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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
| 2024 |  | 2023 |  | 2022
| (Dollars in millions)
U.S. | $ | 180.2 |  |  | $ | 77.8 |  |  | $ | 59.7 |
Non-U.S. | 335.9 |  |  | 1,047.0 |  |  | 1,218.9 |
Total | $ | 516.1 |  |  | $ | 1,124.8 |  |  | $ | 1,278.6 |
Components of income tax provision (benefit) | Total income tax provision (benefit) for the periods presented below consisted of the following:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Dollars in millions)
Current: |  |  |  |  |
U.S. federal | $ | (0.1) |  |  | $ | (0.1) |  |  | $ | (0.2) |
Non-U.S. | 96.7 |  |  | 225.9 |  |  | 42.9 |
State | — |  |  | 0.1 |  |  | 0.1 |
Total current | 96.6 |  |  | 225.9 |  |  | 42.8 |
Deferred: |  |  |  |  |
Non-U.S. | 12.2 |  |  | 82.9 |  |  | (81.6) |
Total deferred | 12.2 |  |  | 82.9 |  |  | (81.6) |
Total income tax provision (benefit) | $ | 108.8 |  |  | $ | 308.8 |  |  | $ | (38.8) |
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,
| 2024 |  | 2023 |  | 2022
| (Dollars in millions)
Expected income tax expense at U.S. federal statutory rate | $ | 108.4 |  |  | $ | 236.2 |  |  | $ | 268.5 |
Changes in valuation allowance, income tax | (19.6) |  |  | (11.1) |  |  | (595.6) |
Changes in tax reserves | 0.5 |  |  | (0.8) |  |  | (1.5) |
Excess depletion | (10.2) |  |  | (15.0) |  |  | (17.2) |
Foreign earnings repatriation | — |  |  | — |  |  | 42.3 |
Foreign earnings provision differential | 46.0 |  |  | 91.6 |  |  | 80.7 |
Global intangible low-taxed income | — |  |  | — |  |  | 197.2 |
Remeasurement of foreign income tax accounts | (5.7) |  |  | (0.9) |  |  | (2.6) |
State income taxes, net of federal tax benefit | (12.5) |  |  | 6.3 |  |  | 1.1 |
Other, net | 1.9 |  |  | 2.5 |  |  | (11.7) |
Total income tax provision (benefit) | $ | 108.8 |  |  | $ | 308.8 |  |  | $ | (38.8) |
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, 2024 and 2023 consisted of the following:
| December 31,
| 2024 |  | 2023
| (Dollars in millions)
Deferred tax assets: |  |  |
Tax loss carryforwards and credits | $ | 732.5 |  |  | $ | 745.6 |
Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments | 523.2 |  |  | 550.1 |
Accrued postretirement benefit obligations | 33.7 |  |  | 38.6 |
Asset retirement obligations | 102.4 |  |  | 99.1 |
Employee benefits | 19.7 |  |  | 20.1 |
Take-or-pay obligations | 5.5 |  |  | 6.7 |
Investments and other assets | 32.6 |  |  | 40.8 |
Workers’ compensation obligations | 8.4 |  |  | 7.3 |
Operating lease liabilities | 29.0 |  |  | 17.2 |
Other | 33.0 |  |  | 30.6 |
Total gross deferred tax assets | 1,520.0 |  |  | 1,556.1 |
Valuation allowance | (1,420.9) |  |  | (1,473.5) |
Total net deferred tax assets | 99.1 |  |  | 82.6 |
Deferred tax liabilities: |  |  |
Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments | 95.5 |  |  | 84.9 |
Operating lease right-of-use assets | 29.1 |  |  | 16.3 |
Investments and other assets | 15.4 |  |  | 10.0 |
Total deferred tax liabilities | 140.0 |  |  | 111.2 |
Net deferred tax liability | $ | (40.9) |  |  | $ | (28.6) |
Deferred taxes are classified as follows: |  |  |
Noncurrent deferred income tax liability | $ | (40.9) |  |  | $ | (28.6) |
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, 2024 and 2023:
| December 31,
| 2024 |  | 2023
| (Dollars in millions)
Deferred income taxes | $ | 9.2 |  |  | $ | 7.4 |
Other noncurrent liabilities | — |  |  | 1.3 |
Net unrecognized tax benefits | $ | 9.2 |  |  | $ | 8.7 |
Gross unrecognized tax benefits | $ | 9.2 |  |  | $ | 8.7 |
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,
| 2024 |  | 2023 |  | 2022
| (Dollars in millions)
Balance at beginning of period | $ | 8.7 |  |  | $ | 9.5 |  |  | $ | 11.0 |
Additions for current year tax positions | 1.4 |  |  | 0.9 |  |  | 0.8 |
Additions (reductions) for prior year tax positions | 0.4 |  |  | (1.7) |  |  | (2.3) |
Reductions for expirations of statutes limitations | (1.3) |  |  | — |  |  | — |
Balance at end of period | $ | 9.2 |  |  | $ | 8.7 |  |  | $ | 9.5 |
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,
| 2024 |  | 2023 |  | 2022
| (Dollars in millions)
U.S. — federal | $ | (0.1) |  |  | $ | (0.2) |  |  | $ | (0.3) |
U.S. — state and local | — |  |  | 0.1 |  |  | — |
Non-U.S. | 222.6 |  |  | 130.7 |  |  | 36.9 |
Total income tax payments, net | $ | 222.5 |  |  | $ | 130.6 |  |  | $ | 36.6 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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