| 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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September 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 |
$ |
352,781 |
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$ |
— |
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$ |
352,781 |
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Accounts receivable, net |
2,196,064 |
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(231,161 |
) |
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1,964,903 |
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Inventories |
2,247,908 |
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|
70,451 |
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2,318,359 |
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Other current assets |
621,201 |
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(61,518 |
) |
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559,683 |
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Total current assets |
5,417,954 |
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(222,228 |
) |
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5,195,726 |
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Property, plant and equipment, net |
1,035,671 |
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— |
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1,035,671 |
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Goodwill and intangible assets, net |
3,846,913 |
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— |
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3,846,913 |
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Other assets |
829,887 |
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348 |
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830,235 |
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TOTAL ASSETS |
$ |
11,130,425 |
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$ |
(221,880 |
) |
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$ |
10,908,545 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Short-term borrowings and current portion of long-term debt |
$ |
1,576,401 |
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$ |
— |
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$ |
1,576,401 |
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Accounts payable |
732,453 |
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— |
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732,453 |
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Accrued liabilities |
1,199,842 |
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(211,325 |
) |
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988,517 |
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Total current liabilities |
3,508,696 |
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(211,325 |
) |
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3,297,371 |
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Long-term debt |
2,150,595 |
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— |
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2,150,595 |
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Other liabilities |
1,291,578 |
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(1,545 |
) |
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1,290,033 |
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Total liabilities |
6,950,869 |
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(212,870 |
) |
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6,737,999 |
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Total stockholders' equity |
4,179,556 |
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(9,010 |
) |
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4,170,546 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
11,130,425 |
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$ |
(221,880 |
) |
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$ |
10,908,545 |
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Condensed Consolidated Statements of Income |
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Three Months Ended September 2018 |
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Six Months Ended September 2018 |
(In thousands) |
As Reported |
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Impact of Adoption |
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Balances without Adoption of ASC 606 |
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As Reported |
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Impact of Adoption |
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Balances without Adoption of ASC 606 |
Net revenues |
$ |
3,907,386 |
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$ |
(6,288 |
) |
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$ |
3,901,098 |
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$ |
6,695,532 |
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$ |
(15,983 |
) |
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$ |
6,679,549 |
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Cost of goods sold |
1,950,601 |
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(7,599 |
) |
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1,943,002 |
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3,335,578 |
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(20,405 |
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3,315,173 |
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Selling, general and administrative expenses |
1,298,116 |
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5,218 |
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1,303,334 |
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2,470,403 |
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8,794 |
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2,479,197 |
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Total costs and operating expenses |
3,248,717 |
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(2,381 |
) |
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3,246,336 |
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5,805,981 |
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(11,611 |
) |
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5,794,370 |
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Operating income |
658,669 |
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(3,907 |
) |
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654,762 |
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889,551 |
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(4,372 |
) |
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885,179 |
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Interest income (expense) and other income (expense), net |
(59,568 |
) |
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— |
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(59,568 |
) |
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(104,118 |
) |
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— |
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(104,118 |
) |
Income from continuing operations before income taxes |
599,101 |
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(3,907 |
) |
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595,194 |
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785,433 |
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(4,372 |
) |
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781,061 |
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Income taxes |
91,980 |
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(692 |
) |
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91,288 |
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118,359 |
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(774 |
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117,585 |
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Income from continuing operations |
507,121 |
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(3,215 |
) |
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503,906 |
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667,074 |
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(3,598 |
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663,476 |
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Income (loss) from discontinued operations, net of tax |
— |
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— |
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— |
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405 |
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(3,456 |
) |
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(3,051 |
) |
Net income |
$ |
507,121 |
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$ |
(3,215 |
) |
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$ |
503,906 |
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$ |
667,479 |
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$ |
(7,054 |
) |
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$ |
660,425 |
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Condensed Consolidated Statement of Cash Flows - Operating Activities |
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Six Months Ended September 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 |
$ |
667,479 |
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$ |
(7,054 |
) |
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$ |
660,425 |
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Adjustments to reconcile net income to cash provided by operating activities: |
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Depreciation and amortization |
144,995 |
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173 |
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145,168 |
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Other adjustments, net |
113,715 |
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3,456 |
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117,171 |
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Changes in operating assets and liabilities: |
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Accounts receivable |
(837,808 |
) |
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223,528 |
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(614,280 |
) |
Inventories |
(433,351 |
) |
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(65,680 |
) |
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(499,031 |
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Accounts payable |
150,613 |
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— |
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150,613 |
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Income taxes |
(91,579 |
) |
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(774 |
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(92,353 |
) |
Accrued liabilities |
384,211 |
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(207,414 |
) |
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176,797 |
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Other assets and liabilities |
4,676 |
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53,765 |
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58,441 |
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Cash provided by operating activities |
$ |
102,951 |
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$ |
— |
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$ |
102,951 |
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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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