Summary of Significant Accounting Policies (Tables)

12 Months Ended

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	)