Recent Accounting Pronouncements (Tables)

9 Months Ended

Sep. 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)	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 nine-month periods ended September 30, 2018 was as follows:

	Three Months Ended September 30, 2018							Nine Months Ended September 30, 2018
(in millions)	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	$	507.3	$	508.0	$	(0.7	)	$	1,411.9		$	1,413.1		$	(1.2	)
Cost of products sold	346.5		346.9		(0.4		)	961.2			961.9			(0.7		)
Income tax expense	13.4		13.4		—			27.4			27.5			(0.1		)
Net income	35.6		35.9		(0.3		)	71.7			72.1			(0.4		)
Condensed Consolidated Balance Sheet:
Assets:
Accounts receivable, net								421.2			418.7			2.5
Inventories								332.1			335.1			(3.0		)
Other current assets								48.3			42.3			6.0
Liabilities and stockholders' equity:
Accrued customer program liabilities								120.0			120.8			(0.8		)
Other current liabilities								113.8			109.2			4.6
Deferred income taxes								173.9			173.4			0.5
Accumulated deficit								(685.6		)	(686.8		)	1.2