| 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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December 2018 |
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(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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ASSETS |
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Cash and equivalents |
$ |
535,312 |
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$ |
— |
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$ |
535,312 |
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Accounts receivable, net |
1,774,460 |
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(223,546 |
) |
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1,550,914 |
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Inventories |
1,866,075 |
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71,909 |
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1,937,984 |
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Other current assets |
436,244 |
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(64,794 |
) |
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371,450 |
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Total current assets |
4,612,091 |
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(216,431 |
) |
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4,395,660 |
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Property, plant and equipment, net |
1,041,640 |
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— |
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1,041,640 |
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Goodwill and intangible assets, net |
3,812,121 |
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— |
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3,812,121 |
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Other assets |
818,458 |
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345 |
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818,803 |
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TOTAL ASSETS |
$ |
10,284,310 |
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$ |
(216,086 |
) |
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$ |
10,068,224 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Short-term borrowings and current portion of long-term debt |
$ |
683,467 |
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$ |
— |
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$ |
683,467 |
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Accounts payable |
645,678 |
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— |
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645,678 |
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Accrued liabilities |
1,233,902 |
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(204,407 |
) |
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1,029,495 |
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Total current liabilities |
2,563,047 |
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(204,407 |
) |
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2,358,640 |
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Long-term debt |
2,135,240 |
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— |
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2,135,240 |
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Other liabilities |
1,285,399 |
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(1,545 |
) |
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1,283,854 |
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Total liabilities |
5,983,686 |
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(205,952 |
) |
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5,777,734 |
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Total stockholders' equity |
4,300,624 |
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(10,134 |
) |
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4,290,490 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
10,284,310 |
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$ |
(216,086 |
) |
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$ |
10,068,224 |
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Condensed Consolidated Statements of Income |
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Three Months Ended December 2018 |
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Nine Months Ended December 2018 |
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(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 |
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Net revenues |
$ |
3,940,159 |
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$ |
7,702 |
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$ |
3,947,861 |
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$ |
10,635,691 |
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$ |
(8,281 |
) |
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$ |
10,627,410 |
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Cost of goods sold |
1,896,472 |
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2,802 |
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1,899,274 |
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5,232,050 |
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(17,603 |
) |
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5,214,447 |
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Selling, general and administrative expenses |
1,451,782 |
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6,266 |
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1,458,048 |
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3,922,185 |
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15,060 |
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3,937,245 |
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Total costs and operating expenses |
3,348,254 |
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9,068 |
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3,357,322 |
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9,154,235 |
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(2,543 |
) |
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9,151,692 |
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Operating income |
591,905 |
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(1,366 |
) |
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590,539 |
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1,481,456 |
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(5,738 |
) |
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1,475,718 |
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Interest income (expense) and other income (expense), net |
(25,621 |
) |
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— |
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(25,621 |
) |
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(129,739 |
) |
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— |
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(129,739 |
) |
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Income from continuing operations before income taxes |
566,284 |
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(1,366 |
) |
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564,918 |
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1,351,717 |
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(5,738 |
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1,345,979 |
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Income taxes |
103,158 |
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(242 |
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102,916 |
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221,517 |
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(1,016 |
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220,501 |
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Income from continuing operations |
463,126 |
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(1,124 |
) |
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462,002 |
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1,130,200 |
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(4,722 |
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1,125,478 |
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Income (loss) from discontinued operations, net of tax |
383 |
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— |
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383 |
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788 |
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(3,456 |
) |
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(2,668 |
) |
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Net income |
$ |
463,509 |
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$ |
(1,124 |
) |
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$ |
462,385 |
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$ |
1,130,988 |
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$ |
(8,178 |
) |
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$ |
1,122,810 |
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Condensed Consolidated Statement of Cash Flows - Operating Activities |
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Nine Months Ended December 2018 |
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(In thousands) |
As Reported |
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Impact of Adoption |
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Activities without Adoption of ASC 606 |
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OPERATING ACTIVITIES |
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Net income |
$ |
1,130,988 |
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$ |
(8,178 |
) |
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$ |
1,122,810 |
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Adjustments to reconcile net income to cash provided by operating activities: |
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Depreciation and amortization |
216,361 |
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190 |
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216,551 |
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Other adjustments, net |
91,469 |
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3,193 |
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94,662 |
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Changes in operating assets and liabilities: |
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Accounts receivable |
(428,753 |
) |
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213,953 |
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(214,800 |
) |
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Inventories |
(58,401 |
) |
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(66,338 |
) |
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(124,739 |
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Accounts payable |
62,175 |
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— |
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62,175 |
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Income taxes |
(39,971 |
) |
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(1,016 |
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(40,987 |
) |
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Accrued liabilities |
491,925 |
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(204,726 |
) |
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287,199 |
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Other assets and liabilities |
(29,130 |
) |
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62,922 |
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33,792 |
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Cash provided by operating activities |
$ |
1,436,663 |
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$ |
— |
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$ |
1,436,663 |
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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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