| Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] |
The following tables compare amounts reported in accordance with the requirements of ASC 606 to the amounts that would have been reported had the new standard not been applied:
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Condensed Consolidated Balance Sheet |
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June 2018 |
(In thousands) |
As Reported |
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Impact of Adoption |
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Balances without Adoption of ASC 606 |
ASSETS |
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Cash and equivalents |
$ |
467,917 |
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$ |
— |
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$ |
467,917 |
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Accounts receivable, net |
1,428,535 |
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(179,981 |
) |
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1,248,554 |
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Inventories |
1,993,825 |
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54,368 |
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2,048,193 |
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Other current assets |
439,870 |
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(49,400 |
) |
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390,470 |
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Total current assets |
4,330,147 |
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(175,013 |
) |
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4,155,134 |
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Property, plant and equipment, net |
1,018,164 |
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— |
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1,018,164 |
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Goodwill and intangible assets, net |
4,000,438 |
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— |
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4,000,438 |
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Other assets |
843,005 |
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381 |
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843,386 |
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TOTAL ASSETS |
$ |
10,191,754 |
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$ |
(174,632 |
) |
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$ |
10,017,122 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Short-term borrowings and current portion of long-term debt |
$ |
1,323,112 |
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$ |
— |
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$ |
1,323,112 |
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Accounts payable |
675,581 |
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— |
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675,581 |
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Accrued liabilities |
996,863 |
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(167,292 |
) |
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829,571 |
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Total current liabilities |
2,995,556 |
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(167,292 |
) |
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2,828,264 |
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Long-term debt |
2,156,627 |
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— |
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2,156,627 |
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Other liabilities |
1,308,455 |
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(1,545 |
) |
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1,306,910 |
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Total liabilities |
6,460,638 |
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(168,837 |
) |
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6,291,801 |
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Total stockholders' equity |
3,731,116 |
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(5,795 |
) |
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3,725,321 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
10,191,754 |
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$ |
(174,632 |
) |
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$ |
10,017,122 |
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Condensed Consolidated Statement of Income |
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Three Months Ended June 2018 |
(In thousands) |
As Reported |
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Impact of Adoption |
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Balances without Adoption of ASC 606 |
Net revenues |
$ |
2,788,146 |
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$ |
(9,695 |
) |
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$ |
2,778,451 |
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Cost of goods sold |
1,384,977 |
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(12,806 |
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1,372,171 |
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Selling, general and administrative expenses |
1,172,287 |
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3,576 |
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1,175,863 |
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Total costs and operating expenses |
2,557,264 |
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(9,230 |
) |
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2,548,034 |
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Operating income |
230,882 |
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(465 |
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230,417 |
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Interest income (expense) and other income (expense), net |
(44,550 |
) |
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— |
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(44,550 |
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Income from continuing operations before income taxes |
186,332 |
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(465 |
) |
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185,867 |
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Income taxes |
26,379 |
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(82 |
) |
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26,297 |
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Income from continuing operations |
159,953 |
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(383 |
) |
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159,570 |
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Income (loss) from discontinued operations, net of tax |
405 |
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(3,456 |
) |
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(3,051 |
) |
Net income |
$ |
160,358 |
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$ |
(3,839 |
) |
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$ |
156,519 |
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Condensed Consolidated Statement of Cash Flows - Operating Activities |
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Three Months Ended June 2018 |
(In thousands) |
As Reported |
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Impact of Adoption |
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Activities without Adoption of ASC 606 |
OPERATING ACTIVITIES |
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Net income |
$ |
160,358 |
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$ |
(3,839 |
) |
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$ |
156,519 |
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Adjustments to reconcile net income to cash provided by operating activities: |
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Depreciation and amortization |
71,130 |
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144 |
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71,274 |
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Other adjustments, net |
37,640 |
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3,456 |
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41,096 |
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Changes in operating assets and liabilities: |
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Accounts receivable |
(25,482 |
) |
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169,972 |
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144,490 |
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Inventories |
(140,751 |
) |
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(48,565 |
) |
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(189,316 |
) |
Accounts payable |
87,126 |
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— |
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87,126 |
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Income taxes |
(78,688 |
) |
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(82 |
) |
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(78,770 |
) |
Accrued liabilities |
166,543 |
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(166,013 |
) |
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530 |
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Other assets and liabilities |
(732 |
) |
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44,927 |
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44,195 |
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Cash provided by operating activities |
$ |
277,144 |
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$ |
— |
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$ |
277,144 |
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There was no impact to investing or financing activities within the Consolidated Statement of Cash Flows as a result of the adoption of ASC 606.
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