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Impact of Recently Issued Accounting Standards Impact of new accounting standards (Tables) | 6 Months Ended
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Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] |
Impact of Recently Issued Accounting Standards [Table Text Block] | 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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