XML 38 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Components of Calculation of Basic Net Income Per Ordinary Share and Diluted Net Income Per Ordinary Share
The components of the calculation of basic net income per ordinary share and diluted net income per ordinary share are as follows (in millions, except share and per share data):
 
Three Months Ended
 
June 30,
2018
 
July 1,
2017
Numerator:
 
 
 
Net income attributable to MKHL
$
186.4

 
$
125.5

Denominator:
 
 
 
Basic weighted average shares
149,502,101

 
154,486,898

Weighted average dilutive share equivalents:
 
 
 
Share options and restricted shares/units, and performance restricted share units
2,897,554

 
2,384,620

Diluted weighted average shares
152,399,655

 
156,871,518

 
 
 
 
Basic net income per share
$
1.25

 
$
0.81

Diluted net income per share
$
1.22

 
$
0.80
Schedule of Impact of Adoption of New Accounting Pronouncements
The below table details the components of the cumulative adjustment recorded on April 1, 2018 (in millions):
 
March 31, 2018
As Reported under ASC 605
 
ASC 606 Adjustments
 
April 1, 2018
As Reported Under ASC 606
Receivables, net
$
290.5

 
$
3.8

(1) 
$
294.3

Accrued expenses and other current liabilities
295.6

 
(4.6
)
(2) 
291.0

Deferred tax liabilities
186.3

 
1.7

(3) 
188.0

Retained earnings
4,152.0

 
6.7

 
4,158.7

_________________________
(1) 
Includes a $3.5 million adjustment related to product licensing revenue, which was previously recorded on a one-month lag and $0.3 million of guaranteed advertising minimums recognized by product licensees on a straight-line basis over the contract year.
(2) 
Relates to recognition of breakage revenue associated with gift card liabilities not subject to escheatment.
(3) 
Relates to income tax effect of the above adjustments.