Schedule of Change in Accounting Estimate | The following table reflects the effect of the change in the accounting principle on the fiscal 2021 Consolidated Financial Statements: For the year ended March 31, 2021 As computed under LIFO As reported under FIFO Effect of change Consolidated Statements of Income Cost of revenues: Product $ 767,102 $ 765,076 $ (2,026) Cost of revenues 1,766,445 1,764,419 (2,026) Gross profit 1,341,074 1,343,100 2,026 Income from operations 546,342 548,368 2,026 Income before income tax expense 515,507 517,533 2,026 Income tax (benefit) expense 120,152 120,663 511 Net income 395,355 396,870 1,515 Net income attributable to shareholders 395,885 397,400 1,515 Net income per share attributable to shareholders: Basic $ 4.63 $ 4.66 $ 0.03 Diluted $ 4.60 $ 4.63 $ 0.03 For the year ended March 31, 2021 As computed under LIFO As reported under FIFO Effect of change Consolidated Statements of Comprehensive Income Net income $ 395,355 $ 396,870 $ 1,515 Net income attributable to shareholders 395,885 397,400 1,515 Comprehensive income attributable to shareholders 570,105 571,620 1,515 As of March 31, 2021 As computed under LIFO As reported under FIFO Effect of change Consolidated Balance Sheets Inventories, net $ 297,088 $ 315,067 $ 17,979 Accrued income taxes 25,528 27,561 2,033 Deferred income taxes, net 239,198 236,860 (2,338) Retained earnings 1,957,387 1,939,408 (17,979) As of March 31, 2021 As computed under LIFO As reported under FIFO Effect of change Consolidated Statement of Cash Flows Net income $ 395,355 $ 396,870 $ 1,515 Changes in operating assets and liabilities, net of effects of acquisitions: Inventories, net 21,748 3,769 (17,979) Accruals and other, net (10,652) 9,916 20,568 Deferred income taxes 8,344 4,240 (4,104) The following tables reflect the impact to the financial statement line items that result from the change in accounting principle on the prior periods presented in the accompanying financial statements. Consolidated Statements of Income Year ended March 31, 2020 Year ended March 31, 2019 Previously reported As adjusted Adjustments Previously reported As adjusted Adjustments Cost of revenues: Product $ 750,202 $ 750,129 $ (73) $ 702,295 $ 702,736 $ 441 Cost of revenues 1,710,972 1,710,899 (73) 1,606,743 1,607,184 441 Gross profit 1,319,923 1,319,996 73 1,175,427 1,174,986 (441) Income from operations 536,973 537,046 73 411,465 411,024 (441) Income before income tax expense 498,681 498,754 73 369,470 369,029 (441) Income tax expense (benefit) 90,876 90,895 19 64,394 64,283 (111) Net income 407,805 407,859 54 305,076 304,746 (330) Net income attributable to shareholders 407,605 407,659 54 304,051 303,721 (330) Net income per share attributable to shareholders: Basic $ 4.81 $ 4.81 $ — $ 3.59 $ 3.59 $ — Diluted $ 4.76 $ 4.76 $ — $ 3.56 $ 3.55 $ (0.01) Consolidated Statements of Comprehensive Income Year ended March 31, 2020 Year ended March 31, 2019 Previously reported As adjusted Adjustments Previously reported As adjusted Adjustments Net income $ 407,805 $ 407,859 $ 54 $ 305,076 $ 304,746 $ (330) Net income attributable to shareholders 407,605 407,659 54 304,051 303,721 (330) Comprehensive income attributable to shareholders 331,920 331,974 54 134,558 134,228 (330) Consolidated Balance Sheets Year ended March 31, 2020 Year ended March 31, 2019 Previously reported As adjusted Adjustments Previously reported As adjusted Adjustments Inventories, net $ 248,259 $ 263,544 $ 15,285 $ 208,243 $ 223,455 $ 15,212 Deferred income taxes, net 160,270 164,069 3,799 151,038 154,818 3,780 Retained earnings 1,647,175 1,658,661 11,486 1,339,024 