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Recently Issued Accounting Pronouncements (Tables) | 9 Months Ended
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Dec. 31, 2018
Accounting Changes and Error Corrections [Abstract] |
Schedule of new accounting pronouncements | 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 |  | $ | 119.8 |  |  | $ | 17.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 137.0 |
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 December 31, 2018 was as follows (in millions):
Income Statement |  | For the three months ended December 31, 2018
| As reported |  | Balances without adoption of New Revenue Standard |  | Effect of Change Higher / (Lower)
Net Sales |  | $ | 1,374.7 |  |  | $ | 1,391.4 |  |  | $ | (16.7 | )
Cost of Sales |  | $ | 595.1 |  |  | $ | 606.6 |  |  | $ | (11.5 | )
Gross Profit |  | $ | 779.6 |  |  | $ | 784.8 |  |  | $ | (5.2 | )
Income tax provision (benefit) |  | $ | 5.8 |  |  | $ | 5.2 |  |  | $ | 0.6 |
Net Income |  | $ | 49.2 |  |  | $ | 55.0 |  |  | $ | (5.8 | )
Income Statement |  | For the nine months ended December 31, 2018
| As reported |  | Balances without adoption of New Revenue Standard |  | Effect of Change Higher / (Lower)
Net Sales |  | $ | 4,019.7 |  |  | $ | 4,039.0 |  |  | $ | (19.3 | )
Cost of Sales |  | $ | 1,908.8 |  |  | $ | 1,925.9 |  |  | $ | (17.1 | )
Gross Profit |  | $ | 2,110.9 |  |  | $ | 2,113.1 |  |  | $ | (2.2 | )
Income tax provision (benefit) |  | $ | (127.9 | ) |  | $ | (128.1 | ) |  | $ | 0.2 |
Net Income |  | $ | 181.2 |  |  | $ | 183.6 |  |  | $ | (2.4 | )
Balance Sheet |  | As of December 31, 2018
| As reported |  | Balances without adoption of New Revenue Standard |  | Effect of Change Higher / (Lower)
ASSETS |  |  |  |  |  |
Accounts receivable, net |  | $ | 544.8 |  |  | $ | 578.6 |  |  | $ | (33.8 | )
Inventories |  | $ | 702.5 |  |  | $ | 715.0 |  |  | $ | (12.5 | )
Other current assets |  | $ | 194.1 |  |  | $ | 157.3 |  |  | $ | 36.8 |
Other assets |  | $ | 106.4 |  |  | $ | 100.9 |  |  | $ | 5.5 |
Long-term deferred tax assets |  | $ | 1,717.1 |  |  | $ | 1,739.4 |  |  | $ | (22.3 | )
LIABILITIES |  |  |  |  |  |
Accrued liabilities |  | $ | 407.7 |  |  | $ | 387.4 |  |  | $ | 20.3 |
Deferred income on shipments to distributors |  | $ | — |  |  | $ | 320.1 |  |  | $ | (320.1 | )
Long-term deferred tax liability |  | $ | 830.5 |  |  | $ | 813.7 |  |  | $ | 16.8 |
STOCKHOLDERS' EQUITY |  |  |  |  |  |
Retained Earnings |  | $ | 3,122.4 |  |  | $ | 2,865.7 |  |  | $ | 256.7 |

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