Impact of Recently Issued Accounting Standards Impact of new accounting standards (Tables)

3 Months Ended

Mar. 31, 2018

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Impact of Recently Issued Accounting Standards [Table Text Block]

The following table presents the effect of the adoption of Topic 606, ASU No. 2017-07, and other prior period reclassifications.

	Quarter Ended April 1, 2017
	As Previously Reported		Adjustments**			Adjusted for New Standards
Sales	$	5,759,552	$	(22,772	)	$	5,736,780
Cost of sales	4,999,665		(24,082		)	4,975,583
Gross profit	759,887		1,310			761,197
Operating expenses:
Selling, general, and administrative expenses	515,519		7			515,526
Depreciation and amortization	37,141		—			37,141
Restructuring, integration, and other charges	15,505		—			15,505
	568,165		7			568,172
Operating income	191,722		1,303			193,025
Equity in earnings of affiliated companies	925		—			925
Gain (loss) on investments, net	—		1,982			1,982
Post-retirement expense	—		1,800			1,800
Interest and other financing expense, net	38,073		176			38,249
Income before income taxes	154,574		1,309			155,883
Provision for income taxes	39,224		340			39,564
Consolidated net income	115,350		969			116,319
Noncontrolling interests	1,582		—			1,582
Net income attributable to shareholders	$	113,768	$	969		$	114,737
Net income per share:
Basic*	$	1.27	$	0.01		$	1.29
Diluted*	$	1.26	$	0.01		$	1.27

* The sum of the as previously reported and as adjusted may not agree to totals, as presented, due to rounding.

** Topic 606 impacted sales and cost of sales. ASU 2017-07 and other reclassifications impacted operating and non-operating expenses.

The following table presents the effect of the adoption of Topic 606, ASU No. 2017-07, and other prior period reclassifications for 2017.

	First Quarter				Second Quarter				Third Quarter				Fourth Quarter				Year to Date
	As Previously Reported		Adjusted for New Standards		As Previously Reported		Adjusted for New Standards		As Previously Reported		Adjusted for New Standards		As Previously Reported		Adjusted for New Standards		As Previously Reported		Adjusted for New Standards
2017
Sales	$	5,759,552	$	5,736,780	$	6,465,346	$	6,422,226	$	6,953,740	$	6,856,108	$	7,633,870	$	7,539,449	$	26,812,508	$	26,554,563
Cost of sales	4,999,665		4,975,583		5,641,380		5,598,202		6,110,382		6,013,541		6,703,742		6,610,269		23,455,169		23,197,595
Operating income	191,722		193,025		229,822		230,446		235,992		235,441		270,914		286,824		928,450		945,736
Net income attributable to shareholders	$	113,768	$	114,737	$	99,679	$	99,722	$	134,630	$	134,064	$	53,885	$	53,653	$	401,962	$	402,176

Operating income for the fourth quarter of 2017 was impacted by a reclassification of pension settlement expense of $16,706 due to the implementation of ASU No. 2017-07. The settlement expense was moved to "post-retirement expense", which is classified as non-operating on the statement of operations.