Recent Accounting Pronouncements (Tables)

6 Months Ended

Jun. 30, 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 was 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 and six-month periods ended June 30, 2018 was as follows:

	Three Months Ended June 30, 2018							Six Months Ended June 30, 2018
(in millions of dollars)	As Reported		Balances without adoption of ASU 2014-09		Effect of Change Higher/(Lower)			As Reported			Balances without adoption of ASU 2014-09			Effect of Change Higher/(Lower)
Consolidated Statements of Income:
Net sales	$	498.8	$	499.3	$	(0.5	)	$	904.6		$	905.0		$	(0.4	)
Cost of products sold	336.4		336.5		(0.1		)	614.7			614.9			(0.2		)
Income tax expense	18.3		18.4		(0.1		)	14.0			14.1			(0.1		)
Net income	25.7		26.0		(0.3		)	36.1			36.2			(0.1		)
Condensed Consolidated Balance Sheet:
Assets:
Accounts receivable, net								432.2			429.1			3.1
Inventories								319.2			322.6			(3.4		)
Other current assets								53.4			46.9			6.5
Liabilities and stockholders' equity:
Accrued customer program liabilities								108.0			107.7			0.3
Other current liabilities								104.3			100.4			3.9
Deferred income taxes								170.0			169.5			0.5
Accumulated deficit								(714.8		)	(716.3		)	1.5