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Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

The dilutive and antidilutive options are shown separately in the table below.

	Three Months Ended				Six Months Ended
	June 30				June 30
	2022		2021		2022		2021
Additional shares		422,500		712,700		497,300		752,300
Antidilutive options		1,099,900		551,000		1,100,300		583,600

Cumulative Effect of Change in Consolidated Balance Sheet and Consolidated Income Statement

The effect of the changes made to the Company’s Consolidated Statements of Comprehensive Income was as follows:

Three Months Ended June 30, 2021	AS ORIGINALLY REPORTED		EFFECT OF CHANGE			AS ADJUSTED
Truck, Parts and Other
Cost of sales and revenues	$	4,662.7	$	(3.3	)	$	4,659.4
Income Taxes		144.1		.7			144.8
Net Income		492.9		2.6			495.5

Six Months Ended June 30, 2021	AS ORIGINALLY REPORTED		EFFECT OF CHANGE			AS ADJUSTED
Truck, Parts and Other
Cost of sales and revenues	$	9,353.4	$	(4.3	)	$	9,349.1
Income Taxes		281.3		1.0			282.3
Net Income		963.0		3.3			966.3

The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet was as follows:

December 31, 2021	AS ORIGINALLY REPORTED		EFFECT OF CHANGE		AS ADJUSTED
Truck, Parts and Other
Inventories, net	$	1,768.3	$	207.7	$	1,976.0
Other liabilities		1,436.5		51.1		1,487.6
Retained earnings		11,869.2		156.6		12,025.8

Compare Currently Reported Amounts and Reported Under LIFO in Consolidated Balance Sheet and Consolidated Statements of Comprehensive Income

The following table compares the amounts currently reported to amounts that would have been reported under LIFO in the Consolidated Statements of Comprehensive Income.

Three Months Ended June 30, 2022	AS REPORTED		PRO FORMA UNDER LIFO		EFFECT OF CHANGE
Truck, Parts and Other
Cost of sales and revenues	$	5,811.0	$	5,825.6	$	(14.6	)
Income Taxes		201.7		198.1		3.6
Net Income		720.4		709.4		11.0
Net Income Per Share
Basic	$	2.07	$	2.04	$	.03
Diluted	$	2.07	$	2.03	$	.04

Six Months Ended June 30, 2022	AS REPORTED		PRO FORMA UNDER LIFO		EFFECT OF CHANGE
Truck, Parts and Other
Cost of sales and revenues	$	11,096.5	$	11,122.4	$	(25.9	)
Income Taxes		372.6		366.2		6.4
Net Income		1,320.9		1,301.4		19.5
Net Income Per Share
Basic	$	3.79	$	3.74	$	.05
Diluted	$	3.79	$	3.73	$	.06

The effect of the change to income before income taxes within the Truck, Parts and Other segments for the three and six months ended June 30, 2022 would not be material. In addition, there would be no material effect on the Consolidated Statements of Cash Flows.

The following table compares the amounts currently reported to amounts that would have been reported under LIFO in the Consolidated Balance Sheet.

June 30, 2022	AS REPORTED		PRO FORMA UNDER LIFO		EFFECT OF CHANGE
Truck, Parts and Other
Inventories, net	$	2,232.2	$	1,998.6	$	233.6
Accounts payable, accrued expenses and other		4,537.0		4,479.5		57.5
Retained earnings		13,109.9		12,933.8		176.1