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Recent Accounting Pronouncements (Tables) | 6 Months Ended
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Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | he adoption of Topic 606 impacted the Company's results as follows:
|  | Three Months Ended June 30, 2017(1) |  | Six Months Ended June 30, 2017(1)
(in millions) (except per share amounts) |  | As Reported |  | New Revenue Standard Adjustment |  | As Adjusted |  | As Reported |  | New Revenue Standard Adjustment |  | As Adjusted
Net sales |  | $ | 3,994.4 |  |  | $ | (102.7 | ) |  | $ | 3,891.7 |  |  | $ | 7,319.1 |  |  | $ | (171.5 | ) |  | $ | 7,147.6 |
Gross profit |  | 641.1 |  |  | (0.3 | ) |  | 640.8 |  |  | 1,193.6 |  |  | 0.7 |  |  | 1,194.3 |
Gross profit margin |  | 16.1 | % |  | 40 bps |  |  | 16.5 | % |  | 16.3 | % |  | 40 bps |  |  | 16.7 | %
Income from operations |  | 231.1 |  |  | (0.3 | ) |  | 230.8 |  |  | 400.9 |  |  | 0.6 |  |  | 401.5 |
Income tax expense |  | (54.5 | ) |  | 0.1 |  |  | (54.4 | ) |  | (70.5 | ) |  | (0.3 | ) |  | (70.8 | )
Net income |  | $ | 141.0 |  |  | $ | (0.1 | ) |  | $ | 140.9 |  |  | $ | 198.7 |  |  | $ | 0.3 |  |  | $ | 199.0 |
Net income per common share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.90 |  |  | $ | — |  |  | $ | 0.90 |  |  | $ | 1.26 |  |  | $ | — |  |  | $ | 1.26 |
Diluted |  | $ | 0.89 |  |  | $ | — |  |  | $ | 0.89 |  |  | $ | 1.23 |  |  | $ | 0.01 |  |  | $ | 1.24 |
(1) | Amounts may not foot or cross-foot due to rounding.
The adoption of Topic 606 impacted the Company's Consolidated Balance Sheet as follows:
|  | December 31, 2017(1)
(in millions) |  | As Reported |  | New Revenue Standard Adjustment |  | As Adjusted
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 foot or cross-foot due to rounding.

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