1,350,456 11,432 Consolidated Statement of Cash Flows Year ended March 31, 2020 Year ended March 31, 2019 Previously reported As adjusted Adjustments Previously reported As adjusted Adjustments Net income $ 407,805 $ 407,859 $ 54 $ 305,076 $ 304,746 $ (330) Changes in operating assets and liabilities, net of effects of acquisitions: Deferred income taxes 9,423 9,442 19 (6,511) (6,622) (111) Inventories, net (39,067) (39,140) (73) (14,617) (14,176) 441 Fiscal 2021 Selected Data (Unaudited) First Quarter Second Quarter Previously reported As adjusted Adjustments Previously reported As adjusted Adjustments Cost of revenues: Product $ 156,555 $ 154,739 $ (1,816) $ 175,798 $ 175,798 $ — Cost of revenues 383,364 381,548 (1,816) 426,095 426,095 — Gross profit 285,568 287,384 1,816 330,037 330,037 — Income from operations 114,001 115,817 1,816 141,263 141,263 — Income before income tax expense 106,798 108,614 1,816 133,786 133,786 — Income tax expense (benefit) 18,674 19,082 408 27,778 27,778 — Net income 88,124 89,532 1,408 106,008 106,008 — Net income attributable to shareholders 88,190 89,598 1,408 105,858 105,858 — Net income per share attributable to shareholders: Basic $ 1.04 $ 1.05 $ 0.01 $ 1.24 $ 1.24 $ — Diluted $ 1.03 $ 1.05 $ 0.02 $ 1.23 $ 1.23 $ — Third Quarter Fourth Quarter Previously reported As adjusted Adjustments As reported As computed under LIFO Adjustments Cost of revenues: Product $ 202,881 $ 202,881 $ — $ 231,658 $ 231,868 $ 210 Cost of revenues 463,063 463,063 — 493,713 493,923 210 Gross profit 345,861 345,861 — 379,818 379,608 (210) Income from operations 147,030 147,030 — 144,258 144,048 (210) Income before income tax expense 139,430 139,430 — 135,703 135,493 (210) Income tax expense (benefit) 24,842 24,842 — 48,961 48,858 (103) Net income 114,588 114,588 — 86,742 86,635 (107) Net income attributable to shareholders 114,501 114,501 — 87,443 87,336 (107) Net income per share attributable to shareholders: Basic $ 1.34 $ 1.34 $ — $ 1.02 $ 1.02 $ — Diluted $ 1.33 $ 1.33 $ — $ 1.02 $ 1.01 $ 0.01 Fiscal 2020 Selected Data (Unaudited) First Quarter Second Quarter Previously reported As adjusted Adjustments Previously reported As adjusted Adjustments Cost of revenues: Product $ 160,959 $ 159,912 $ (1,047) $ 183,600 $ 183,600 $ — Cost of revenues 390,960 389,913 (1,047) 418,173 418,173 — Gross profit 305,843 306,890 1,047 318,667 318,667 — Income from operations 110,088 111,135 1,047 126,733 126,733 — Income before income tax expense 99,410 100,457 1,047 117,307 117,307 — Income tax expense (benefit) 14,633 14,899 266 22,165 22,165 — Net income 84,777 85,558 781 95,142 95,142 — Net income attributable to shareholders 84,590 85,371 781 94,769 94,769 — Net income per share attributable to shareholders: Basic $ 1.00 $ 1.01 $ 0.01 $ 1.12 $ 1.12 $ — Diluted $ 0.99 $ 1.00 $ 0.01 $ 1.11 $ 1.11 $ — Third Quarter Fourth Quarter Previously reported As adjusted Adjustments Previously reported As adjusted Adjustments Cost of revenues: Product $ 195,105 $ 195,105 $ — $ 210,539 $ 211,513 $ 974 Cost of revenues 442,908 442,908 — 458,931 459,905 974 Gross profit 331,353 331,353 — 364,060 363,086 (974) Income from operations 142,387 142,387 — 157,765 156,791 (974) Income before income tax expense 133,952 133,952 — 148,012 147,038 (974) Income tax expense (benefit) 29,285 29,285 — 24,793 24,546 (247) Net income 104,667 104,667 — 123,219 122,492 (727) Net income attributable to shareholders 104,930 104,930 — 123,316 122,589 (727) Net income per share attributable to shareholders: Basic $ 1.24 $ 1.24 $ — $ 1.45 $ 1.44 $ (0.01) Diluted $ 1.23 $ 1.23 $ — $ 1.44 $ 1.43 $ (0.01) |