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Recent Accounting Pronouncements (Tables) | 3 Months Ended
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Mar. 31, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | For the three months ended March 31, 2017, the adoption of Topic 606 impacted the Company's results as follows:
|  | March 31, 2017
(in millions) (except per share amounts) |  | As Reported |  | New Revenue Standard Adjustment |  | As Adjusted
Net sales |  | $ | 3,324.7 |  |  | $ | (68.7 | ) |  | $ | 3,256.0 |
Gross profit |  | 552.6 |  |  | 0.9 |  |  | 553.5 |
Gross profit margin |  | 16.6 | % |  | 40 bps |  |  | 17.0 | %
Income from operations |  | 169.8 |  |  | 0.9 |  |  | 170.7 |
Income tax expense |  | (16.0 | ) |  | (0.3 | ) |  | (16.3 | )
Net income |  | $ | 57.6 |  |  | $ | 0.6 |  |  | $ | 58.2 |
Net income per common share |  |  |  |  |  |
Basic |  | $ | 0.36 |  |  | $ | — |  |  | $ | 0.36 |
Diluted |  | $ | 0.35 |  |  | $ | 0.01 |  |  | $ | 0.36 |
The adoption of Topic 606 impacted the Company's Consolidated Balance Sheet as of December 31, 2017 as follows:
|  | December 31, 2017
(in millions) |  | As Reported |  | New Revenue Standard Adjustment |  | As Adjusted(1)
Accounts receivable |  | $ | 2,320.5 |  |  | $ | 8.8 |  |  | $ | 2,329.3 |
Merchandise inventory |  | 449.5 |  |  | (38.0 | ) |  | 411.5 |
Miscellaneous receivables |  | 336.5 |  |  | 6.5 |  |  | 343.0 |
Prepaid expenses and other |  | 127.4 |  |  | 40.9 |  |  | 168.3 |
Total current assets |  | 3,378.1 |  |  | 18.2 |  |  | 3,396.3 |
Other assets |  | 40.8 |  |  | (8.1 | ) |  | 32.7 |
Total assets |  | 6,956.6 |  |  | 10.1 |  |  | 6,966.7 |
Contract liabilities |  | 194.0 |  |  | (35.2 | ) |  | 158.8 |
Income tax payable |  | 15.1 |  |  | 1.1 |  |  | 16.2 |
Other accrued expenses |  | 180.2 |  |  | 41.6 |  |  | 221.8 |
Total current liabilities |  | 2,514.6 |  |  | 7.5 |  |  | 2,522.1 |
Total liabilities |  | 5,973.7 |  |  | 7.5 |  |  | 5,981.1 |
Total stockholders’ equity |  | $ | 982.9 |  |  | $ | 2.7 |  |  | $ | 985.6 |
(1) | Amounts may not cross-foot due to rounding.

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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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