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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income from continuing operations before income taxes

Income from continuing operations before income taxes for the periods presented below consisted of the following:

			Year Ended December 31,
			2023						2022						2021
			(Dollars in millions)
U.S.			$	77.8					$	59.7					$	(55.0)
Non-U.S.			1,047.0						1,218.9						425.2
Total			$	1,124.8					$	1,278.6					$	370.2

Components of income tax provision (benefit)

Total income tax provision (benefit) for the periods presented below consisted of the following:

			Year Ended December 31,
			2023						2022						2021
			(Dollars in millions)
Current:
U.S. federal			$	(0.1)					$	(0.2)					$	(0.5)
Non-U.S.			225.9						42.9						30.8
State			0.1						0.1						—
Total current			225.9						42.8						30.3
Deferred:
Non-U.S.			82.9						(81.6)						(7.5)
Total deferred			82.9						(81.6)						(7.5)
Total income tax provision (benefit)			$	308.8					$	(38.8)					$	22.8

Reconciliation of the expected statutory federal income tax provision (benefit) to the Company's actual income tax provision

The following is a reconciliation of the expected statutory federal income tax expense to the Company’s income tax provision (benefit) for the periods presented below:

			Year Ended December 31,
			2023						2022						2021
			(Dollars in millions)
Expected income tax expense at U.S. federal statutory rate			$	236.2					$	268.5					$	77.7
Changes in valuation allowance, income tax			(11.1)						(595.6)						(101.3)
Changes in tax reserves			(0.8)						(1.5)						1.9
Excess depletion			(15.0)						(17.2)						(13.7)
Foreign earnings repatriation			—						42.3						—
Foreign earnings provision differential			91.6						80.7						17.3
Global intangible low-taxed income			—						197.2						67.0
Tax credits			—						—						(26.5)
Remeasurement of foreign income tax accounts			(0.9)						(2.6)						(1.8)
State income taxes, net of federal tax benefit			6.3						1.1						(1.1)
Other, net			2.5						(11.7)						3.3
Total income tax provision (benefit)			$	308.8					$	(38.8)					$	22.8

Tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities as of December 31, 2023 and 2022 consisted of the following:

			December 31,
			2023						2022
			(Dollars in millions)
Deferred tax assets:
Tax loss carryforwards and credits			$	745.6					$	740.1
Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments			550.1						550.8
Accrued postretirement benefit obligations			38.6						41.4
Asset retirement obligations			99.1						95.1
Employee benefits			20.1						22.1
Take-or-pay obligations			6.7						8.2
Hedge activities			—						49.1
Investments and other assets			40.8						37.0
Workers’ compensation obligations			7.3						7.1
Operating lease liabilities			17.2						7.8
Other			30.6						28.3
Total gross deferred tax assets			1,556.1						1,587.0
Valuation allowance, income tax			(1,473.5)						(1,451.0)
Total deferred tax assets			82.6						136.0
Deferred tax liabilities:
Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments			84.9						67.5
Operating lease right-of-use assets			16.3						7.6
Investments and other assets			10.0						6.6
Total deferred tax liabilities			111.2						81.7
Net deferred tax (liability) asset			$	(28.6)					$	54.3
Deferred taxes are classified as follows:
Noncurrent deferred income tax asset			$	—					$	74.7
Noncurrent deferred income tax liability			(28.6)						(20.4)
Net deferred tax (liability) asset			$	(28.6)					$	54.3

Summary of Income Tax Contingencies

Net unrecognized tax benefits (excluding interest and penalties) were recorded as follows in the consolidated balance sheets as of December 31, 2023 and 2022:

			December 31,
			2023						2022
			(Dollars in millions)
Deferred income taxes			$	7.4					$	8.2
Other noncurrent liabilities			1.3						1.3
Net unrecognized tax benefits			$	8.7					$	9.5
Gross unrecognized tax benefits			$	8.7					$	9.5

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the periods presented below is as follows:

			Year Ended December 31,
			2023						2022						2021
			(Dollars in millions)
Balance at beginning of period			$	9.5					$	11.0					$	9.1
Additions for current year tax positions			0.9						0.8						3.0
Reductions for prior year tax positions			(1.7)						(2.3)						(1.1)
Balance at end of period			$	8.7					$	9.5					$	11.0

Summary of Company tax (refunds) payments

The following table summarizes the Company’s income tax payments, net for the periods presented below:

			Year Ended December 31,
			2023						2022						2021
			(Dollars in millions)
U.S. — federal			$	(0.2)					$	(0.3)					$	(1.3)
U.S. — state and local			0.1						—						—
Non-U.S.			130.7						36.9						12.9
Total income tax payments, net			$	130.6					$	36.6					$	11.6

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