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New Accounting Pronouncements (Tables)
 9 Months Ended
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
)