| Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] |
The following tables compare amounts reported in accordance with the requirements of ASC 606 to the amounts that would have been reported had the new standard not been applied:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheet |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
December 2018 |
Ìý |
(In thousands) |
As Reported |
Ìý |
Impact of Adoption |
Ìý |
Balances without Adoption of ASC 606 |
Ìý |
ASSETS |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Cash and equivalents |
$ |
535,312 |
|
Ìý |
$ |
— |
|
Ìý |
$ |
535,312 |
|
Ìý |
Accounts receivable, net |
1,774,460 |
|
Ìý |
(223,546 |
) |
Ìý |
1,550,914 |
|
Ìý |
Inventories |
1,866,075 |
|
Ìý |
71,909 |
|
Ìý |
1,937,984 |
|
Ìý |
Other current assets |
436,244 |
|
Ìý |
(64,794 |
) |
Ìý |
371,450 |
|
Ìý |
Total current assets |
4,612,091 |
|
Ìý |
(216,431 |
) |
Ìý |
4,395,660 |
|
Ìý |
Property, plant and equipment, net |
1,041,640 |
|
Ìý |
— |
|
Ìý |
1,041,640 |
|
Ìý |
Goodwill and intangible assets, net |
3,812,121 |
|
Ìý |
— |
|
Ìý |
3,812,121 |
|
Ìý |
Other assets |
818,458 |
|
Ìý |
345 |
|
Ìý |
818,803 |
|
Ìý |
TOTAL ASSETS |
$ |
10,284,310 |
|
Ìý |
$ |
(216,086 |
) |
Ìý |
$ |
10,068,224 |
|
Ìý |
LIABILITIES AND STOCKHOLDERS' EQUITY |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Short-term borrowings and current portion of long-term debt |
$ |
683,467 |
|
Ìý |
$ |
— |
|
Ìý |
$ |
683,467 |
|
Ìý |
Accounts payable |
645,678 |
|
Ìý |
— |
|
Ìý |
645,678 |
|
Ìý |
Accrued liabilities |
1,233,902 |
|
Ìý |
(204,407 |
) |
Ìý |
1,029,495 |
|
Ìý |
Total current liabilities |
2,563,047 |
|
Ìý |
(204,407 |
) |
Ìý |
2,358,640 |
|
Ìý |
Long-term debt |
2,135,240 |
|
Ìý |
— |
|
Ìý |
2,135,240 |
|
Ìý |
Other liabilities |
1,285,399 |
|
Ìý |
(1,545 |
) |
Ìý |
1,283,854 |
|
Ìý |
Total liabilities |
5,983,686 |
|
Ìý |
(205,952 |
) |
Ìý |
5,777,734 |
|
Ìý |
Total stockholders' equity |
4,300,624 |
|
Ìý |
(10,134 |
) |
Ìý |
4,290,490 |
|
Ìý |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
10,284,310 |
|
Ìý |
$ |
(216,086 |
) |
Ìý |
$ |
10,068,224 |
|
Ìý |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Income |
Ìý |
Ìý |
Three Months Ended December 2018 |
Ìý |
Ìý |
Nine Months Ended December 2018 |
Ìý |
(In thousands) |
As Reported |
Ìý |
Impact of Adoption |
Ìý |
Balances without Adoption of ASC 606 |
Ìý |
Ìý |
As Reported |
Ìý |
Impact of Adoption |
Ìý |
Balances without Adoption of ASC 606 |
Ìý |
Net revenues |
$ |
3,940,159 |
|
Ìý |
$ |
7,702 |
|
Ìý |
$ |
3,947,861 |
|
Ìý |
Ìý |
$ |
10,635,691 |
|
Ìý |
$ |
(8,281 |
) |
Ìý |
$ |
10,627,410 |
|
Ìý |
Cost of goods sold |
1,896,472 |
|
Ìý |
2,802 |
|
Ìý |
1,899,274 |
|
Ìý |
Ìý |
5,232,050 |
|
Ìý |
(17,603 |
) |
Ìý |
5,214,447 |
|
Ìý |
Selling, general and administrative expenses |
