Revenue (Tables)

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Summary of Impact of ASC 606 on Financial Statements

The following table summarizes the cumulative effect made to our condensed consolidated balance sheet as a result of the adoption to this standard.



	December 31, 2017			Adjustments due to ASU 2014-09			January 1, 2018
Assets
Inventories	$	608.6		$	(22.7	)	$	585.9
Prepaid expenses and other ⁽¹⁾	63.9			41.7			105.6
Other assets ⁽²⁾	428.6			(1.9		)	426.7

Liabilities
Other accrued liabilities ⁽³⁾	$	489.6		$	1.9		$	491.5
Deferred income taxes	152.9			3.0			155.9

Equity
Accumulated deficit	$	(21.4	)	$	12.1		$	(9.3	)
Noncontrolling interests	131.7			0.1			131.8


(1)	Includes the impact to contract assets resulting from the modified retrospective adoption of the new revenue standard.


(2)	Includes the impacts to deferred income taxes resulting from the modified retrospective adoption of the new revenue standard.


(3)	Includes the impacts of estimated variable consideration on certain arrangements in our refinish end-market.

The following tables summarizes the impact to our condensed consolidated statements of operations and balance sheets in accordance with the new revenue standard:



	For the three months ended March 31, 2018
Condensed Consolidated Statement of Operations	As reported		Prior to ASU 2014-09		Increases / (Decreases)
Net sales	$	1,165.8	$	1,160.0	$	5.8
Cost of goods sold	776.0		760.0		16.0
Selling, general and administrative expenses	227.8		241.5		(13.7		)
Provision for income taxes	11.8		11.2		0.6
Net income	71.0		68.1		2.9
Less: Net income attributable to noncontrolling interests	1.1		0.9		0.2
Net income attributable to controlling interests	$	69.9	$	67.2	$	2.7



	At March 31, 2018
Condensed Consolidated Balance Sheet	As reported		Prior to ASU 2014-09		Increases / (Decreases)
Assets
Inventories	$	641.8	$	667.2	$	(25.4	)
Prepaid expenses and other	116.9		69.1		47.8
Other assets	448.1		450.4		(2.3		)

Liabilities
Other accrued liabilities	$	407.7	$	405.8	$	1.9
Deferred income taxes	167.1		164.0		3.1

Equity
Retained earnings	$	61.4	$	46.6	$	14.8
Noncontrolling interests	103.0		102.7		0.3