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v3.22.4

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2022
Accounting Policies [Abstract] |
Summary of the Impacts on Previously Issued Consolidated Financial Statements | The impacts on the Company’s previously issued Consolidated Financial Statements are presented in the following tables (in millions):
|  | Three Months Ended December 31, 2021 |
Consolidated Statement of Income |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |
Cost of sales |  | $ | 1,620.0 |  |  | $ | (23.6 | ) |  | $ | 1,596.4 |
Gross income |  | $ | 171.7 |  |  | $ | 23.6 |  |  | $ | 195.3 |
Operating income |  | $ | 18.0 |  |  | $ | 23.6 |  |  | $ | 41.6 |
Income before income taxes and earnings (losses) of unconsolidated affiliates |  | $ | 0.6 |  |  | $ | 23.6 |  |  | $ | 24.2 |
Provision for income taxes |  | $ | (4.4 | ) |  | $ | 5.6 |  |  | $ | 1.2 |
Income before earnings (losses) of unconsolidated affiliates |  | $ | 5.0 |  |  | $ | 18.0 |  |  | $ | 23.0 |
Net income |  | $ | 6.2 |  |  | $ | 18.0 |  |  | $ | 24.2 |
Basic Earnings per share |  | $ | 0.09 |  |  | $ | 0.27 |  |  | $ | 0.36 |
Diluted Earnings per share |  | $ | 0.09 |  |  | $ | 0.27 |  |  | $ | 0.36 |
|  | Year Ended September 30, 2021 |
Consolidated Statement of Income |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |
Cost of sales |  | $ | 6,516.5 |  |  | $ | (47.4 | ) |  | $ | 6,469.1 |
Gross income |  | $ | 1,220.8 |  |  | $ | 47.4 |  |  | $ | 1,268.2 |
Operating income |  | $ | 544.7 |  |  | $ | 47.4 |  |  | $ | 592.1 |
Income before income taxes and earnings (losses) of unconsolidated affiliates |  | $ | 497.9 |  |  | $ | 47.4 |  |  | $ | 545.3 |
Provision for income taxes |  | $ | 25.2 |  |  | $ | 11.2 |  |  | $ | 36.4 |
Income before earnings (losses) of unconsolidated affiliates |  | $ | 472.7 |  |  | $ | 36.2 |  |  | $ | 508.9 |
Net income |  | $ | 472.7 |  |  | $ | 36.2 |  |  | $ | 508.9 |
Basic Earnings per share |  | $ | 6.90 |  |  | $ | 0.53 |  |  | $ | 7.43 |
Diluted Earnings per share |  | $ | 6.83 |  |  | $ | 0.52 |  |  | $ | 7.35 |
|  | Year Ended September 30, 2020 |
Consolidated Statement of Income |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |
Cost of sales |  | $ | 5,736.5 |  |  | $ | 3.9 |  |  | $ | 5,740.4 |
Gross income |  | $ | 1,120.3 |  |  | $ | (3.9 | ) |  | $ | 1,116.4 |
Operating income |  | $ | 488.7 |  |  | $ | (3.9 | ) |  | $ | 484.8 |
Income before income taxes and earnings (losses) of unconsolidated affiliates |  | $ | 439.1 |  |  | $ | (3.9 | ) |  | $ | 435.2 |
Provision for income taxes |  | $ | 112.8 |  |  | $ | (0.9 | ) |  | $ | 111.9 |
Income before earnings (losses) of unconsolidated affiliates |  | $ | 326.3 |  |  | $ | (3.0 | ) |  | $ | 323.3 |
Net income |  | $ | 324.5 |  |  | $ | (3.0 | ) |  | $ | 321.5 |
Basic |  | $ | 4.76 |  |  | $ | (0.04 | ) |  | $ | 4.72 |
Diluted |  | $ | 4.72 |  |  | $ | (0.05 | ) |  | $ | 4.67 |
|  | December 31, 2021 |
Consolidated Balance Sheet |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |
Inventories, net |  | $ | 1,382.7 |  |  | $ | 167.7 |  |  | $ | 1,550.4 |
Total current assets |  | $ | 4,114.6 |  |  | $ | 167.7 |  |  | $ | 4,282.3 |
Long-term net deferred tax asset |  | $ | 111.5 |  |  | $ | (39.8 | ) |  | $ | 71.7 |
Total assets |  | $ | 6,721.8 |  |  | $ | 127.9 |  |  | $ | 6,849.7 |
Retained earnings |  | $ | 3,110.6 |  |  | $ | 127.9 |  |  | $ | 3,238.5 |
Total shareholders’ equity |  | $ | 3,076.4 |  |  | $ | 127.9 |  |  | $ | 3,204.3 |
Total liabilities and shareholders’ equity |  | $ | 6,721.8 |  |  | $ | 127.9 |  |  | $ | 6,849.7 |
|  | September 30, 2021 |
Consolidated Balance Sheet |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |
Inventories, net |  | $ | 1,267.4 |  |  | $ | 144.1 |  |  | $ | 1,411.5 |
Total current assets |  | $ | 4,417.9 |  |  | $ | 144.1 |  |  | $ | 4,562.0 |
Total assets |  | $ | 6,891.6 |  |  | $ | 144.1 |  |  | $ | 7,035.7 |
