Change in Accounting Principle (Tables)

3 Months Ended

Mar. 31, 2025

Accounting Standards Update and Change in Accounting Principle [Abstract]

Schdule of consolidated financial statements

Certain financial statement line items in our Statements of Consolidated Income and our Statements of Consolidated Cash Flows for the quarter ended March 31, 2024 and our Consolidated Balance Sheets and Consolidated Stockholders’ Equity as of March 31, 2024 and December 31, 2024, were adjusted as follows (in millions of dollars, except per share amounts):

	As Previously Reported			Effect of WAC Change			As Adjusted
Statements of Consolidated Income (Loss) for the quarter ended March 31, 2024
Cost of products sold, excluding depreciation and amortization	$	642.9		$	8.4		$	651.3
Operating income		32.7			(8.4	)		24.3
Income tax provision		(7.5	)		2.0			(5.5	)
Net income		24.6			(6.4	)		18.2
Net income per common share:
Basic	$	1.53		$	(0.40	)	$	1.13
Diluted	$	1.51		$	(0.39	)	$	1.12
Statements of Consolidated Cash Flows for the quarter ended March 31, 2024
Net income	$	24.6		$	(6.4	)	$	18.2
Deferred income taxes		6.8			(2.0	)		4.8
Inventories		4.4			8.4			12.8
Net cash provided by operating activities		63.3			—			63.3
Consolidated Balance Sheet as of March 31, 2024
Receivables, other	$	11.2		$	0.1		$	11.3
Inventories		471.3			65.1			536.4
Deferred tax assets, net		5.4			(2.3	)		3.1
Deferred tax liabilities		19.5			13.1			32.6
Retained earnings		22.1			49.8			71.9
Consolidated Balance Sheet as of December 31, 2024
Receivables, other	$	22.0		$	0.2		$	22.2
Inventories		503.9			98.0			601.9
Deferred tax assets, net		7.2			(3.2	)		4.0
Other accrued liabilities		79.4			(0.1	)		79.3
Deferred tax liabilities		24.1			20.0			44.1
Retained earnings		6.2			75.1			81.3

The following table compares the amounts that would have been reported under LIFO with amounts reported under WAC in the Interim Consolidated Financial Statements for the quarter ended March 31, 2025 (in millions of dollars, except per share amounts):

	As Computed (using LIFO)			Effect of Change			As Reported (using WAC)
Statements of Consolidated Income (Loss) for the quarter ended March 31, 2025
Cost of products sold, excluding depreciation and amortization	$	706.6		$	(33.2	)	$	673.4
Operating income		8.2			33.2			41.4
Income tax benefit (provision)		0.7			(7.9	)		(7.2	)
Net (loss) income		(3.7	)		25.3			21.6
Net (loss) income per common share:
Basic	$	(0.23	)	$	1.57		$	1.34
Diluted	$	(0.23	)	$	1.54		$	1.31
Statements of Consolidated Cash Flows for the quarter ended March 31, 2025
Net (loss) income	$	(3.7	)	$	25.3		$	21.6
Deferred income taxes		(1.5	)		7.9			6.4
Inventories		62.7			(33.2	)		29.5
Net cash provided by operating activities		57.0			—			57.0
Consolidated Balance Sheet as of March 31, 2025
Receivables, other	$	42.3		$	0.2		$	42.5
Inventories		441.2			131.2			572.4
Deferred tax assets, net		7.6			(4.3	)		3.3
Other accrued liabilities		67.0			(0.1	)		66.9
Deferred tax liabilities		23.8			26.8			50.6
Retained (deficit) earnings		(10.4	)		100.4			90.0