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v3.25.1

Change in Accounting Principle | 3 Months Ended
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Mar. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract] |
Change in Accounting Principle | 14. Change in Accounting Principle Effective January 1, 2025, we changed our inventory valuation methodology for finished products, work-in-process, and raw material inventories from LIFO to the WAC. All prior periods presented have been adjusted to apply the new method retrospectively. 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 |

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