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Revenue Recognition (Tables) | 12 Months Ended
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Dec. 31, 2018
Revenue from Contract with Customer [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table presents the impact on our opening Consolidated Balance Sheet as of January 1, 2018 of adopting ASC 606 (in millions of dollars):
| December 31, 2017 As Reported |  | Cumulative-effect Adjustments 1 |  | January 1, 2018 As Adjusted
Contract assets | $ | — |  |  | $ | 55.6 |  |  | $ | 55.6 |
Inventories | 207.9 |  |  | (40.7 | ) |  | 167.2 |
Total current assets | 656.6 |  |  | 14.9 |  |  | 671.5 |
Deferred tax assets, net | 72.0 |  |  | (3.3 | ) |  | 68.7 |
Total assets | $ | 1,385.2 |  |  | $ | 11.6 |  |  | $ | 1,396.8 |
Other accrued liabilities | 40.5 |  |  | 1.5 |  |  | 42.0 |
Total current liabilities | 173.1 |  |  | 1.5 |  |  | 174.6 |
Total liabilities | $ | 638.9 |  |  | $ | 1.5 |  |  | $ | 640.4 |
Retained earnings | 85.5 |  |  | 10.1 |  |  | 95.6 |
Total stockholders' equity | 746.3 |  |  | 10.1 |  |  | 756.4 |
Total liabilities and stockholders' equity | $ | 1,385.2 |  |  | $ | 11.6 |  |  | $ | 1,396.8 |
____________________
1 | Included in the cumulative-effect adjustment was a charge of $5.0 million as a result of decrementing higher cost prior LIFO layers.
The following table presents the impact of adopting ASC 606 on our Consolidated Balance Sheet as of the period presented (in millions of dollars):
| December 31, 2018 As Reported |  | Adjustments |  | December 31, 2018 without Adoption of ASC 606
Contract assets | $ | 54.9 |  |  | $ | (54.9 | ) |  | $ | — |
Inventories | 215.1 |  |  | 32.4 |  |  | 247.5 |
Total current assets | 656.6 |  |  | (22.5 | ) |  | 634.1 |
Deferred tax assets, net | 35.9 |  |  | 3.3 |  |  | 39.2 |
Total assets | $ | 1,419.3 |  |  | $ | (19.2 | ) |  | $ | 1,400.1 |
Other accrued liabilities | 44.0 |  |  | (3.7 | ) |  | 40.3 |
Total current liabilities | 205.5 |  |  | (3.7 | ) |  | 201.8 |
Total liabilities | $ | 678.9 |  |  | $ | (3.7 | ) |  | $ | 675.2 |
Retained earnings | 150.2 |  |  | (15.5 | ) |  | 134.7 |
Total stockholders' equity | 740.4 |  |  | (15.5 | ) |  | 724.9 |
Total liabilities and stockholders' equity | $ | 1,419.3 |  |  | $ | (19.2 | ) |  | $ | 1,400.1 |
The following table presents the impact of adopting ASC 606 on our Statements of Consolidated Income for each period presented (in millions of dollars, except per share amounts):
| Year Ended December 31, 2018
| As Reported |  | Adjustments |  | Without Adoption of ASC 606
Net sales | $ | 1,585.9 |  |  | $ | 1.2 |  |  | $ | 1,587.1 |
Cost of products sold, excluding depreciation and amortization and other items 1 | 1,300.7 |  |  | 8.3 |  |  | 1,309.0 |
Operating income | 143.6 |  |  | (7.1 | ) |  | 136.5 |
Income before income taxes | 120.0 |  |  | (7.1 | ) |  | 112.9 |
Income tax provision | (28.3 | ) |  | 1.7 |  |  | (26.6 | )
Net income | $ | 91.7 |  |  | $ | (5.4 | ) |  | $ | 86.3 |
Net income per common share: |  |  |  |  |
Basic | $ | 5.53 |  |  | $ | (0.33 | ) |  | $ | 5.20 |
Diluted | $ | 5.43 |  |  | $ | (0.32 | ) |  | $ | 5.11 |
____________________
1 | Included in the "as reported" amounts was the benefit of having decremented higher cost prior LIFO layers as part of the cumulative-effect adjustment of adopting ASC 606, as discussed in the opening balance sheet table above.
The following table presents the impact of adopting ASC 606 on our Statements of Consolidated Comprehensive Income for each period presented (in millions of dollars):
| Year Ended December 31, 2018
| As Reported |  | Adjustments |  | Without Adoption of ASC 606
Net income | $ | 91.7 |  |  | $ | (5.4 | ) |  | $ | 86.3 |
Comprehensive income | $ | 80.0 |  |  | $ | (5.4 | ) |  | $ | 74.6 |
The following table presents the impact of adopting ASC 606 on our Statements of Consolidated Cash Flows for the period presented (in millions of dollars):
| Year Ended December 31, 2018 As Reported |  | Adjustments |  | Year Ended December 31, 2018 without Adoption of ASC 606
Net income | $ | 91.7 |  |  | $ | (5.4 | ) |  | $ | 86.3 |
Changes in operating assets and liabilities: |  |  |  |  |
Contract assets | 0.7 |  |  | (0.7 | ) |  | — |
Inventories | (45.0 | ) |  | 8.3 |  |  | (36.7 | )
Accrued liabilities | (2.6 | ) |  | (2.2 | ) |  | (4.8 | )
Net cash provided by operating activities | $ | 150.2 |  |  | $ | — |  |  | $ | 150.2 |

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