Long-term net deferred tax liability |  | $ | 73.9 |  |  | $ | 34.2 |  |  | $ | 108.1 |
Retained earnings |  | $ | 3,129.3 |  |  | $ | 109.9 |  |  | $ | 3,239.2 |
Total shareholders’ equity |  | $ | 3,247.8 |  |  | $ | 109.9 |  |  | $ | 3,357.7 |
Total liabilities and shareholders’ equity |  | $ | 6,891.6 |  |  | $ | 144.1 |  |  | $ | 7,035.7 |
|  | Three Months Ended December 31, 2021 |
Consolidated Statement of Cash Flows |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |
Net income |  | $ | 6.2 |  |  | $ | 18.0 |  |  | $ | 24.2 |
Deferred income taxes |  | $ | (185.1 | ) |  | $ | 5.6 |  |  | $ | (179.5 | )
(Increase) decrease in inventories |  | $ | (115.4 | ) |  | $ | (23.6 | ) |  | $ | (139.0 | )
|  | Year Ended September 30, 2021 |
Consolidated Statement of Cash Flows |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |
Net income |  | $ | 472.7 |  |  | $ | 36.2 |  |  | $ | 508.9 |
Deferred income taxes |  | $ | 88.6 |  |  | $ | 11.2 |  |  | $ | 99.8 |
(Increase) decrease in inventories |  | $ | 246.7 |  |  | $ | (47.4 | ) |  | $ | 199.3 |
|  | Year Ended September 30, 2020 |
Consolidated Statement of Cash Flows |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |
Net income |  | $ | 324.5 |  |  | $ | (3.0 | ) |  | $ | 321.5 |
Deferred income taxes |  | $ | 22.4 |  |  | $ | (0.9 | ) |  | $ | 21.5 |
(Increase) decrease in inventories |  | $ | (246.7 | ) |  | $ | 3.9 |  |  | $ | (242.8 | )
The following tables compare amounts that would have been reported under the LIFO method with amounts reported under the FIFO method in the Consolidated Financial Statements for the year ended December 31, 2022 and as of December 31, 2022 (in millions):
|  | Year Ended December 31, 2022 |
Consolidated Statement of Income |  | As Computed under LIFO |  |  | Adjustments |  |  | As Reported under FIFO |
Cost of sales |  | $ | 7,285.5 |  |  | $ | (57.9 | ) |  | $ | 7,227.6 |
Gross income |  | $ | 996.5 |  |  | $ | 57.9 |  |  | $ | 1,054.4 |
Operating income |  | $ | 314.4 |  |  | $ | 57.9 |  |  | $ | 372.3 |
Income before income taxes and earnings (losses) of unconsolidated affiliates |  | $ | 217.7 |  |  | $ | 57.9 |  |  | $ | 275.6 |
Provision for income taxes |  | $ | 83.7 |  |  | $ | 13.8 |  |  | $ | 97.5 |
Income before earnings (losses) of unconsolidated affiliates |  | $ | 134.0 |  |  | $ | 44.1 |  |  | $ | 178.1 |
Net income |  | $ | 129.8 |  |  | $ | 44.1 |  |  | $ | 173.9 |
Basic Earnings per share |  | $ | 1.98 |  |  | $ | 0.67 |  |  | $ | 2.65 |
Diluted Earnings per share |  | $ | 1.96 |  |  | $ | 0.67 |  |  | $ | 2.63 |
|  | December 31, 2022 |
Consolidated Balance Sheet |  | As Computed under LIFO |  |  | Adjustments |  |  | As Reported under FIFO |
Inventories, net |  | $ | 1,640.0 |  |  | $ | 225.6 |  |  | $ | 1,865.6 |
Total current assets |  | $ | 4,306.5 |  |  | $ | 225.6 |  |  | $ | 4,532.1 |
Long-term net deferred tax asset |  | $ | 164.3 |  |  | $ | (29.5 | ) |  | $ | 134.8 |
Total assets |  | $ | 7,532.9 |  |  | $ | 196.1 |  |  | $ | 7,729.0 |
Income taxes payable |  | $ | 76.2 |  |  | $ | 24.1 |  |  | $ | 100.3 |
Retained earnings |  | $ | 3,143.0 |  |  | $ | 172.0 |  |  | $ | 3,315.0 |
Total shareholders’ equity |  | $ | 3,013.7 |  |  | $ | 172.0 |  |  | $ | 3,185.7 |
Total liabilities and shareholders’ equity |  | $ | 7,532.9 |  |  | $ | 196.1 |  |  | $ | 7,729.0 |
|  | Year Ended December 31, 2022 |
Consolidated Statement of Cash Flows |  | As Computed under LIFO |  |  | Adjustments |  |  | As Reported under FIFO |
Net income |  | $ | 129.8 |  |  | $ | 44.1 |  |  | $ | 173.9 |
Deferred income taxes |  | $ | (43.2 | ) |  | $ | (10.3 | ) |  | $ | (53.5 | )
Increase (decrease) in income taxes payable |  | $ | 47.7 |  |  | $ | 24.1 |  |  | $ | 71.8 |
(Increase) decrease in inventories |  | $ | (272.9 | ) |  | $ | (57.9 | ) |  | $ | (330.8 | )

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