Income Tax Matters

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Tax Matters

10. Income Tax Matters

The following table presents the income tax provision by region (in millions of dollars):

	Quarter Ended March 31,
	2025			2024 As Adjusted1
Domestic	$	(6.6	)	$	(5.0	)
Foreign		(0.6	)		(0.5	)
Total	$	(7.2	)	$	(5.5	)

1.Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.

The income tax provision for the quarters ended March 31, 2025 and March 31, 2024 was $7.2 million and $5.5 million, respectively, reflecting an effective tax rate of 25% and 23%, respectively. There was no material difference between the effective tax rate and the blended statutory tax rate for the quarters ended March 31, 2025 and March 31, 2024.

Our gross unrecognized benefits relating to uncertain tax positions were $7.7 million and $6.9 million at March 31, 2025 and December 31, 2024, respectively, of which, $7.7 million and $6.9 million would be recorded through our income tax provision and thus, impact the effective tax rate at March 31, 2025 and December 31, 2024, respectively, if the gross unrecognized tax benefits were to be recognized.