Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Dilutive and Antidilutive Options

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

	Three Months Ended				Nine Months Ended
	September 30				September 30
	2022		2021		2022		2021
Additional shares		463,000		519,900		485,600		678,000
Antidilutive options		1,091,300		580,400		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 September 30, 2021	AS ORIGINALLY REPORTED		EFFECT OF CHANGE			AS ADJUSTED
Truck, Parts and Other
Cost of sales and revenues	$	4,180.1	$	(3.9	)	$	4,176.2
Income Taxes		105.6		1.1			106.7
Net Income		377.7		2.8			380.5

Nine Months Ended September 30, 2021	AS ORIGINALLY REPORTED		EFFECT OF CHANGE			AS ADJUSTED
Truck, Parts and Other
Cost of sales and revenues	$	13,533.5	$	(8.2	)	$	13,525.3
Income Taxes		386.9		2.1			389.0
Net Income		1,340.7		6.1			1,346.8

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 September 30, 2022	AS REPORTED		PRO FORMA UNDER LIFO		EFFECT OF CHANGE
Truck, Parts and Other
Cost of sales and revenues	$	5,689.3	$	5,699.1	$	(9.8	)
Income Taxes		210.3		207.9		2.4
Net Income		769.4		762.0		7.4
Net Income Per Share
Basic	$	2.21	$	2.19	$	.02
Diluted	$	2.21	$	2.18	$	.03

Nine Months Ended September 30, 2022	AS REPORTED		PRO FORMA UNDER LIFO		EFFECT OF CHANGE
Truck, Parts and Other
Cost of sales and revenues	$	16,785.8	$	16,821.5	$	(35.7	)
Income Taxes		582.9		574.1		8.8
Net Income		2,090.3		2,063.4		26.9
Net Income Per Share
Basic	$	6.00	$	5.92	$	.08
Diluted	$	5.99	$	5.91	$	.08

The effect of the change to income before income taxes within the Truck, Parts and Other segments for the three months and nine months ended September 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.

September 30, 2022	AS REPORTED		PRO FORMA UNDER LIFO		EFFECT OF CHANGE
Truck, Parts and Other
Inventories, net	$	2,382.1	$	2,138.7	$	243.4
Accounts payable, accrued expenses and other		4,381.8		4,321.9		59.9
Retained earnings		13,760.8		13,577.3		183.5