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Recent Accounting Pronouncements (Tables)
 12 Months Ended
Dec. 31, 2018
Accounting Changes and Error Corrections [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles The adoption of Topic 606 impacted the Company's results as follows:
 
 
December 31, 2017(1)
 
December 31, 2016(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
 
$
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 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

(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)
 
December 31, 2016(1)
(in millions)
 
As Reported
 
New Revenue Standard Adjustment
 
As Adjusted
 
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

Other accrued expenses
 
180.2

 
41.6

 
221.8

 
147.2

 
36.0

 
183.2

Income tax payable
 
15.1

 
1.1

 
16.2

 
2.6

 
0.7

 
3.3

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 foot or cross-foot due to rounding.