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v3.25.2

Change in Accounting Principle | 6 Months Ended
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Jun. 30, 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 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 for the quarter and six months ended June 30, 2024, our Statements of Consolidated Cash Flows for the six months ended June 30, 2024, and our Consolidated Balance Sheets and Consolidated Stockholders’ Equity as of June 30, 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 June 30, 2024 |  |  |  |  |  |  |
Cost of products sold, excluding depreciation and amortization |  | $ | 690.5 |  | $ | (20.7 | ) | $ | 669.8 |
Operating income |  |  | 15.5 |  |  | 20.7 |  |  | 36.2 |
Income tax provision |  |  | (0.8 | ) |  | (4.9 | ) |  | (5.7 | )
Net income |  |  | 3.1 |  |  | 15.8 |  |  | 18.9 |
Net income per common share: |  |  |  |  |  |  |
Basic |  | $ | 0.19 |  | $ | 0.99 |  | $ | 1.18 |
Diluted |  | $ | 0.19 |  | $ | 0.96 |  | $ | 1.15 |
Statements of Consolidated Income (Loss) for the six months ended June 30, 2024 |  |  |  |  |  |  |
Cost of products sold, excluding depreciation and amortization |  | $ | 1,333.4 |  | $ | (12.3 | ) | $ | 1,321.1 |
Operating income |  |  | 48.2 |  |  | 12.3 |  |  | 60.5 |
Income tax provision |  |  | (8.3 | ) |  | (2.9 | ) |  | (11.2 | )
Net income |  |  | 27.7 |  |  | 9.4 |  |  | 37.1 |
Net income per common share: |  |  |  |  |  |  |
Basic |  | $ | 1.72 |  | $ | 0.59 |  | $ | 2.31 |
Diluted |  | $ | 1.69 |  | $ | 0.58 |  | $ | 2.27 |
Statements of Consolidated Cash Flows for the six months ended June 30, 2024 |  |  |  |  |  |  |
Net income |  | $ | 27.7 |  | $ | 9.4 |  | $ | 37.1 |
Deferred income taxes |  |  | 6.4 |  |  | 2.9 |  |  | 9.3 |
LIFO valuation inventory expense |  |  | 4.5 |  |  | (4.5 | ) |  | — |
Inventories |  |  | 22.6 |  |  | (7.8 | ) |  | 14.8 |
Net cash provided by operating activities |  |  | 89.6 |  |  | — |  |  | 89.6 |
Consolidated Balance Sheet as of June 30, 2024 |  |  |  |  |  |  |
Receivables, other |  | $ | 13.4 |  | $ | 0.1 |  | $ | 13.5 |
Inventories |  |  | 446.9 |  |  | 85.8 |  |  | 532.7 |
Deferred tax assets, net |  |  | 6.0 |  |  | (2.8 | ) |  | 3.2 |
Deferred tax liabilities |  |  | 20.6 |  |  | 17.5 |  |  | 38.1 |
Retained earnings |  |  | 12.5 |  |  | 65.6 |  |  | 78.1 |
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 current period Interim Consolidated Financial Statements (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 June 30, 2025 |  |  |  |  |  |  |
Cost of products sold, excluding depreciation and amortization |  | $ | 745.5 |  | $ | (22.7 | ) | $ | 722.8 |
Operating income |  |  | 15.3 |  |  | 22.7 |  |  | 38.0 |
Income tax provision |  |  | (2.2 | ) |  | (4.5 | ) |  | (6.7 | )
Net income |  |  | 5.0 |  |  | 18.2 |  |  | 23.2 |
Net income per common share: |  |  |  |  |  |  |
Basic |  | $ | 0.31 |  | $ | 1.13 |  | $ | 1.44 |
Diluted |  | $ | 0.30 |  | $ | 1.11 |  | $ | 1.41 |
Statements of Consolidated Income (Loss) for the six months ended June 30, 2025 |  |  |  |  |  |  |
Cost of products sold, excluding depreciation and amortization |  | $ | 1,452.1 |  | $ | (55.9 | ) | $ | 1,396.2 |
Operating income |  |  | 23.5 |  |  | 55.9 |  |  | 79.4 |
Income tax provision |  |  | (1.5 | ) |  | (12.4 | ) |  | (13.9 | )
Net income |  |  | 1.3 |  |  | 43.5 |  |  | 44.8 |
Net income per common share: |  |  |  |  |  |  |
Basic |  | $ | 0.08 |  | $ | 2.69 |  | $ | 2.77 |
Diluted |  | $ | 0.08 |  | $ | 2.64 |  | $ | 2.72 |
Statements of Consolidated Cash Flows for the six months ended June 30, 2025 |  |  |  |  |  |  |
Net income |  | $ | 1.3 |  | $ | 43.5 |  | $ | 44.8 |
Deferred income taxes |  |  | (0.1 | ) |  | 11.3 |  |  | 11.2 |
Inventories |  |  | 62.2 |  |  | (55.9 | ) |  | 6.3 |
Accrued liabilities |  |  | (27.1 | ) |  | 1.1 |  |  | (26.0 | )
Net cash provided by operating activities |  |  | 72.9 |  |  | — |  |  | 72.9 |
Consolidated Balance Sheet as of June 30, 2025 |  |  |  |  |  |  |
Receivables, other |  | $ | 38.9 |  | $ | 0.2 |  | $ | 39.1 |
Inventories |  |  | 441.7 |  |  | 153.9 |  |  | 595.6 |
Deferred tax assets, net |  |  | 7.4 |  |  | (4.8 | ) |  | 2.6 |
Other accrued liabilities |  |  | 54.1 |  |  | 1.0 |  |  | 55.1 |
Deferred tax liabilities |  |  | 26.2 |  |  | 29.7 |  |  | 55.9 |
Retained (deficit) earnings |  |  | (18.2 | ) |  | 118.6 |  |  | 100.4 |

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