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New Accounting Pronouncements (Tables) | 12 Months Ended
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Aug. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The effects of the adoption of ASC 606 on our Consolidated Statement of Comprehensive Income for the year ended August 31, 2019 and the Consolidated Balance Sheet as of August 31, 2019 are as follows (in millions except per share amounts):
Consolidated Statement of Comprehensive Income |  | Year Ended August 31, 2019
|  | As Currently Reported |  | Without ASC 606 Adoption |  | Higher (Lower)
Net sales |  | $ | 3,672.7 |  |  | $ | 3,681.6 |  |  | $ | (8.9 | )
Cost of products sold |  | 2,193.0 |  |  | 2,197.1 |  |  | (4.1 | )
Selling, distribution, and administrative expenses |  | 1,015.0 |  |  | 1,014.6 |  |  | 0.4 |
Operating profit |  | 462.9 |  |  | 468.1 |  |  | (5.2 | )
Income tax expense |  | 94.5 |  |  | 95.7 |  |  | (1.2 | )
Net income |  | 330.4 |  |  | 334.4 |  |  | (4.0 | )
Basic earnings per share |  | $ | 8.32 |  |  | $ | 8.42 |  |  | $ | (0.10 | )
Diluted earnings per share |  | 8.29 |  |  | 8.39 |  |  | (0.10 | )
Consolidated Balance Sheet |  | August 31, 2019
|  | As Currently Reported |  | Without ASC 606 Adoption |  | Higher (Lower)
Accounts receivable, net |  | $ | 561.0 |  |  | 539.6 |  |  | $ | 21.4 |
Prepayments and other current assets |  | 79.0 |  |  | 65.1 |  |  | 13.9 |
Other accrued liabilities |  | 175.0 |  |  | 139.4 |  |  | 35.6 |
Deferred income tax liabilities |  | 92.7 |  |  | 98.0 |  |  | (5.3 | )
Other long-term liabilities |  | 110.7 |  |  | 88.7 |  |  | 22.0 |
Retained earnings |  | 2,295.8 |  |  | 2,312.8 |  |  | (17.0 | )
The impact of the provisions of ASU 2017-07 on the Consolidated Statements of Comprehensive Income for the years ended August 31, 2018 and 2017 are as follows (in millions):
| Year Ended August 31, 2018 |  | Year Ended August 31, 2017
| As Revised |  | Previously Reported |  | Higher (Lower) |  | As Revised |  | Previously Reported |  | Higher (Lower)
Cost of products sold | $ | 2,194.7 |  |  | $ | 2,193.3 |  |  | $ | 1.4 |  |  | $ | 2,024.0 |  |  | $ | 2,023.9 |  |  | $ | 0.1 |
Selling, distribution, and administrative expenses | 1,019.0 |  |  | 1,026.6 |  |  | (7.6 | ) |  | 942.3 |  |  | 951.1 |  |  | (8.8 | )
Miscellaneous expense, net | 1.4 |  |  | (4.8 | ) |  | 6.2 |  |  | 2.4 |  |  | (6.3 | ) |  | 8.7 |

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