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Recently Issued Accounting Pronouncements (Tables) | 3 Months Ended
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Jun. 30, 2018
Accounting Changes and Error Corrections [Abstract] |
Schedule of New Accounting Pronouncements | During the three months ended June 30, 2018, the Company adopted ASU 2016-18-Statement of Cash Flows: Restricted Cash. This standard requires that the statement of cash flows explain the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard has been applied using a retrospective transition method to each period presented. The adoption of this standard did not have a material impact on the Company's financial statements. The following table summarizes the opening balance sheet adjustments related to the adoption of the New Revenue Standard, ASU 2016-01-Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, and ASU 2016-16-Intra-Entity Transfers of Assets Other Than Inventory (in millions):
|  | Balance as of |  | Adjustments from |  | Balance as of
|  | March 31, 2018 |  | ASC Topic 606 |  | ASU 2016-01 |  | ASU 2016-16 |  | April 1, 2018
ASSETS |  |  |  |  |  |  |  |  |  |
Accounts receivable, net |  | $ | 563.7 |  |  | $ | (45.6 | ) |  | $ | — |  |  | $ | — |  |  | $ | 518.1 |
Inventories |  | $ | 476.2 |  |  | $ | (5.1 | ) |  | $ | — |  |  | $ | — |  |  | $ | 471.1 |
Other current assets |  | $ | 55.9 |  |  | $ | 17.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 73.1 |
Long-term deferred tax assets |  | $ | 100.2 |  |  | $ | (23.1 | ) |  | $ | — |  |  | $ | 1,579.4 |  |  | $ | 1,656.5 |
Other assets |  | $ | 71.8 |  |  | $ | — |  |  | $ | — |  |  | $ | (24.1 | ) |  | $ | 47.7 |
LIABILITIES |  |  |  |  |  |  |  |  |  |
Accrued liabilities |  | $ | 229.6 |  |  | $ | 18.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 248.1 |
Deferred income on shipments to distributors |  | $ | 333.8 |  |  | $ | (333.8 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |
Long-term deferred tax liability |  | $ | 205.8 |  |  | $ | 16.8 |  |  | $ | — |  |  | $ | (1.1 | ) |  | $ | 221.5 |
Other long-term liabilities |  | $ | 240.9 |  |  | $ | — |  |  | $ | — |  |  | $ | (1.7 | ) |  | $ | 239.2 |
STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Accumulated other comprehensive loss |  | $ | (17.6 | ) |  | $ | — |  |  | $ | (1.7 | ) |  | $ | — |  |  | $ | (19.3 | )
Retained earnings |  | $ | 1,397.3 |  |  | $ | 241.9 |  |  | $ | 1.7 |  |  | $ | 1,558.1 |  |  | $ | 3,199.0 |
In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our condensed consolidated income statement and balance sheet for the period ended June 30, 2018 was as follows (in millions):
Income Statement |  | For the three months ended June 30, 2018
| As reported |  | Balances without adoption of New Revenue Standard |  | Effect of Change Higher / (Lower)
Net Sales |  | $ | 1,212.5 |  |  | $ | 1,210.0 |  |  | $ | 2.5 |
Cost of Sales |  | $ | 570.5 |  |  | $ | 571.7 |  |  | $ | (1.2 | )
Gross Profit |  | $ | 642.0 |  |  | $ | 638.3 |  |  | $ | 3.7 |
Income tax provision (benefit) |  | $ | 2.0 |  |  | $ | (0.3 | ) |  | $ | 2.3 |
Net Income |  | $ | 35.7 |  |  | $ | 34.3 |  |  | $ | 1.4 |
Balance Sheet |  | As of June 30, 2018
| As reported |  | Balances without adoption of New Revenue Standard |  | Effect of Change Higher / (Lower)
ASSETS |  |  |  |  |  |
Accounts receivable, net |  | $ | 789.4 |  |  | $ | 845.7 |  |  | $ | (56.3 | )
Inventories |  | $ | 1,104.8 |  |  | $ | 1,109.9 |  |  | $ | (5.1 | )
Other current assets |  | $ | 274.5 |  |  | $ | 256.8 |  |  | $ | 17.7 |
Long-term deferred tax assets |  | $ | 1,675.8 |  |  | $ | 1,700.5 |  |  | $ | (24.7 | )
LIABILITIES |  |  |  |  |  |
Accrued liabilities |  | $ | 491.3 |  |  | $ | 471.2 |  |  | $ | 20.1 |
Deferred income on shipments to distributors |  | $ | — |  |  | $ | 349.5 |  |  | $ | (349.5 | )
Long-term deferred tax liability |  | $ | 854.2 |  |  | $ | 837.4 |  |  | $ | 16.8 |
STOCKHOLDERS' EQUITY |  |  |  |  |  |
Retained Earnings |  | $ | 3,149.2 |  |  | $ | 2,905.0 |  |  | $ | 244.2 |

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- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305 + Details
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