Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Estimated Value of Returned Goods Assets and Related Return Liabilities

The following table presents the balance sheet classification of the estimated value of the returned goods assets and the related return liabilities:

At December 31,	2022				2021
	ASSETS		LIABILITIES		ASSETS		LIABILITIES
Trucks:
Other current assets	$	183.0			$	255.7
Accounts payable, accrued expenses and other			$	185.0			$	264.0
Other noncurrent assets, net		284.6				403.6
Other liabilities				298.9				423.9
	$	467.6	$	483.9	$	659.3	$	687.9
Parts:
Other current assets	$	77.7			$	72.9
Accounts payable, accrued expenses and other			$	181.4			$	172.1
	$	77.7	$	181.4	$	72.9	$	172.1

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:

Year Ended December 31, 2021	AS ORIGINALLY REPORTED		EFFECT OF CHANGE			AS ADJUSTED
Truck, Parts and Other
Cost of sales and revenues	$	19,110.1	$	(17.7	)	$	19,092.4
Income Taxes		526.5		4.3			530.8
Net Income		1,852.1		13.4			1,865.5

Year Ended December 31, 2020	AS ORIGINALLY REPORTED		EFFECT OF CHANGE			AS ADJUSTED
Truck, Parts and Other
Cost of sales and revenues	$	15,076.4	$	(3.7	)	$	15,072.7
Income Taxes		359.5		.9			360.4
Net Income		1,298.4		2.8			1,301.2

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.

Year Ended December 31, 2022	AS REPORTED		PRO FORMA UNDER LIFO		EFFECT OF CHANGE
Truck, Parts and Other
Cost of sales and revenues	$	23,291.0	$	23,340.4	$	(49.4	)
Income Taxes		837.1		824.9		12.2
Net Income		3,011.6		2,974.4		37.2
Net Income Per Share
Basic	$	5.76	$	5.69	$	.07
Diluted	$	5.75	$	5.68	$	.07

The effect of the change to income before income taxes within the Truck, Parts and Other segments for the year ended December 31, 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.

December 31, 2022	AS REPORTED		PRO FORMA UNDER LIFO		EFFECT OF CHANGE
Truck, Parts and Other
Inventories, net	$	2,198.8	$	1,941.7	$	257.1
Accounts payable, accrued expenses and other		4,511.7		4,448.4		63.3
Retained earnings		13,402.4		13,208.6		193.8