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Recent Accounting Pronouncements (Tables) | 9 Months Ended
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Sep. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The adoption of Topic 606 impacted the Company's results as follows:
|  | Three Months Ended September 30, 2017(1) |  | Nine Months Ended September 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 |  | $ | 4,033.9 |  |  | $ | (100.7 | ) |  | $ | 3,933.2 |  |  | $ | 11,353.0 |  |  | $ | (272.2 | ) |  | $ | 11,080.8 |
Gross profit |  | 642.0 |  |  | 0.2 |  |  | 642.2 |  |  | 1,835.6 |  |  | 0.9 |  |  | 1,836.5 |
Gross profit margin |  | 15.9 | % |  | 40 bps |  |  | 16.3 | % |  | 16.2 | % |  | 40 bps |  |  | 16.6 | %
Income from operations |  | 243.7 |  |  | 0.3 |  |  | 244.0 |  |  | 644.6 |  |  | 1.0 |  |  | 645.6 |
Income tax expense |  | (77.4 | ) |  | (0.2 | ) |  | (77.6 | ) |  | (147.9 | ) |  | (0.5 | ) |  | (148.4 | )
Net income |  | $ | 129.2 |  |  | $ | 0.1 |  |  | $ | 129.3 |  |  | $ | 327.8 |  |  | $ | 0.5 |  |  | $ | 328.3 |
Net income per common share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.84 |  |  | $ | — |  |  | $ | 0.84 |  |  | $ | 2.10 |  |  | $ | — |  |  | $ | 2.10 |
Diluted |  | $ | 0.83 |  |  | $ | — |  |  | $ | 0.83 |  |  | $ | 2.06 |  |  | $ | — |  |  | $ | 2.06 |
(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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