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Present and Prospective Accounting Pronouncements (Notes) | 3 Months Ended
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Mar. 31, 2018
Accounting Policies [Abstract] |
New Accounting Pronouncements, Policy [Policy Text Block] | NOTE 2 - NEW ACCOUNTING STANDARDS AND CERTAIN RECLASSIFICATIONS On January 1, 2018, we adopted ASU 2014-09, "Revenue from Contracts with Customers" (ASC 606), and all the related amendments to all contracts using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new revenue standard to be immaterial to our net income on an ongoing basis. Recognition of a portion of our sales revenue has been delayed due to the timing of satisfying the performance obligations. The new revenue standard also provided additional clarity that resulted in reclassifications to or from Net sales and Selling, general and administrative expenses. On January 1, 2018, we adopted ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The guidance allows us to reclassify the stranded tax effects within Accumulated other comprehensive income to Retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recorded. The cumulative effect of the changes made to our Consolidated Balance Sheet as of January 1, 2018 for the adoption of ASU 2014-09 and ASU 2018-02, were as follows:
Dollar amounts in millions | Balance at December 31, 2017 |  | ASU 2014-09 |  | ASU 2018-02 |  | Balance at January 1, 2018
Receivables, net of allowance for doubtful accounts | $ | 142.5 |  |  | $ | (21.7 | ) |  | $ | — |  |  | $ | 120.8 |
Inventories | 259.1 |  |  | 15.8 |  |  | — |  |  | 274.9 |
Deferred tax asset | 2.5 |  |  | 1.5 |  |  | — |  |  | 4.0 |
Retained earnings | 1,280.1 |  |  | (4.4 | ) |  | 16.7 |  |  | 1,292.4 |
Accumulated comprehensive loss | (122.1 | ) |  | — |  |  | (16.7 | ) |  | (138.8 | )
In accordance with the new revenue standard requirements, the disclosure of the impact on our Consolidated Statement of Income and Consolidated Balance Sheet is as follows:
| Quarter Ended March 31, 2018
Dollar amounts in millions | As reported |  | Balances without adoption of ASC 606 |  | Effect of Change Higher (Lower)
Consolidated Statement of Income |  |  |  |  |
Net sales | $ | 691.3 |  |  | $ | 702.4 |  |  | $ | (11.1 | )
Cost of sales | 514.5 |  |  | 521.0 |  |  | (6.5 | )
Selling, general and administrative expenses | 50.6 |  |  | 51.4 |  |  | (0.8 | )
Provision for income taxes | 29.7 |  |  | 30.6 |  |  | (0.9 | )
Net income | 90.9 |  |  | 93.8 |  |  | (2.9 | )
Consolidated Balance Sheet |  |  |  |  |
Receivables, net of allowance for doubtful accounts | 149.3 |  |  | 181.3 |  |  | (32.0 | )
Inventory | 329.4 |  |  | 307.1 |  |  | 22.3 |
Income taxes payable | 21.6 |  |  | 22.5 |  |  | (0.9 | )
Retained earnings | 1,364.4 |  |  | 1,367.3 |  |  | (2.9 | )
On January 1, 2018, we adopted ASU 2017-07, "Retirement Benefits - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost" (an amendment to ASC 715) to improve the presentation of net periodic pension and postretirement benefit costs. We retrospectively adopted the presentation of service cost separate from the other components of net periodic costs. The interest cost, expected return on assets, amortization of prior service costs, amortization of net actuarial losses and settlement costs have been reclassified from Cost of sales, Selling, general and administrative expenses and Other operating credits and charges to Non-operating income (expense). We elected to apply the practical expedient which allows us to reclassify amounts disclosed previously in the retirement benefits note as the basis for applying retrospective presentation for comparative periods as it is impracticable to determine the disaggregation of the cost components for amounts capitalized and amortized in those periods. On a prospective basis, the other components of net periodic benefit costs (excluding service cost) will not be included in amounts capitalized in inventory or property, plant, and equipment. In addition to the effects of ASU 2017-07, we have reclassified depreciation and amortization into the financial statement caption that reflects the category of the expense to be more comparable with our peers. The effect of the retrospective presentation change related to the net periodic cost of our defined benefit pension and reclassification of depreciation and amortization on our Consolidated Statement of Income for the quarter ended March 31, 2017 is as follows:
| Quarter Ended March 31, 2017
Dollar amounts in millions | As reported |  | ASU 2017-07 |  | Reclassifications |  | As adjusted
Consolidated Statement of Income |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation and amortization shown separately below) | $ | 453.9 |  |  | $ | (1.0 | ) |  | $ | 29.9 |  |  | $ | 482.8 |
Depreciation and amortization | 30.6 |  |  | — |  |  | (30.6 | ) |  | — |
Selling, general and administrative expenses | 48.6 |  |  | (0.6 | ) |  | 0.7 |  |  | 48.7 |
Income from operations | 73.8 |  |  | 1.6 |  |  | — |  |  | 75.4 |
Total non-operating income (expense) | (3.3 | ) |  | (1.6 | ) |  | — |  |  | (4.9 | )
On January 1, 2018, we adopted ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash." The adoption of this standard requires the inclusion of the change in amounts described as restricted cash or restricted cash equivalents to be included as part of our Consolidated Statement of Cash Flows. In accordance with disclosure requirements of this new accounting standard, the impact of adoption on our Consolidated Statement of Cash Flows for the quarter ended March 31, 2017 is as follows:
| Quarter Ended March 31, 2017
Dollar amounts in millions | As reported |  | ASU 2016-18 |  | As adjusted
Consolidated Statement of Cash Flows |  |  |  |  |
Net cash provided by (used in) investing activities | $ | (26.0 | ) |  | 0.1 |  |  | $ | (25.9 | )
Effect of exchange rate on cash, cash equivalents and restricted cash | $ | 0.9 |  |  | (0.2 | ) |  | $ | 0.7 |
Net decrease in cash, cash equivalents and restricted cash | $ | (9.8 | ) |  | (0.1 | ) |  | $ | (9.9 | )
Cash, cash equivalents and restricted cash at beginning of period | $ | 659.3 |  |  | 13.2 |  |  | $ | 672.5 |
Cash, cash equivalents and restricted cash at end of period | $ | 649.5 |  |  | 13.1 |  |  | $ | 662.6 |

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