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Impact of Recently Issued Accounting Standards | 6 Months Ended
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Jun. 30, 2018
Accounting Policies [Abstract] |
Basis of Presentation and Significant Accounting Policies [Text Block] | Impact of Recently Issued Accounting Standards In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) ("ASU No. 2018-02"). ASU No. 2018-02 provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period that is impacted by U.S. federal government tax legislation enacted in 2017 (the "Tax Act"). Effective January 1, 2018, the company adopted the provisions of ASU No. 2018-02 on a prospective basis as an adjustment to retained earnings of $4,116. In August 2017, the FASB issued Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815) ("ASU No. 2017-12"). ASU No. 2017-12 simplifies certain aspects of hedge accounting and results in a more accurate portrayal of the economics of an entity’s risk management activities in its financial statements. ASU No. 2017-12 is effective for the company in the first quarter of 2019, with early adoption permitted, and is to be applied on a modified retrospective basis. The company is currently evaluating the potential effects of adopting the provisions of ASU No. 2017-12. In March 2017, the FASB issued Accounting Standards Update No. 2017-07, Compensation - Retirement Benefits (Topic 715) ("ASU No. 2017-07"). ASU No. 2017-07 requires that the service cost component of pension expense be included in the same line item as other compensation costs arising from services rendered by employees, with the other components of pension expense being classified outside of a subtotal of income from operations. Effective January 1, 2018, the company adopted the provisions of ASU No. 2017-07 on a retrospective basis for the presentation requirements. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ("ASU No. 2016-13"). ASU No. 2016-13 revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. ASU No. 2016-13 is effective for the company in the first quarter of 2020, with early adoption permitted, and is to be applied using a modified retrospective approach. The company is currently evaluating the potential effects of adopting the provisions of ASU No. 2016-13. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) ("ASU No. 2016-02"). ASU No. 2016-02 requires the entity to recognize the assets and liabilities for the rights and obligations created by leased assets. Leases will be classified as either finance or operating, with classification affecting expense recognition in the income statement. In July 2018 the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases, and ASU No. 2018-11, Leases (Topic 842) Targeted Improvements, which provide supplemental adoption guidance and clarification to ASU No. 2016-02, and must be adopted concurrently with the adoption of ASU No. 2016-02, cumulatively referred to as “Topic 842”. Topic 842 is effective for the company in the first quarter of 2019, with early adoption permitted, and is to be applied using a modified retrospective approach. While the company continues to evaluate the effects of adopting the provisions of Topic 842, the company expects most existing operating lease commitments will be recognized as operating lease liabilities and right-of-use assets upon adoption. In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825) ("ASU No. 2016-01"). ASU No. 2016-01 revises the classification and measurement of investments in certain equity investments and the presentation of certain fair value changes for certain financial liabilities measured at fair value. ASU No. 2016-01 requires the change in fair value of many equity investments to be recognized in net income. Effective January 1, 2018, the company adopted the provisions of ASU No. 2016-01 on a prospective basis as an adjustment to retained earnings of $18,238. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU No. 2014-09"). ASU No. 2014-09 supersedes all existing revenue recognition guidance. Under ASU No. 2014-09, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In March, April, May, and December 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU No. 2016-08"); ASU No. 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing ("ASU No. 2016-10"); ASU No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients ("ASU No. 2016-12"); and ASU No. 2016-19, Technical Corrections and Improvements ("ASU No. 2016-19"), respectively. ASU No. 2016-08, ASU No. 2016-10, ASU No. 2016-12, and ASU No. 2016-19 provide supplemental adoption guidance and clarification to ASU No. 2014-09, and must be adopted concurrently with the adoption of ASU No. 2014-09, cumulatively referred to as "Topic 606". On January 1, 2018, the company adopted Topic 606 applying the full retrospective method. The primary impact of adoption relates to the application of gross versus net indicators and the determination of whether goods and services are distinct. In addition, the company is deferring certain revenue due to the determination of when transfer of control occurs. The deferrals are expected to be recognized within a year of the transaction date. The following table presents the effect of the adoption of Topic 606, ASU No. 2017-07, and other prior period reclassifications.
