Recent Accounting Pronouncements (Tables)

3 Months Ended

Mar. 31, 2018

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Schedule of New Accounting Pronouncements

The cumulative effect of the changes on our January 1, 2018 opening Condensed Consolidated Balance Sheet due to the adoption of ASU 2014-09 were as follows:

(in millions of dollars)	Balance at December 31, 2017			Adjustments due to ASU 2014-09			Balance at January 1, 2018
Assets:
Inventories	$	254.2		$	(3.5	)	$	250.7
Other current assets	29.2			6.9			36.1
Liabilities and stockholders' equity:
Accrued customer program liabilities	141.1			1.1			142.2
Other current liabilities	113.8			0.1			113.9
Deferred income taxes	177.1			0.6			177.7
Accumulated deficit	(739.2		)	1.6			(737.6		)

The impact of the adoption of ASU 2014-09 on our Consolidated Statements of Income and Condensed Consolidated Balance Sheet for the three-month period ended March 31, 2018 was as follows:

	Three Months Ended March 31, 2018
(in millions of dollars)	As Reported			Balances without adoption of ASU 2014-09			Effect of Change Higher/(Lower)
Consolidated Statements of Income:
Net sales	$	405.8		$	405.7		$	0.1
Cost of products sold	278.3			278.4			(0.1		)
Net income	10.4			10.2			0.2
Condensed Consolidated Balance Sheet:
Assets:
Accounts receivable, net	316.1			313.8			2.3
Inventories	294.5			297.3			(2.8		)
Other current assets	51.5			44.4			7.1
Liabilities and stockholders' equity:
Accrued customer program liabilities	98.5			97.9			0.6
Other current liabilities	112.1			108.5			3.6
Deferred income taxes	174.8			174.2			0.6
Accumulated deficit	(733.9		)	(735.7		)	1.8