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Revenue (Tables)
 6 Months Ended
Jun. 30, 2018
Revenue from Contract with Customer [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
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 June 30, 2018
 
As reported
Prior to ASU 2014-09
Increases / (Decreases)
Net sales
$
1,206.5

$
1,208.1

$
(1.6
)
Cost of goods sold
793.8

779.2

14.6

Selling, general and administrative expenses
224.6

239.3

(14.7
)
Provision for income taxes
22.0

22.2

(0.2
)
Net income
77.1

78.4

(1.3
)
Less: Net income attributable to noncontrolling interests
2.2

2.2

—

Net income attributable to controlling interests
$
74.9

$
76.2

$
(1.3
)
 
For the six months ended June 30, 2018
 
As reported
Prior to ASU 2014-09
Increases / (Decreases)
Net sales
$
2,372.3

$
2,368.1

$
4.2

Cost of goods sold
1,569.8

1,539.2

30.6

Selling, general and administrative expenses
452.4

480.8

(28.4
)
Provision for income taxes
33.8

33.4

0.4

Net income
148.1

146.5

1.6

Less: Net income attributable to noncontrolling interests
3.3

3.1

0.2

Net income attributable to controlling interests
$
144.8

$
143.4

$
1.4


 
At June 30, 2018
 
As reported
Prior to ASU 2014-09
Increases / (Decreases)
Assets
 
 
 
Inventories
$
599.9

$
623.9

$
(24.0
)
Prepaid expenses and other
129.5

85.0

44.5

Other assets
447.5

449.9

(2.4
)
 
 
 
 
Liabilities
 
 
 
Other accrued liabilities
$
416.3

$
414.4

$
1.9

Deferred income taxes
155.9

153.1

2.8

 
 
 
 
Equity
 
 
 
Retained earnings
$
136.3

$
122.8

$
13.5

Accumulated other comprehensive loss
(299.6
)
(299.2
)
(0.4
)
Noncontrolling interests
102.4

102.1

0.3