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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Provision For Income Taxes | The provision for income taxes for 2023, 2022 and 2021 consisted of the following:
| Years Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 86.4 |  |  | $ | 62.7 |  |  | $ | (12.7) |
State | 1.5 |  |  | 51.9 |  |  | 5.6 |
Non-U.S. | 357.4 |  |  | 770.4 |  |  | 386.9 |
Total current | 445.3 |  |  | 885.0 |  |  | 379.8 |
Noncurrent: |  |  |  |  |
Federal | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | — |
State | — |  |  | — |  |  | — |
Non-U.S. | (3.0) |  |  | (0.7) |  |  | 110.0 |
Total noncurrent | (2.7) |  |  | (0.5) |  |  | 110.0 |
Deferred: |  |  |  |  |
Federal | $ | (35.4) |  |  | $ | 215.4 |  |  | $ | 141.9 |
State | (4.2) |  |  | 31.0 |  |  | 21.4 |
Non-U.S. | (226.0) |  |  | 93.4 |  |  | (55.4) |
Total deferred | (265.6) |  |  | 339.8 |  |  | 107.9 |
Provision for income taxes | $ | 177.0 |  |  | $ | 1,224.3 |  |  | $ | 597.7 |
Schedule Of Effective Income Tax Rate | The components of earnings from consolidated companies before income taxes, and the effects of significant adjustments to tax computed at the federal statutory rate, were as follows:
| Years Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
U.S. earnings (loss) | $ | 121.6 |  |  | $ | 1,587.8 |  |  | $ | 900.1 |
Non-U.S. earnings | 1,204.3 |  |  | 3,054.7 |  |  | 1,324.7 |
Earnings (loss) from consolidated companies before income taxes | $ | 1,325.9 |  |  | $ | 4,642.5 |  |  | $ | 2,224.8 |
Computed tax at the U.S. federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income taxes, net of federal income tax benefit | 0.4 | % |  | 1.1 | % |  | 1.2 | %
Percentage depletion in excess of basis | (4.9) | % |  | (1.8) | % |  | (1.1) | %
Impact of non-U.S. earnings | 8.7 | % |  | 5.8 | % |  | 6.3 | %
Change in valuation allowance | (1.7) | % |  | — | % |  | (0.3) | %
Non-U.S. incentives | (11.5) | % |  | (2.6) | % |  | (5.7) | %
Withholding tax | 6.3 | % |  | 1.6 | % |  | 3.3 | %
U.S. general basket foreign tax credits | (4.0) | % |  | — | % |  | — | %
Tax legislation change impacts | (1.6) | % |  | — | % |  | — | %
Undistributed earnings | 2.2 | % |  | — | % |  | — | %
Other items (none in excess of 5% of computed tax) | (1.6) | % |  | 1.3 | % |  | 2.2 | %
Effective tax rate | 13.3 | % |  | 26.4 | % |  | 26.9 | %
Schedule Of Deferred Tax Assets And Liabilities | Significant components of our deferred tax liabilities and assets were as follows as of December 31:
| December 31,
(in millions) | 2023 |  | 2022
Deferred tax liabilities: |  |  |
Depreciation and amortization | $ | 490.2 |  |  | $ | 430.5 |
Depletion | 623.6 |  |  | 613.5 |
Partnership tax basis differences | 69.7 |  |  | 59.3 |
Undistributed earnings of non-U.S. subsidiaries | 29.3 |  |  | — |
Other liabilities | 97.0 |  |  | 37.6 |
Total deferred tax liabilities | $ | 1,309.8 |  |  | $ | 1,140.9 |
Deferred tax assets: |  |  |
Capital loss carryforwards | 14.9 |  |  | 3.6 |
Foreign tax credit carryforwards | 1,266.2 |  |  | 736.7 |
Net operating loss carryforwards | 514.4 |  |  | 255.8 |
Pension plans and other benefits | 17.8 |  |  | 14.3 |
Asset retirement obligations | 452.1 |  |  | 369.4 |
Disallowed interest expense under §163(j) | 11.5 |  |  | — |
Other assets | 468.6 |  |  | 413.2 |
Subtotal | 2,745.5 |  |  | 1,793.0 |
Valuation allowance | 1,421.9 |  |  | 909.9 |
Net deferred tax assets | 1,323.6 |  |  | 883.1 |
Net deferred tax assets/(liabilities) | $ | 13.8 |  |  | $ | (257.8) |
Summary Of Income Tax Uncertainties | A summary of gross unrecognized tax benefit activity is as follows:
| Years Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Gross unrecognized tax benefits, beginning of period | $ | 25.2 |  |  | $ | 124.6 |  |  | $ | 36.9 |
Gross increases: |  |  |  |  |
Prior period tax positions | 0.9 |  |  | 0.7 |  |  | 84.7 |
Current period tax positions | 3.0 |  |  | 3.0 |  |  | 3.0 |
Gross decreases: |  |  |  |  |
Prior period tax positions | (3.8) |  |  | (99.7) |  |  | — |
Currency translation | 0.5 |  |  | (3.4) |  |  | — |
Gross unrecognized tax benefits, end of period | $ | 25.8 |  |  | $ | 25.2 |  |  | $ | 124.6 |
Summary of Valuation Allowance | Changes to our income tax valuation allowance were as follows:
| Years Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Income tax valuation allowance, related to deferred income taxes |  |  |  |  |
Balance at beginning of period | $ | 909.9 |  |  | $ | 774.7 |  |  | $ | 683.0 |
Charges or (reductions) to costs and expenses | 512.0 |  |  | 135.2 |  |  | 91.7 |
Balance at end of period | $ | 1,421.9 |  |  | $ | 909.9 |  |  | $ | 774.7 |

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