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Summary of Accounting Policies (Tables) | 9 Months Ended
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Sep. 29, 2018
Accounting Policies [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The effects of the adjustments to the Condensed Consolidated Statements of Earnings as a result of the adoption of ASU No. 2017-07 for the three and nine month periods ended September 30, 2017, are as follows:
| For the three months ended September 30, 2017 |  | For the nine months ended September 30, 2017
| As |  | Adjusted |  |  |  | As |  | Adjusted |  |
| Previously |  | for ASU |  | As |  | Previously |  | for ASU |  | As
(Amounts in millions) | Reported |  | No. 2017-07 |  | Adjusted |  | Reported |  | No. 2017-07 |  | Adjusted
Net sales | $ | 903.8 |  |  | $ | — |  |  | $ | 903.8 |  |  | $ | 2,712.3 |  |  | $ | — |  |  | $ | 2,712.3 |
Cost of goods sold | (455.2 | ) |  | 0.2 |  |  | (455.0 | ) |  | (1,352.7 | ) |  | 0.7 |  |  | (1,352.0 | )
Gross profit | 448.6 |  |  | 0.2 |  |  | 448.8 |  |  | 1,359.6 |  |  | 0.7 |  |  | 1,360.3 |
Operating expenses | (295.5 | ) |  | (0.6 | ) |  | (296.1 | ) |  | (853.3 | ) |  | (0.4 | ) |  | (853.7 | )
Operating earnings before financial services | 153.1 |  |  | (0.4 | ) |  | 152.7 |  |  | 506.3 |  |  | 0.3 |  |  | 506.6 |
Operating earnings from financial services | 56.0 |  |  | — |  |  | 56.0 |  |  | 163.1 |  |  | — |  |  | 163.1 |
Operating earnings | 209.1 |  |  | (0.4 | ) |  | 208.7 |  |  | 669.4 |  |  | 0.3 |  |  | 669.7 |
Interest expense | (13.1 | ) |  | — |  |  | (13.1 | ) |  | (38.8 | ) |  | — |  |  | (38.8 | )
Other income (expense) - net | (2.1 | ) |  | 0.4 |  |  | (1.7 | ) |  | (5.7 | ) |  | (0.3 | ) |  | (6.0 | )
Earnings before income taxes and equity earnings | $ | 193.9 |  |  | $ | — |  |  | $ | 193.9 |  |  | $ | 624.9 |  |  | $ | — |  |  | $ | 624.9 |
Furthermore, the effects of the adjustments to the Consolidated Statements of Earnings as a result of the adoption of ASU No. 2017-07 for the fiscal years ended December 30, 2017, and December 31, 2016, are as follows:
| 2017 |  | 2016
| As |  | Adjusted |  |  |  | As |  | Adjusted |  |
| Previously |  | for ASU |  | As |  | Previously |  | for ASU |  | As
(Amounts in millions) | Reported |  | No. 2017-07 |  | Adjusted |  | Reported |  | No. 2017-07 |  | Adjusted
Net sales | $ | 3,686.9 |  |  | $ | — |  |  | $ | 3,686.9 |  |  | $ | 3,430.4 |  |  | $ | — |  |  | $ | 3,430.4 |
Cost of goods sold | (1,862.0 | ) |  | 1.0 |  |  | (1,861.0 | ) |  | (1,720.8 | ) |  | 0.8 |  |  | (1,720.0 | )
Gross profit | 1,824.9 |  |  | 1.0 |  |  | 1,825.9 |  |  | 1,709.6 |  |  | 0.8 |  |  | 1,710.4 |
Operating expenses | (1,160.9 | ) |  | (0.4 | ) |  | (1,161.3 | ) |  | (1,054.1 | ) |  | 6.1 |  |  | (1,048.0 | )
Operating earnings before financial services | 664.0 |  |  | 0.6 |  |  | 664.6 |  |  | 655.5 |  |  | 6.9 |  |  | 662.4 |
Operating earnings from financial services | 217.5 |  |  | — |  |  | 217.5 |  |  | 198.7 |  |  | — |  |  | 198.7 |
Operating earnings | 881.5 |  |  | 0.6 |  |  | 882.1 |  |  | 854.2 |  |  | 6.9 |  |  | 861.1 |
Interest expense | (52.4 | ) |  | — |  |  | (52.4 | ) |  | (52.2 | ) |  | — |  |  | (52.2 | )
Other income (expense) - net | (7.2 | ) |  | (0.6 | ) |  | (7.8 | ) |  | (0.6 | ) |  | (6.9 | ) |  | (7.5 | )
Earnings before income taxes and equity earnings | $ | 821.9 |  |  | $ | — |  |  | $ | 821.9 |  |  | $ | 801.4 |  |  | $ | — |  |  | $ | 801.4 |
The effects of adjustments to the December 30, 2017 consolidated balance sheet for the adoption of Topic 606 were as follows:
|  | Balance at |  | Topic 606 |  | Opening Balance at
(Amounts in millions) |  | December 30, 2017 |  | Adjustments |  | December 31, 2017
Assets |  |  |  |  |  |
Inventories - net |  | $ | 638.8 |  |  | $ | 20.9 |  |  | $ | 659.7 |
Deferred income tax assets |  | 52.0 |  |  | 0.6 |  |  | 52.6 |
Liabilities and Equity |  |  |  |  |  |
Other accrued liabilities |  | $ | 388.1 |  |  | $ | 23.3 |  |  | $ | 411.4 |
Retained earnings |  | 3,772.3 |  |  | (1.8 | ) |  | 3,770.5 |

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