Annual report pursuant to Section 13 and 15(d)

Significant Accounting Policies Significant Accounting Policies (Tables)

v3.10.0.1
Significant Accounting Policies Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2018
Accounting Policies [Abstract]  
Net Gains (Losses) on Sale and Disposal of Property [Table Text Block]
The amount of gains and losses for the years ended December 31 were as follows:
(in millions)
2018
 
2017
 
2016
Gains on the sale of property
$
0.4

 
$
0.9

 
$
0.4

Losses on the sale and disposal of property
(1.0
)
 
(2.3
)
 
(0.5
)
Net losses on sale and disposal of property
$
(0.6
)
 
$
(1.4
)
 
$
(0.1
)
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]
The cumulative effect of the changes made to the Company's Consolidated Balance Sheets as of January 1, 2018 for the adoption of the new revenue standard was as follows:
(in millions)
Balance as of December 31, 2017
 
Adjustments Due to ASC 606
 
Balance as of January 1, 2018
Assets
 
 
 
 
 
Accounts and notes receivable
$
485.3

 
$
1.2

 
$
486.5

Deferred income tax asset
165.6

 
9.3

 
174.9

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Accrued expenses
609.0

 
39.1

 
648.1

 
 
 
 
 
 
Shareholders' equity
 
 
 
 
 
Retained earnings
$
1,966.8

 
$
(28.6
)
 
$
1,938.2

The impact to the Company's Consolidated Statements of Operations and Consolidated Balance Sheets as of and for the year ended December 31, 2018 as a result of applying the new revenue standard was as follows:
 
Year Ended December 31, 2018
(in millions)
As Reported
 
Effect of Change
 
Balances without adoption of ASC 606
Net sales
$
5,159.2

 
$
(15.6
)
 
$
5,143.6

Cost of sales
3,838.2

 
(5.5
)
 
3,832.7

 
 
 
 
 
 
   Earnings before income taxes
322.2

 
(10.1
)
 
312.1

Income tax provision
59.1

 
(2.0
)
 
57.1

Net earnings from continuing operations
$
263.1

 
$
(8.1
)
 
$
255.0

 
As of December 31, 2018
 
As Reported
 
Effect of Change
 
Balances without adoption of ASC 606
Assets
 
 
 
 
 
Accounts and notes receivable
$
550.7

 
$
(1.2
)
 
$
549.5

Deferred income tax asset
96.1

 
(6.8
)
 
89.3

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Accrued expenses
687.4

 
(29.3
)
 
658.1

 
 
 
 
 
 
Shareholders' equity
 
 
 
 
 
Retained earnings
$
2,135.7

 
$
21.3

 
$
2,157.0