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New Accounting Pronouncements (Tables) | 9 Months Ended
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May 31, 2019
Accounting Changes and Error Corrections [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The impact of the provisions of ASU 2017-07 on the Consolidated Statement of Comprehensive Income for the three and nine months ended May 31, 2018 are as follows (in millions):
| Three Months Ended May 31, 2018 |  | Nine Months Ended May 31, 2018
| As Revised |  | Previously Reported |  | Higher (Lower) |  | As Revised |  | Previously Reported |  | Higher (Lower)
Cost of products sold | $ | 554.9 |  |  | $ | 554.6 |  |  | $ | 0.3 |  |  | $ | 1,545.4 |  |  | $ | 1,544.4 |  |  | $ | 1.0 |
Selling, distribution, and administrative expenses | 271.8 |  |  | 273.6 |  |  | (1.8 | ) |  | 745.7 |  |  | 751.3 |  |  | (5.6 | )
Miscellaneous expense (income), net | (0.2 | ) |  | (1.7 | ) |  | 1.5 |  |  | 3.8 |  |  | (0.8 | ) |  | 4.6 |
The effects of the adoption of ASC 606 on our Consolidated Statement of Comprehensive Income for the three and nine months ended May 31, 2019, and the Consolidated Balance Sheet as of May 31, 2019 are as follows (in millions except per share amounts):
Consolidated Statement of Comprehensive Income |  | Three Months Ended May 31, 2019 |  | Nine Months Ended May 31, 2019
|  | As Currently Reported |  | Without ASC 606 Adoption |  | Higher (Lower) |  | As Currently Reported |  | Without ASC 606 Adoption |  | Higher (Lower)
Net sales |  | $ | 947.6 |  |  | $ | 951.4 |  |  | $ | (3.8 | ) |  | $ | 2,734.6 |  |  | $ | 2,742.4 |  |  | $ | (7.8 | )
Cost of products sold |  | 564.0 |  |  | 566.2 |  |  | (2.2 | ) |  | 1,649.6 |  |  | 1,653.6 |  |  | (4.0 | )
Selling, distribution, and administrative expenses |  | 263.4 |  |  | 263.4 |  |  | — |  |  | 751.1 |  |  | 750.9 |  |  | 0.2 |
Operating profit |  | 120.3 |  |  | 121.9 |  |  | (1.6 | ) |  | 332.6 |  |  | 336.6 |  |  | (4.0 | )
Income tax expense |  | 23.4 |  |  | 23.8 |  |  | (0.4 | ) |  | 70.1 |  |  | 71.1 |  |  | (1.0 | )
Net income |  | 88.4 |  |  | 89.6 |  |  | (1.2 | ) |  | 234.3 |  |  | 237.3 |  |  | (3.0 | )
Basic earnings per share |  | $ | 2.23 |  |  | $ | 2.26 |  |  | $ | (0.03 | ) |  | $ | 5.89 |  |  | $ | 5.97 |  |  | $ | (0.08 | )
Diluted earnings per share |  | 2.22 |  |  | 2.25 |  |  | (0.03 | ) |  | 5.87 |  |  | 5.95 |  |  | (0.08 | )
Consolidated Balance Sheet |  | May 31, 2019
|  | As Currently Reported |  | Without ASC 606 Adoption |  | Higher (Lower)
Accounts receivable, net |  | $ | 586.0 |  |  | 564.7 |  |  | $ | 21.3 |
Prepayments and other current assets |  | 69.0 |  |  | 53.7 |  |  | 15.3 |
Other accrued liabilities |  | 176.7 |  |  | 139.8 |  |  | 36.9 |
Deferred income tax liabilities |  | 89.6 |  |  | 94.8 |  |  | (5.2 | )
Other long-term liabilities |  | 98.7 |  |  | 77.8 |  |  | 20.9 |
Retained earnings |  | 2,204.9 |  |  | 2,220.9 |  |  | (16.0 | )

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