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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Provision For Income Taxes

The provision for income taxes for 2024, 2023 and 2022 consisted of the following:

			Years Ended December 31,
(in millions)			2024						2023						2022
Current:
Federal			$	(11.7)					$	86.4					$	62.7
State			10.7						1.5						51.9
Non-U.S.			339.2						357.4						770.4
Total current			338.2						445.3						885.0
Noncurrent:
Federal			$	(0.1)					$	0.3					$	0.2
State			—						—						—
Non-U.S.			(10.8)						(3.0)						(0.7)
Total noncurrent			(10.9)						(2.7)						(0.5)
Deferred:
Federal			$	(41.7)					$	(35.4)					$	215.4
State			(29.0)						(4.2)						31.0
Non-U.S.			(69.9)						(226.0)						93.4
Total deferred			(140.6)						(265.6)						339.8
Provision for income taxes			$	186.7					$	177.0					$	1,224.3

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)			2024						2023						2022
U.S. earnings (loss)			$	(557.8)					$	121.6					$	1,587.8
Non-U.S. earnings			873.2						1,204.3						3,054.7
Earnings (loss) from consolidated companies before income taxes			$	315.4					$	1,325.9					$	4,642.5
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			(5.7)		%				0.4		%				1.1		%
Percentage depletion in excess of basis			(13.8)		%				(4.9)		%				(1.8)		%
Impact of non-U.S. earnings			23.8		%				8.7		%				5.8		%
Change in valuation allowance			13.0		%				(1.7)		%				—		%
Non-U.S. incentives			(42.6)		%				(11.5)		%				(2.6)		%
Withholding tax			13.6		%				6.3		%				1.6		%
U.S. general basket foreign tax credits			(12.6)		%				(4.0)		%				—		%
Tax legislation change impacts			(5.7)		%				(1.6)		%				—		%
Undistributed earnings			33.0		%				2.2		%				—		%
Tax on dividends, deemed dividends, and GILTI			16.2		%				0.7		%				0.1		%
Nondeductible expenses			20.0		%				0.2		%				0.4		%
Other items (none in excess of 5% of computed tax)			(1.0)		%				(2.5)		%				0.8		%
Effective tax rate			59.2		%				13.3		%				26.4		%

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)			2024						2023
Deferred tax liabilities:
Depreciation and amortization			$	614.5					$	490.2
Depletion			573.4						623.6
Partnership tax basis differences			80.6						69.7
Undistributed earnings of non-U.S. subsidiaries			84.4						29.3
Other liabilities			78.6						97.0
Total deferred tax liabilities			$	1,431.5					$	1,309.8
Deferred tax assets:
Capital loss carryforwards			15.0						14.9
Foreign tax credit carryforwards			1,431.8						1,266.2
Net operating loss carryforwards			450.6						514.4
Pension plans and other benefits			13.9						17.8
Asset retirement obligations			547.4						452.1
Disallowed interest expense under §163(j)			20.3						11.5
Other assets			497.3						468.6
Subtotal			2,976.3						2,745.5
Valuation allowance			1,529.3						1,421.9
Net deferred tax assets			1,447.0						1,323.6
Net deferred tax assets/(liabilities)			$	15.5					$	13.8

Summary Of Income Tax Uncertainties

A summary of gross unrecognized tax benefit activity is as follows:

			Years Ended December 31,
(in millions)			2024						2023						2022
Gross unrecognized tax benefits, beginning of period			$	25.8					$	25.2					$	124.6
Gross increases:
Prior period tax positions			—						0.9						0.7
Current period tax positions			1.6						3.0						3.0
Gross decreases:
Prior period tax positions			(11.5)						(3.8)						(99.7)
Currency translation			(1.7)						0.5						(3.4)
Gross unrecognized tax benefits, end of period			$	14.2					$	25.8					$	25.2

Summary of Valuation Allowance

Changes to our income tax valuation allowance were as follows:

			Years Ended December 31,
(in millions)			2024						2023						2022
Income tax valuation allowance, related to deferred income taxes
Balance at beginning of period			$	1,421.9					$	909.9					$	774.7
Charges or (reductions) to costs and expenses			107.4						512.0						135.2
Balance at end of period			$	1,529.3					$	1,421.9					$	909.9

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