1,451,782 |
|
Ìý |
6,266 |
|
Ìý |
1,458,048 |
|
Ìý |
Ìý |
3,922,185 |
|
Ìý |
15,060 |
|
Ìý |
3,937,245 |
|
Ìý |
Total costs and operating expenses |
3,348,254 |
|
Ìý |
9,068 |
|
Ìý |
3,357,322 |
|
Ìý |
Ìý |
9,154,235 |
|
Ìý |
(2,543 |
) |
Ìý |
9,151,692 |
|
Ìý |
Operating income |
591,905 |
|
Ìý |
(1,366 |
) |
Ìý |
590,539 |
|
Ìý |
Ìý |
1,481,456 |
|
Ìý |
(5,738 |
) |
Ìý |
1,475,718 |
|
Ìý |
Interest income (expense) and other income (expense), net |
(25,621 |
) |
Ìý |
— |
|
Ìý |
(25,621 |
) |
Ìý |
Ìý |
(129,739 |
) |
Ìý |
— |
|
Ìý |
(129,739 |
) |
Ìý |
Income from continuing operations before income taxes |
566,284 |
|
Ìý |
(1,366 |
) |
Ìý |
564,918 |
|
Ìý |
Ìý |
1,351,717 |
|
Ìý |
(5,738 |
) |
Ìý |
1,345,979 |
|
Ìý |
Income taxes |
103,158 |
|
Ìý |
(242 |
) |
Ìý |
102,916 |
|
Ìý |
Ìý |
221,517 |
|
Ìý |
(1,016 |
) |
Ìý |
220,501 |
|
Ìý |
Income from continuing operations |
463,126 |
|
Ìý |
(1,124 |
) |
Ìý |
462,002 |
|
Ìý |
Ìý |
1,130,200 |
|
Ìý |
(4,722 |
) |
Ìý |
1,125,478 |
|
Ìý |
Income (loss) from discontinued operations, net of tax |
383 |
|
Ìý |
— |
|
Ìý |
383 |
|
Ìý |
Ìý |
788 |
|
Ìý |
(3,456 |
) |
Ìý |
(2,668 |
) |
Ìý |
Net income |
$ |
463,509 |
|
Ìý |
$ |
(1,124 |
) |
Ìý |
$ |
462,385 |
|
Ìý |
Ìý |
$ |
1,130,988 |
|
Ìý |
$ |
(8,178 |
) |
Ìý |
$ |
1,122,810 |
|
Ìý |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Cash Flows - Operating Activities |
Ìý |
Ìý |
Nine Months Ended December 2018 |
Ìý |
(In thousands) |
As Reported |
Ìý |
Impact of Adoption |
Ìý |
Activities without Adoption of ASC 606 |
Ìý |
OPERATING ACTIVITIES |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Net income |
$ |
1,130,988 |
|
Ìý |
$ |
(8,178 |
) |
Ìý |
$ |
1,122,810 |
|
Ìý |
Adjustments to reconcile net income to cash provided by operating activities: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Depreciation and amortization |
216,361 |
|
Ìý |
190 |
|
Ìý |
216,551 |
|
Ìý |
Other adjustments, net |
91,469 |
|
Ìý |
3,193 |
|
Ìý |
94,662 |
|
Ìý |
Changes in operating assets and liabilities: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Accounts receivable |
(428,753 |
) |
Ìý |
213,953 |
|
Ìý |
(214,800 |
) |
Ìý |
Inventories |
(58,401 |
) |
Ìý |
(66,338 |
) |
Ìý |
(124,739 |
) |
Ìý |
Accounts payable |
62,175 |
|
Ìý |
— |
|
Ìý |
62,175 |
|
Ìý |
Income taxes |
(39,971 |
) |
Ìý |
(1,016 |
) |
Ìý |
(40,987 |
) |
Ìý |
Accrued liabilities |
491,925 |
|
Ìý |
(204,726 |
) |
Ìý |
287,199 |
|
Ìý |
Other assets and liabilities |
(29,130 |
) |
Ìý |
62,922 |
|
Ìý |
33,792 |
|
Ìý |
Cash provided by operating activities |
$ |
1,436,663 |
|
Ìý |
$ |
— |
|
Ìý |
$ |
1,436,663 |
|
Ìý |
There was no impact to investing or financing activities within the Consolidated Statement of Cash Flows as a result of the adoption of ASC 606.
|