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Income Taxes (Tables)

12 Months Ended

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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