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Present and Prospective Accounting Pronouncements Cumulative Effect of Adoption (Tables) | 9 Months Ended
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Sep. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | 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 September 30, 2018 |  | Nine Months Ended September 30, 2018
Dollar amounts in millions | As reported |  | Balances without adoption of ASC 606 |  | Effect of Change Higher (Lower) |  | As reported |  | Balances without adoption of ASC 606 |  | Effect of Change Higher (Lower)
Consolidated Statement of Income |  |  |  |  |  |  |  |  |  |  |
Net sales | $ | 736.8 |  |  | $ | 725.1 |  |  | 11.7 |  |  | $ | 2,238.9 |  |  | $ | 2,245.9 |  |  | $ | (7.0 | )
Cost of sales | 524.0 |  |  | 517.6 |  |  | 6.4 |  |  | 1,588.7 |  |  | 1,592.6 |  |  | (3.9 | )
Selling, general and administrative expenses | 51.2 |  |  | 52.4 |  |  | (1.2 | ) |  | 151.9 |  |  | 155.0 |  |  | (3.1 | )
Provision for income taxes | 41.8 |  |  | 40.2 |  |  | 1.6 |  |  | 122.7 |  |  | 122.7 |  |  | — |
Net income | 124.0 |  |  | 119.1 |  |  | 4.9 |  |  | 377.6 |  |  | 377.6 |  |  | — |
Consolidated Balance Sheet | September 30, 2018 |  |  |  |  |  |
Receivables, net of allowance for doubtful accounts | $ | 143.5 |  |  | $ | 169.1 |  |  | $ | (25.6 | ) |  |  |  |  |  |
Inventory | 284.4 |  |  | 264.7 |  |  | 19.7 |  |  |  |  |  |  |
Income taxes payable | 11.6 |  |  | 10.1 |  |  | 1.5 |  |  |  |  |  |  |
Retained earnings | 1,613.9 |  |  | 1,618.3 |  |  | (4.4 | ) |  |  |  |  |  |
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 is 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 | )
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 and nine months ended September 30, 2017 is as follows:
| Quarter Ended September 30, 2017
Dollar amounts in millions | As reported |  | ASU 2017-07 |  | Reclassi- fications |  | As adjusted
Consolidated Statement of Income |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation and amortization shown separately below) | $ | 478.3 |  |  | $ | (1.0 | ) |  | $ | 30.4 |  |  | $ | 507.7 |
Depreciation and amortization | 31.1 |  |  | — |  |  | (31.1 | ) |  | — |
Selling, general and administrative expenses | 49.2 |  |  | (0.6 | ) |  | 0.7 |  |  | 49.3 |
Income from operations | 159.9 |  |  | 1.6 |  |  | — |  |  | 161.5 |
Total non-operating income (expense) | (2.6 | ) |  | (1.6 | ) |  | — |  |  | (4.2 | )
| Nine Months Ended September 30, 2017
Dollar amounts in millions | As reported |  | ASU 2017-07 |  | Reclassi- fications |  | As adjusted
Consolidated Statement of Income |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation and amortization shown separately below) | $ | 1,416.3 |  |  | $ | (3.1 | ) |  | 89.1 |  |  | $ | 1,502.3 |
Depreciation and amortization | 91.3 |  |  | — |  |  | (91.3 | ) |  | — |
Selling, general and administrative expenses | 144.8 |  |  | (1.7 | ) |  | 2.2 |  |  | 145.3 |
Income from operations | 368.2 |  |  | 4.8 |  |  | — |  |  | 373.0 |
Total non-operating income (expense) | (10.0 | ) |  | (4.8 | ) |  | — |  |  | (14.8 | )
In accordance with disclosure requirements of this new accounting standard, the impact of adoption on our Consolidated Statement of Cash Flows for the quarter and nine months ended September 30, 2017 is as follows:
| Quarter Ended September 30, 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 | $ | (34.8 | ) |  | $ | — |  |  | $ | (34.8 | )
Effect of exchange rate on cash, cash equivalents and restricted cash | 1.8 |  |  | — |  |  | 1.8 |
Net increase in cash, cash equivalents and restricted cash | 108.7 |  |  | — |  |  | 108.7 |
Cash, cash equivalents and restricted cash at beginning of period | 740.0 |  |  | 13.2 |  |  | 753.2 |
Cash, cash equivalents and restricted cash at end of period | 848.7 |  |  | 13.2 |  |  | 861.9 |
| Nine Months Ended September 30, 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 | $ | (109.3 | ) |  | $ | 0.2 |  |  | $ | (109.1 | )
Effect of exchange rate on cash, cash equivalents and restricted cash | 1.9 |  |  | (0.2 | ) |  | 1.7 |
Net increase in cash, cash equivalents and restricted cash | 189.4 |  |  | — |  |  | 189.4 |
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 | 848.7 |  |  | 13.2 |  |  | 861.9 |

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