June 30, 2017(1)									Six Months Ended June 30, 2017(1)
(in millions) (except per share amounts)	As Reported			New Revenue Standard Adjustment			As Adjusted			As Reported			New Revenue Standard Adjustment			As Adjusted
Net sales	$	3,994.4		$	(102.7	)	$	3,891.7		$	7,319.1		$	(171.5	)	$	7,147.6
Gross profit	641.1			(0.3		)	640.8			1,193.6			0.7			1,194.3
Gross profit margin	16.1		%	40 bps			16.5		%	16.3		%	40 bps			16.7		%
Income from operations	231.1			(0.3		)	230.8			400.9			0.6			401.5
Income tax expense	(54.5		)	0.1			(54.4		)	(70.5		)	(0.3		)	(70.8		)
Net income	$	141.0		$	(0.1	)	$	140.9		$	198.7		$	0.3		$	199.0
Net income per common share
Basic	$	0.90		$	—		$	0.90		$	1.26		$	—		$	1.26
Diluted	$	0.89		$	—		$	0.89		$	1.23		$	0.01		$	1.24

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

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

	December 31, 2017(1)
(in millions)	As Reported		New Revenue Standard Adjustment			As Adjusted
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 foot or cross-foot due to rounding.