| Schedule of New Accounting Pronouncements and Changes in Accounting Principles |
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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March 2019 |
|
(In thousands) |
As Reported |
|
Impact of Adoption |
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Balances without Adoption of ASC 606 |
|
ASSETS |
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Cash and equivalents |
$ |
543,011 |
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|
$ |
— |
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|
$ |
543,011 |
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Accounts receivable, net |
1,708,796 |
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|
(207,941 |
) |
|
1,500,855 |
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Inventories |
1,943,030 |
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|
58,998 |
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|
2,002,028 |
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Other current assets |
478,620 |
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(55,668 |
) |
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422,952 |
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Total current assets |
4,673,457 |
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(204,611 |
) |
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4,468,846 |
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Property, plant and equipment, net |
1,057,268 |
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— |
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1,057,268 |
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Goodwill and intangible assets, net |
3,779,161 |
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— |
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3,779,161 |
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Other assets |
846,899 |
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|
689 |
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|
847,588 |
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TOTAL ASSETS |
$ |
10,356,785 |
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$ |
(203,922 |
) |
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$ |
10,152,863 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Short-term borrowings and current portion of long-term debt |
$ |
670,318 |
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$ |
— |
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$ |
670,318 |
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Accounts payable |
694,733 |
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|
11,605 |
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|
706,338 |
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Accrued liabilities |
1,296,553 |
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(207,191 |
) |
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1,089,362 |
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Total current liabilities |
2,661,604 |
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(195,586 |
) |
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2,466,018 |
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Long-term debt |
2,115,884 |
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— |
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2,115,884 |
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Other liabilities |
1,280,781 |
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(1,073 |
) |
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1,279,708 |
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Total liabilities |
6,058,269 |
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(196,659 |
) |
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5,861,610 |
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Total stockholders' equity |
4,298,516 |
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(7,263 |
) |
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4,291,253 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
10,356,785 |
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$ |
(203,922 |
) |
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$ |
10,152,863 |
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Condensed Consolidated Statements of Income |
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Year Ended March 2019 |
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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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Net revenues |
$ |
13,848,660 |
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$ |
1,336 |
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$ |
13,849,996 |
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Cost of goods sold |
6,827,481 |
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(16,056 |
) |
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6,811,425 |
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Selling, general and administrative expenses |
5,345,339 |
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19,641 |
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5,364,980 |
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Total costs and operating expenses |
12,172,820 |
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|
3,585 |
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12,176,405 |
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Operating income |
1,675,840 |
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(2,249 |
) |
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1,673,591 |
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Interest income (expense) and other income (expense), net |
(148,436 |
) |
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— |
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(148,436 |
) |
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Income from continuing operations before income taxes |
1,527,404 |
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(2,249 |
) |
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1,525,155 |
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Income taxes |
268,400 |
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(398 |
) |
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268,002 |
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Income from continuing operations |
1,259,004 |
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(1,851 |
) |
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1,257,153 |
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Income (loss) from discontinued operations, net of tax |
788 |
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(3,456 |
) |
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(2,668 |
) |
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Net income |
$ |
1,259,792 |
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$ |
(5,307 |
) |
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$ |
1,254,485 |
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Condensed Consolidated Statement of Cash Flows - Operating Activities |
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Year Ended March 2019 |
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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 |
$ |
1,259,792 |
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$ |
(5,307 |
) |
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$ |
1,254,485 |
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Adjustments to reconcile net income to cash provided by operating activities: |
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Depreciation and amortization |
301,005 |
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(162 |
) |
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300,843 |
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Other adjustments, net |
59,609 |
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3,193 |
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62,802 |
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Changes in operating assets and liabilities: |
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Accounts receivable |
(373,012 |
) |
|
198,349 |
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(174,663 |
) |
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Inventories |
(135,099 |
) |
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(53,427 |
) |
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(188,526 |
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Accounts payable |
111,678 |
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|
11,605 |
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|
123,283 |
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Income taxes |
(19,974 |
) |
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(398 |
) |
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(20,372 |
) |
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Accrued liabilities |
484,858 |
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(207,158 |
) |
|
277,700 |
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Other assets and liabilities |
(24,634 |
) |
|
53,305 |
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|
28,671 |
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Cash provided by operating activities |
$ |
1,664,223 |
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$ |
— |
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$ |
1,664,223 |
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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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