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Summary of Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2018
Accounting Policies [Abstract]  
Schedule for Company's allowance for doubtful accounts Changes in the Company's allowance for doubtful accounts follows:
(in millions)
 
2018
 
2017
 
2016
Balance as of January 1
 
$
6.5

 
$
3.9

 
$
4.7

(Decrease) increase to reserve
 
(0.5
)
 
1.2

 
0.1

Amounts acquired
 
—

 
2.0

 
0.4

Amounts written off
 
(0.9
)
 
(0.6
)
 
(1.3
)
Balance as of December 31
 
$
5.1

 
$
6.5

 
$
3.9
Summary of the Effects of Adopting ASC 606 A summary of the effects of adopting ASC 606 on the Consolidated Financial Statements follows:
 
 
Year Ended December 31, 2018
(in millions)
 
As Reported
 
Balances Without Adoption of ASC 606
 
Effect of Change Higher/(Lower)
Consolidated Statement of Income
 
 
 
 
 
 
Revenues
 
$
4,479.5

 
$
4,457.6

 
$
21.9

Cost of goods sold
 
3,304.8

 
3,290.1

 
14.7

Operating income
 
509.0

 
501.8

 
7.2

Provision for income taxes
 
87.3

 
85.5

 
1.8

Income from continuing operations
 
358.6

 
353.2

 
5.4

Net income
 
611.1

 
605.7

 
5.4

 
 
December 31, 2018
(in millions)
 
As Reported
 
Balances Without Adoption of ASC 606
 
Effect of Change Higher/(Lower)
Consolidated Balance Sheet
 
 
 
 
 
 
Receivables
 
$
698.3

 
$
654.0

 
$
44.3

Inventories, net
 
457.5

 
487.0

 
(29.5
)
Other current assets
 
75.3

 
74.4

 
0.9

Accrued expenses
 
258.0

 
256.2

 
1.8

Other long-term liabilities
 
266.5

 
264.5

 
2.0

Retained earnings
 
3,351.4

 
3,344.9

 
6.5