New Accounting Pronouncements New Accounting Pronouncements (Tables)

3 Months Ended

Mar. 31, 2018

New Accounting Pronouncements [Abstract]

Summary of the Effects of Adopting ASC 606

A summary of the effects of adopting ASC 606 on the Condensed Consolidated Financial Statements follows:

	Three Months Ended March 31, 2018
(in millions)	As Reported		Balances Without Adoption of ASC 606		Effect of Change Higher/(Lower)
Condensed Consolidated Statement of Income
Revenues	$	984.7	$	973.7	$	11.0
Cost of goods sold	735.3		728.4		6.9
Operating income	94.7		90.6		4.1
Provision for income taxes	20.4		19.4		1.0
Income from continuing operations	57.9		54.8		3.1
Net income	309.6		306.5		3.1

	March 31, 2018
(in millions)	As Reported		Balances Without Adoption of ASC 606		Effect of Change Higher/(Lower)
Condensed Consolidated Balance Sheet
Receivables	$	678.2	$	645.0	$	33.2
Inventories	490.1		511.4		(21.3		)
Other current assets	48.9		48.2		0.7
Accrued expenses	304.4		303.4		1.0
Other long-term liabilities	300.4		298.4		2.0
Retained earnings	3,120.3		3,113.8		6.5