|  | Quarter Ended July 1, 2017 |  | Six Months Ended July 1, 2017
|  | As Previously Reported |  | Adjustments** |  | Adjusted for New Standards |  | As Previously Reported |  | Adjustments** |  | Adjusted for New Standards
Sales |  | $ | 6,465,346 |  |  | $ | (43,120 | ) |  | $ | 6,422,226 |  |  | $ | 12,224,898 |  |  | $ | (65,892 | ) |  | $ | 12,159,006 |
Cost of sales |  | 5,641,380 |  |  | (43,178 | ) |  | 5,598,202 |  |  | 10,641,045 |  |  | (67,260 | ) |  | 10,573,785 |
Gross profit |  | 823,966 |  |  | 58 |  |  | 824,024 |  |  | 1,583,853 |  |  | 1,368 |  |  | 1,585,221 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general, and administrative expenses |  | 532,347 |  |  | (566 | ) |  | 531,781 |  |  | 1,047,866 |  |  | (559 | ) |  | 1,047,307 |
Depreciation and amortization |  | 37,381 |  |  | — |  |  | 37,381 |  |  | 74,522 |  |  | — |  |  | 74,522 |
Restructuring, integration, and other charges |  | 24,416 |  |  | — |  |  | 24,416 |  |  | 39,921 |  |  | — |  |  | 39,921 |
|  | 594,144 |  |  | (566 | ) |  | 593,578 |  |  | 1,162,309 |  |  | (559 | ) |  | 1,161,750 |
Operating income |  | 229,822 |  |  | 624 |  |  | 230,446 |  |  | 421,544 |  |  | 1,927 |  |  | 423,471 |
Equity in earnings of affiliated companies |  | 724 |  |  | — |  |  | 724 |  |  | 1,649 |  |  | — |  |  | 1,649 |
Gain on investments, net |  | 750 |  |  | 1,513 |  |  | 2,263 |  |  | 750 |  |  | 3,495 |  |  | 4,245 |
Loss on extinguishment of debt |  | 58,759 |  |  | — |  |  | 58,759 |  |  | 58,759 |  |  | — |  |  | 58,759 |
Post-retirement expense |  | — |  |  | 1,897 |  |  | 1,897 |  |  | — |  |  | 3,697 |  |  | 3,697 |
Interest and other financing expense, net |  | 42,358 |  |  | 180 |  |  | 42,538 |  |  | 80,431 |  |  | 356 |  |  | 80,787 |
Income before income taxes |  | 130,179 |  |  | 60 |  |  | 130,239 |  |  | 284,753 |  |  | 1,369 |  |  | 286,122 |
Provision for income taxes |  | 29,575 |  |  | 17 |  |  | 29,592 |  |  | 68,799 |  |  | 357 |  |  | 69,156 |
Consolidated net income |  | 100,604 |  |  | 43 |  |  | 100,647 |  |  | 215,954 |  |  | 1,012 |  |  | 216,966 |
Noncontrolling interests |  | 925 |  |  | — |  |  | 925 |  |  | 2,507 |  |  | — |  |  | 2,507 |
Net income attributable to shareholders |  | $ | 99,679 |  |  | $ | 43 |  |  | $ | 99,722 |  |  | $ | 213,447 |  |  | $ | 1,012 |  |  | $ | 214,459 |
Net income per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic* |  | $ | 1.12 |  |  | $ | — |  |  | $ | 1.12 |  |  | $ | 2.40 |  |  | $ | 0.01 |  |  | $ | 2.41 |
Diluted* |  | $ | 1.11 |  |  | $ | — |  |  | $ | 1.11 |  |  | $ | 2.37 |  |  | $ | 0.01 |  |  | $ | 2.38 |
* The sum of the as previously reported and as adjusted may not agree to totals, as presented, due to rounding. ** Topic 606 impacted sales and cost of sales. ASU No. 2017-07 and other reclassifications impacted operating and non-operating expenses. The following table presents the effect of the adoption of Topic 606, ASU No. 2017-07, and other prior period reclassifications for 2017.
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  | Year to Date
| As Previously Reported | Adjusted for New Standards |  | As Previously Reported | Adjusted for New Standards |  | As Previously Reported | Adjusted for New Standards |  | As Previously Reported | Adjusted for New Standards |  | As Previously Reported | Adjusted for New Standards
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales | $ | 5,759,552 |  | $ | 5,736,780 |  |  | $ | 6,465,346 |  | $ | 6,422,226 |  |  | $ | 6,953,740 |  | $ | 6,856,108 |  |  | $ | 7,633,870 |  | $ | 7,539,449 |  |  | $ | 26,812,508 |  | $ | 26,554,563 |
Cost of sales | 4,999,665 |  | 4,975,583 |  |  | 5,641,380 |  | 5,598,202 |  |  | 6,110,382 |  | 6,013,541 |  |  | 6,703,742 |  | 6,610,269 |  |  | 23,455,169 |  | 23,197,595 |
Operating income | 191,722 |  | 193,025 |  |  | 229,822 |  | 230,446 |  |  | 235,992 |  | 235,441 |  |  | 270,914 |  | 286,824 |  |  | 928,450 |  | 945,736 |
Net income attributable to shareholders | $ | 113,768 |  | $ | 114,737 |  |  | $ | 99,679 |  | $ | 99,722 |  |  | $ | 134,630 |  | $ | 134,064 |  |  | $ | 53,885 |  | $ | 53,653 |  |  | $ | 401,962 |  | $ | 402,176 |
Operating income for the fourth quarter of 2017 was impacted by a reclassification of pension settlement expense of $16,706 due to the implementation of ASU No. 2017-07. The settlement expense was moved to "post-retirement expense", which is classified as non-operating on the statement of operations.

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- Definition The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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