Change in Accounting Principle (Tables)

12 Months Ended

Dec. 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 years ended December 31, 2024 and December 31, 2023, and our Consolidated Balance Sheets and Consolidated Stockholders’ Equity as of December 31, 2024 and December 31, 2023, were retrospectively 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 year ended December 31, 2024
Cost of products sold, excluding depreciation and amortization	$	2,691.1		$	(24.5	)	$	2,666.6
Operating income		87.7			24.5			112.2
Income tax provision		(16.7	)		(5.6	)		(22.3	)
Net income		46.8			18.9			65.7
Net income per common share:
Basic	$	2.91		$	1.17		$	4.08
Diluted	$	2.87		$	1.15		$	4.02
Statements of Consolidated Income (Loss) for the year ended December 31, 2023
Cost of products sold, excluding depreciation and amortization	$	2,754.9		$	(26.7	)	$	2,728.2
Operating income		95.8			26.7			122.5
Income tax provision		(9.1	)		(6.1	)		(15.2	)
Net income		47.2			20.6			67.8
Net income per common share:
Basic	$	2.95		$	1.30		$	4.25
Diluted	$	2.92		$	1.29		$	4.21
Statements of Consolidated Cash Flows for the year ended December 31, 2024
Net income	$	46.8		$	18.9		$	65.7
Deferred income taxes		6.8			5.8			12.6
LIFO valuation inventory expense		3.5			(3.5	)		—
Trade and other receivables		(4.4	)		(0.1	)		(4.5	)
Inventories		(29.4	)		(21.0	)		(50.4	)
Accrued liabilities		10.0			(0.1	)		9.9
Net cash provided by operating activities		167.1			—			167.1
Statements of Consolidated Cash Flows for the year ended December 31, 2023
Net income	$	47.2		$	20.6		$	67.8
Deferred income taxes		7.5			6.1			13.6
LIFO valuation inventory expense		1.0			(1.0	)		—
Inventories		47.2			(25.7	)		21.5
Net cash provided by operating activities		211.9			—			211.9
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
Consolidated Balance Sheet as of December 31, 2023
Receivables, other	$	12.4		$	0.1		$	12.5
Inventories		477.2			73.5			550.7
Deferred tax assets, net		6.0			(2.6	)		3.4
Deferred tax liabilities		13.9			14.8			28.7
Retained earnings		10.1			56.2			66.3

The following table compares the amounts that would have been reported under LIFO with amounts reported under WAC in the Consolidated Financial Statements for the year ended December 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 year ended December 31, 2025
Cost of products sold, excluding depreciation and amortization	$	3,114.6		$	(184.0	)	$	2,930.6
Operating income		4.8			184.0			188.8
Income tax benefit (provision)		4.9			(42.4	)		(37.5	)
Net (loss) income		(29.1	)		141.6			112.5
Net (loss) income per common share:
Basic	$	(1.80	)	$	8.76		$	6.96
Diluted	$	(1.80	)	$	8.57		$	6.77
Statements of Consolidated Cash Flows for the year ended December 31, 2025
Net (loss) income	$	(29.1	)	$	141.6		$	112.5
Deferred income taxes		(7.0	)		40.1			33.1
Trade and other receivables		(84.2	)		2.3			(81.9	)
Inventories		58.7			(184.0	)		(125.3	)
Net cash provided by operating activities		111.4			—			111.4
Consolidated Balance Sheet as of December 31, 2025
Receivables, other	$	30.2		$	(2.1	)	$	28.1
Inventories		443.2			282.0			725.2
Deferred tax assets, net		5.3			(5.1	)		0.2
Other accrued liabilities		91.4			(0.1	)		91.3
Deferred tax liabilities		17.2			58.2			75.4
Retained (deficit) earnings		(74.2	)		216.7			142.5