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Summary of Accounting Policies (Tables)
 9 Months Ended
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