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Recent Accounting Pronouncements (Tables) | 12 Months Ended
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Dec. 31, 2018
Accounting Changes and Error Corrections [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The adoption of Topic 606 impacted the Company's results as follows:
|  | December 31, 2017(1) |  | December 31, 2016(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 |  | $ | 15,191.5 |  |  | $ | (358.6 | ) |  | $ | 14,832.9 |  |  | $ | 13,981.9 |  |  | $ | (309.2 | ) |  | $ | 13,672.7 |
Gross profit |  | 2,449.9 |  |  | 0.3 |  |  | $ | 2,450.2 |  |  | 2,327.2 |  |  | 1.1 |  |  | $ | 2,328.3 |
Gross margin |  | 16.1 | % |  | 40 bps |  |  | 16.5 | % |  | 16.6 | % |  | 40 bps |  |  | 17.0 | %
Income from operations |  | 866.1 |  |  | 0.4 |  |  | 866.5 |  |  | 819.2 |  |  | 0.8 |  |  | 820.0 |
Income tax expense |  | (137.3 | ) |  | (0.3 | ) |  | (137.6 | ) |  | (248.0 | ) |  | (0.1 | ) |  | (248.1 | )
Net income |  | $ | 523.0 |  |  | $ | 0.1 |  |  | $ | 523.1 |  |  | $ | 424.4 |  |  | $ | 0.7 |  |  | $ | 425.1 |
Net income per common share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 3.37 |  |  | $ | — |  |  | $ | 3.37 |  |  | $ | 2.59 |  |  | $ | 0.01 |  |  | $ | 2.60 |
Diluted |  | $ | 3.31 |  |  | $ | — |  |  | $ | 3.31 |  |  | $ | 2.56 |  |  | $ | — |  |  | $ | 2.56 |
(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) |  | December 31, 2016(1)
(in millions) |  | As Reported |  | New Revenue Standard Adjustment |  | As Adjusted |  | As Reported |  | New Revenue Standard Adjustment |  | As Adjusted
Accounts receivable |  | $ | 2,320.5 |  |  | $ | 8.8 |  |  | $ | 2,329.3 |  |  | $ | 2,168.6 |  |  | $ | 0.3 |  |  | $ | 2,168.9 |
Merchandise inventory |  | 449.5 |  |  | (38.0 | ) |  | 411.5 |  |  | 452.0 |  |  | (28.1 | ) |  | 423.9 |
Miscellaneous receivables |  | 336.5 |  |  | 6.5 |  |  | 343.0 |  |  | 234.9 |  |  | 2.6 |  |  | 237.5 |
Prepaid expenses and other |  | 127.4 |  |  | 40.9 |  |  | 168.3 |  |  | 118.9 |  |  | 35.3 |  |  | 154.2 |
Total current assets |  | 3,378.1 |  |  | 18.2 |  |  | 3,396.3 |  |  | 3,238.1 |  |  | 10.1 |  |  | 3,248.2 |
Other assets |  | 40.8 |  |  | (8.1 | ) |  | 32.7 |  |  | 36.0 |  |  | (0.1 | ) |  | 35.9 |
Total assets |  | 6,956.6 |  |  | 10.1 |  |  | 6,966.7 |  |  | 6,948.4 |  |  | 10.0 |  |  | 6,958.4 |
Deferred revenue |  | 194.0 |  |  | (35.2 | ) |  | 158.8 |  |  | 172.6 |  |  | (29.1 | ) |  | 143.5 |
Other accrued expenses |  | 180.2 |  |  | 41.6 |  |  | 221.8 |  |  | 147.2 |  |  | 36.0 |  |  | 183.2 |
Income tax payable |  | 15.1 |  |  | 1.1 |  |  | 16.2 |  |  | 2.6 |  |  | 0.7 |  |  | 3.3 |
Total current liabilities |  | 2,514.6 |  |  | 7.5 |  |  | 2,522.1 |  |  | 2,280.7 |  |  | 7.6 |  |  | 2,288.3 |
Total liabilities |  | 5,973.7 |  |  | 7.5 |  |  | 5,981.1 |  |  | 5,902.9 |  |  | 7.6 |  |  | 5,910.5 |
Total stockholders' equity |  | $ | 982.9 |  |  | $ | 2.7 |  |  | $ | 985.6 |  |  | $ | 1,045.5 |  |  | $ | 2.4 |  |  | $ | 1,047.9 |
(1) Amounts may not foot or cross-foot due to rounding.

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