| Schedule of New Accounting Pronouncements and Changes in Accounting Principles |
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:
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Condensed Consolidated Balance Sheet |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
|
March 2019 |
Ìý |
(In thousands) |
As Reported |
Ìý |
Impact of Adoption |
Ìý |
Balances without Adoption of ASC 606 |
Ìý |
ASSETS |
|
Ìý |
|
Ìý |
|
Ìý |
Cash and equivalents |
$ |
543,011 |
|
Ìý |
$ |
— |
|
Ìý |
$ |
543,011 |
|
Ìý |
Accounts receivable, net |
1,708,796 |
|
Ìý |
(207,941 |
) |
Ìý |
1,500,855 |
|
Ìý |
Inventories |
1,943,030 |
|
Ìý |
58,998 |
|
Ìý |
2,002,028 |
|
Ìý |
Other current assets |
478,620 |
|
Ìý |
(55,668 |
) |
Ìý |
422,952 |
|
Ìý |
Total current assets |
4,673,457 |
|
Ìý |
(204,611 |
) |
Ìý |
4,468,846 |
|
Ìý |
Property, plant and equipment, net |
1,057,268 |
|
Ìý |
— |
|
Ìý |
1,057,268 |
|
Ìý |
Goodwill and intangible assets, net |
3,779,161 |
|
Ìý |
— |
|
Ìý |
3,779,161 |
|
Ìý |
Other assets |
846,899 |
|
Ìý |
689 |
|
Ìý |
847,588 |
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Ìý |
TOTAL ASSETS |
$ |
10,356,785 |
|
Ìý |
$ |
(203,922 |
) |
Ìý |
$ |
10,152,863 |
|
Ìý |
LIABILITIES AND STOCKHOLDERS' EQUITY |
Ìý |
Ìý |
|
Ìý |
|
Ìý |
Short-term borrowings and current portion of long-term debt |
$ |
670,318 |
|
Ìý |
$ |
— |
|
Ìý |
$ |
670,318 |
|
Ìý |
Accounts payable |
694,733 |
|
Ìý |
11,605 |
|
Ìý |
706,338 |
|
Ìý |
Accrued liabilities |
1,296,553 |
|
Ìý |
(207,191 |
) |
Ìý |
1,089,362 |
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Ìý |
Total current liabilities |
2,661,604 |
|
Ìý |
(195,586 |
) |
Ìý |
2,466,018 |
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Ìý |
Long-term debt |
2,115,884 |
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Ìý |
— |
|
Ìý |
2,115,884 |
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Ìý |
Other liabilities |
1,280,781 |
|
Ìý |
(1,073 |
) |
Ìý |
1,279,708 |
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Ìý |
Total liabilities |
6,058,269 |
|
Ìý |
(196,659 |
) |
Ìý |
5,861,610 |
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Ìý |
Total stockholders' equity |
4,298,516 |
|
Ìý |
(7,263 |
) |
Ìý |
4,291,253 |
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Ìý |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
10,356,785 |
|
Ìý |
$ |
(203,922 |
) |
Ìý |
$ |
10,152,863 |
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Ìý |
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Condensed Consolidated Statements of Income |
Ìý |
Ìý |
Year Ended March 2019 |
Ìý |
(In thousands) |
As Reported |
Ìý |
Impact of Adoption |
Ìý |
Balances without Adoption of ASC 606 |
Ìý |
Net revenues |
$ |
13,848,660 |
|
Ìý |
$ |
1,336 |
|
Ìý |
$ |
13,849,996 |
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Ìý |
Cost of goods sold |
6,827,481 |
|
Ìý |
(16,056 |
) |
Ìý |
6,811,425 |
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Ìý |
Selling, general and administrative expenses |
5,345,339 |
|
Ìý |
19,641 |
|
Ìý |
5,364,980 |
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Ìý |
Total costs and operating expenses |
12,172,820 |
|
Ìý |
3,585 |
|
Ìý |
12,176,405 |
|
Ìý |
Operating income |
1,675,840 |
|
Ìý |
(2,249 |
) |
Ìý |
1,673,591 |
|
Ìý |
Interest income (expense) and other income (expense), net |
(148,436 |
) |
Ìý |
— |
|
Ìý |
(148,436 |
) |
Ìý |
Income from continuing operations before income taxes |
1,527,404 |
|
Ìý |
(2,249 |
) |
Ìý |
1,525,155 |
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Ìý |
Income taxes |
268,400 |
|
Ìý |
(398 |
) |
Ìý |
268,002 |
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Ìý |
Income from continuing operations |
1,259,004 |
|
Ìý |
(1,851 |
) |
Ìý |
1,257,153 |
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Ìý |
Income (loss) from discontinued operations, net of tax |
788 |
|
Ìý |
(3,456 |
) |
Ìý |
(2,668 |
) |
Ìý |
Net income |
$ |
1,259,792 |
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Ìý |
$ |
(5,307 |
) |
Ìý |
$ |
1,254,485 |
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Ìý |
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Condensed Consolidated Statement of Cash Flows - Operating Activities |
Ìý |
Ìý |
Year Ended March 2019 |
Ìý |
(In thousands) |
As Reported |
Ìý |
Impact of Adoption |
Ìý |
Activities without Adoption of ASC 606 |
Ìý |
OPERATING ACTIVITIES |
Ìý |
Ìý |
|
Ìý |
|
Ìý |
Net income |
$ |
1,259,792 |
|
Ìý |
$ |
(5,307 |
) |
Ìý |
$ |
1,254,485 |
|
Ìý |
Adjustments to reconcile net income to cash provided by operating activities: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Depreciation and amortization |
301,005 |
|
Ìý |
(162 |
) |
Ìý |
300,843 |
|
Ìý |
Other adjustments, net |
59,609 |
|
Ìý |
3,193 |
|
Ìý |
62,802 |
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Ìý |
Changes in operating assets and liabilities: |
Ìý |
Ìý |
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|
Ìý |
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|
Ìý |
Accounts receivable |
(373,012 |
) |
Ìý |
198,349 |
|
Ìý |
(174,663 |
) |
Ìý |
Inventories |
(135,099 |
) |
Ìý |
(53,427 |
) |
Ìý |
(188,526 |
) |
Ìý |
Accounts payable |
111,678 |
|
Ìý |
11,605 |
|
Ìý |
123,283 |
|
Ìý |
Income taxes |
(19,974 |
) |
Ìý |
(398 |
) |
Ìý |
(20,372 |
) |
Ìý |
Accrued liabilities |
484,858 |
|
Ìý |
(207,158 |
) |
Ìý |
277,700 |
|
Ìý |
Other assets and liabilities |
(24,634 |
) |
Ìý |
53,305 |
|
Ìý |
28,671 |
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Ìý |
Cash provided by operating activities |
$ |
1,664,223 |
|
Ìý |
$ |
— |
|
Ìý |
$ |
1,664,223 |
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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.
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