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Change in Accounting Principle (Tables)
 9 Months Ended
Sep. 30, 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 for the quarter and nine months ended September 30, 2024, our Statements of Consolidated Cash Flows for the nine months ended September 30, 2024, and our Consolidated Balance Sheets and Consolidated Stockholders’ Equity as of September 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 September 30, 2024

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

$

671.8

 

$

4.2

 

$

676.0

 

Operating income

 

 

17.4

 

 

(4.2

)

 

13.2

 

Income tax provision

 

 

(3.4

)

 

1.0

 

 

(2.4

)

Net income

 

 

12.0

 

 

(3.2

)

 

8.8

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

Basic

 

$

0.75

 

$

(0.21

)

$

0.54

 

Diluted

 

$

0.74

 

$

(0.20

)

$

0.54

 

 

 

 

 

 

 

 

 

Statements of Consolidated Income (Loss) for the nine months ended September 30, 2024

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

$

2,005.2

 

$

(8.1

)

$

1,997.1

 

Operating income

 

 

65.6

 

 

8.1

 

 

73.7

 

Income tax provision

 

 

(11.7

)

 

(1.9

)

 

(13.6

)

Net income

 

 

39.7

 

 

6.2

 

 

45.9

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

Basic

 

$

2.47

 

$

0.38

 

$

2.85

 

Diluted

 

$

2.44

 

$

0.37

 

$

2.81

 

 

 

 

 

 

 

 

Statements of Consolidated Cash Flows for the nine months ended September 30, 2024

 

 

 

 

 

 

 

Net income

 

$

39.7

 

$

6.2

 

$

45.9

 

Deferred income taxes

 

 

8.5

 

 

1.9

 

 

10.4

 

LIFO valuation inventory expense

 

 

8.8

 

 

(8.8

)

 

—

 

Inventories

 

 

(8.7

)

 

0.7

 

 

(8.0

)

Net cash provided by operating activities

 

 

123.7

 

 

—

 

 

123.7

 

 

 

 

 

 

 

 

Consolidated Balance Sheet as of September 30, 2024

 

 

 

 

 

 

 

Receivables, other

 

$

0.9

 

$

0.1

 

$

1.0

 

Inventories

 

 

473.9

 

 

81.6

 

 

555.5

 

Deferred tax assets, net

 

 

6.3

 

 

(2.7

)

 

3.6

 

Deferred tax liabilities

 

 

23.7

 

 

16.6

 

 

40.3

 

Retained earnings

 

 

11.8

 

 

62.4

 

 

74.2

 

 

 

 

 

 

 

 

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 September 30, 2025

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

$

790.2

 

$

(61.4

)

$

728.8

 

Operating (loss) income

 

 

(12.6

)

 

61.4

 

 

48.8

 

Income tax benefit (provision)

 

 

1.4

 

 

(9.7

)

 

(8.3

)

Net (loss) income

 

 

(12.2

)

 

51.7

 

 

39.5

 

 

 

 

 

 

 

 

 

Net (loss) income per common share:

 

 

 

 

 

 

 

Basic

 

$

(0.75

)

$

3.19

 

$

2.44

 

Diluted

 

$

(0.75

)

$

3.13

 

$

2.38

 

 

 

 

 

 

 

 

 

Statements of Consolidated Income (Loss) for the nine months ended September 30, 2025

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation and amortization

 

$

2,242.3

 

$

(117.3

)

$

2,125.0

 

Operating income

 

 

10.9

 

 

117.3

 

 

128.2

 

Income tax provision

 

 

(0.1

)

 

(22.1

)

 

(22.2

)

Net (loss) income

 

 

(10.9

)

 

95.2

 

 

84.3

 

 

 

 

 

 

 

 

 

Net (loss) income per common share:

 

 

 

 

 

 

 

Basic

 

$

(0.68

)

$

5.90

 

$

5.22

 

Diluted

 

$

(0.68

)

$

5.78

 

$

5.10

 

 

 

 

 

 

 

 

Statements of Consolidated Cash Flows for the nine months ended September 30, 2025

 

 

 

 

 

 

 

Net (loss) income

 

$

(10.9

)

$

95.2

 

$

84.3

 

Deferred income taxes

 

 

(0.9

)

 

22.1

 

 

21.2

 

Inventories

 

 

16.9

 

 

(117.3

)

 

(100.4

)

Net cash provided by operating activities

 

 

132.0

 

 

—

 

 

132.0

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet as of September 30, 2025

 

 

 

 

 

 

 

Receivables, other

 

$

32.1

 

$

0.2

 

$

32.3

 

Inventories

 

 

487.0

 

 

215.3

 

 

702.3

 

Deferred tax assets, net

 

 

7.1

 

 

(5.7

)

 

1.4

 

Other accrued liabilities

 

 

49.6

 

 

(0.1

)

 

49.5

 

Deferred tax liabilities

 

 

25.0

 

 

39.6

 

 

64.6

 

Retained (deficit) earnings

 

 

(43.2

)

 

170.3

 

 

127.1