New Accounting Pronouncements (Tables)

12 Months Ended

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