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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of income tax provision |
| Years ended December 31,
| 2023 |  | 2022 |  | 2021
Components of Income (Loss) Before Taxes | ($ in millions)
U.S. | $ | 456.7 |  |  | $ | 1,231.2 |  |  | $ | 977.3 |
Foreign | 102.6 |  |  | 444.8 |  |  | 561.4 |
Income before taxes | $ | 559.3 |  |  | $ | 1,676.0 |  |  | $ | 1,538.7 |
Components of Income Tax Provision (Benefit) |  |  |  |  |
Current: |  |  |  |  |
Federal | $ | 96.2 |  |  | $ | 225.0 |  |  | $ | 139.6 |
State | 19.4 |  |  | 31.1 |  |  | 24.5 |
Foreign | 48.0 |  |  | 121.7 |  |  | 131.3 |
Total current | 163.6 |  |  | 377.8 |  |  | 295.4 |
Deferred: |  |  |  |  |
Federal | (25.3) |  |  | (32.1) |  |  | 39.1 |
State | (7.9) |  |  | (4.3) |  |  | 6.2 |
Foreign | (23.1) |  |  | 7.7 |  |  | (98.7) |
Total deferred | (56.3) |  |  | (28.7) |  |  | (53.4) |
Income tax provision | $ | 107.3 |  |  | $ | 349.1 |  |  | $ | 242.0 |
Effective tax rate reconciliation | The following table accounts for the difference between the actual tax provision and the amounts obtained by applying the statutory U.S. federal income tax rate to the income (loss) before taxes.
| Years ended December 31,
Effective Tax Rate Reconciliation (Percent) | 2023 |  | 2022 |  | 2021
Statutory federal tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net | 2.7 |  |  | 2.3 |  |  | 1.9 |
Foreign rate differential | (1.8) |  |  | 1.5 |  |  | 2.9 |
U.S. tax on foreign earnings | 1.7 |  |  | (0.8) |  |  | 0.3 |
Salt depletion | (1.7) |  |  | (0.5) |  |  | (0.6) |
Change in valuation allowance | 2.0 |  |  | 0.4 |  |  | (10.4) |
Remeasurement of U.S. state deferred taxes | (0.2) |  |  | (0.8) |  |  | 0.1 |
Change in tax contingencies | (0.5) |  |  | 0.5 |  |  | 1.5 |
Share-based payments | (1.0) |  |  | (0.3) |  |  | (0.7) |
Return to provision | (3.1) |  |  | (0.6) |  |  | (0.5) |
U.S. federal tax credits | — |  |  | (0.1) |  |  | — |
Legal entity liquidation | (0.5) |  |  | (2.0) |  |  | — |
Other, net | 0.6 |  |  | 0.2 |  |  | 0.2 |
Effective tax rate | 19.2 | % |  | 20.8 | % |  | 15.7 | %
Components of deferred tax assets and liabilities |
| December 31,
| 2023 |  | 2022
Components of Deferred Tax Assets and Liabilities | ($ in millions)
Deferred Tax Assets |
Pension and postretirement benefits | $ | 42.4 |  |  | $ | 42.9 |
Environmental reserves | 38.3 |  |  | 37.4 |
Asset retirement obligations | 16.6 |  |  | 13.9 |
Accrued liabilities | 46.1 |  |  | 47.4 |
Lease liabilities | 88.1 |  |  | 91.4 |
Tax credits | 47.3 |  |  | 37.4 |
Net operating losses (NOL) | 54.1 |  |  | 23.2 |
Other miscellaneous items | 3.0 |  |  | 2.7 |
Total deferred tax assets | 335.9 |  |  | 296.3 |
Valuation allowance | (99.5) |  |  | (76.4) |
Net deferred tax assets | 236.4 |  |  | 219.9 |
Deferred Tax Liabilities |  |  |
Property, plant and equipment | 439.5 |  |  | 481.7 |
Right-of-use lease assets | 86.5 |  |  | 89.8 |
Intangible amortization | 76.9 |  |  | 68.7 |
Inventory and prepaids | 5.5 |  |  | 12.1 |
Taxes on unremitted earnings | 16.8 |  |  | 12.0 |
Other miscellaneous items | — |  |  | 2.4 |
Total deferred tax liabilities | 625.2 |  |  | 666.7 |
Net deferred income tax liability | $ | (388.8) |  |  | $ | (446.8) |
Summary of Valuation Allowance | The activity of our deferred income tax valuation allowance was as follows:
| December 31,
| 2023 |  | 2022
Deferred Income Tax Valuation Allowance | ($ in millions)
Beginning balance | $ | 76.4 |  |  | $ | 70.1 |
Increases to valuation allowances | 23.6 |  |  | 14.6 |
Decreases to valuation allowances | (0.1) |  |  | (6.6) |
Foreign currency translation adjustments | (0.4) |  |  | (1.7) |
Ending balance | $ | 99.5 |  |  | $ | 76.4 |
Unrecognized tax benefits | The amounts of unrecognized tax benefits were as follows:
| December 31,
| 2023 |  | 2022
Unrecognized Tax Benefits | ($ in millions)
Beginning balance | $ | 51.6 |  |  | $ | 43.4 |
Increase for current year tax positions | 1.7 |  |  | 10.3 |
Increase for prior year tax positions | 1.3 |  |  | 0.3 |
Decrease for prior year tax positions | (0.5) |  |  | (0.8) |
Reduction due to lapse in statute of limitations | (5.1) |  |  | — |
Foreign currency translation adjustments | 1.3 |  |  | (1.6) |
Ending balance | $ | 50.3 |  |  | $ | 51.6 |
Tax years subject to examination | For our primary tax jurisdictions, the tax years that remain subject to examination are as follows:
| Tax Years
U.S. federal income tax | 2020 - 2022
U.S. state income tax | 2012 - 2022
Canadian federal income tax | 2015 - 2022
Brazil | 2015 - 2022
Germany | 2015 - 2022
China | 2014 - 2022
The Netherlands | 2015 - 2022

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