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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of pre-tax book income (loss) | The components of pre-tax book income (loss) consist of the following:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. | $ | 335.5 |  |  | $ | 78.0 |  |  | $ | (193.6) |
Foreign | (11.7) |  |  | (144.8) |  |  | 227.0 |
Total | $ | 323.8 |  |  | $ | (66.8) |  |  | $ | 33.4 |
Significant components of the income before income tax expense | Significant components of income tax expense consist of the following:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
U.S. federal current expense (benefit) | $ | — |  |  | $ | 0.5 |  |  | $ | — |
State current expense (benefit) | — |  |  | — |  |  | 0.2 |
Foreign current expense (benefit) | 4.9 |  |  | 15.8 |  |  | 4.0 |
Total current expense (benefit) | 4.9 |  |  | 16.3 |  |  | 4.2
Deferred: |  |  |  |  |
U.S. federal deferred benefit | — |  |  | (0.3) |  |  | (0.3) |
State deferred benefit | — |  |  | (0.1) |  |  | — |
Foreign deferred tax (benefit) expense | (1.7) |  |  | (30.5) |  |  | 43.5 |
Total deferred (benefit) expense | (1.7) |  |  | (30.9) |  |  | 43.2 |
Total income tax (benefit) expense | $ | 3.2 |  |  | $ | (14.6) |  |  | $ | 47.4 |
Reconciliation of the statutory U.S. Federal income tax rate to the effective income tax rate on income (loss) | A reconciliation of the statutory U.S. Federal income tax rate to the effective income tax rate on income (loss) is as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Federal Statutory Rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Permanent differences | 1.0 |  |  | 1.1 |  |  | (15.2) |
State taxes, net of Federal benefit | — |  |  | (0.1) |  |  | 0.1 |
Rate change | (0.5) |  |  | (0.3) |  |  | 0.4 |
Foreign earnings taxed at different rates than U.S. | — |  |  | 2.0 |  |  | (0.8) |
Valuation allowance | (11.3) |  |  | 3.6 |  |  | (4.2) |
Foreign dividends and inclusions | 0.5 |  |  | (12.7) |  |  | 122.9 |
Net operating loss expiration and remeasurement | 2.8 |  |  | (8.0) |  |  | 43.1 |
Filing differences | 8.7 |  |  | 0.6 |  |  | (19.1) |
Changes in uncertain tax reserves | 0.2 |  |  | (1.3) |  |  | (5.3) |
Advanced Manufacturing Production Credit | (5.9) |  |  | 18.6 |  |  | — |
Bargain Purchase gain | (15.7) |  |  | — |  |  | — |
Other | 0.2 |  |  | (2.7) |  |  | (0.9) |
Effective tax rate | 1.0 | % |  | 21.8 | % |  | 142.0 | %
Significant components of deferred tax assets and liabilities | The significant components of our deferred tax assets and liabilities as of December 31 are as follows:
| 2024 |  | 2023
Deferred tax assets: |  |  |
Accrued postretirement benefit cost | $ | 30.1 |  |  | $ | 30.7 |
Net operating losses | 473.3 |  |  | 467.6 |
Disallowed interest expense | 37.1 |  |  | 29.2 |
Derivative and hedging contracts | 0.1 |  |  | 1.2 |
Fixed asset tax over book basis | — |  |  | 9.2 |
Other | 29.4 |  |  | 28.3 |
Total deferred tax assets | 570.0 |  |  | 566.2 |
Valuation allowance | (504.4) |  |  | (537.6) |
Net deferred tax assets | $ | 65.6 |  |  | $ | 28.6 |
Deferred tax liabilities: |  |  |
Fixed asset book over tax basis | (115.9) |  |  | (62.0) |
Derivatives | — |  |  | — |
Foreign basis differences | 0.6 |  |  | (18.1) |
Other | (21.4) |  |  | (20.6) |
Total deferred tax liabilities | (136.7) |  |  | (100.7) |
Net deferred tax liability | $ | (71.1) |  |  | $ | (72.1) |
Changes in valuation allowance | The changes in the valuation allowance are as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Beginning balance, valuation allowance | $ | 537.6 |  |  | $ | 487.9 |  |  | $ | 485.8 |
Remeasurement of deferred tax assets | — |  |  | — |  |  | — |
Release of valuation allowance | — |  |  | — |  |  | — |
Expiration of net operating losses | (6.1) |  |  | (7.2) |  |  | (15.4) |
Other change in valuation allowance | (27.1) |  |  | 56.9 |  |  | 17.5 |
Ending balance, valuation allowance | $ | 504.4 |  |  | $ | 537.6 |  |  | $ | 487.9 |
Significant components of net operating loss carryforwards | The significant components of our NOLs are as follows:
| 2024 |  | 2023
Federal (1) | $ | 1,571.2 |  |  | $ | 1,533.5 |
State (2) | 1,163.5 |  |  | 1,221.0 |
Foreign (3)(4) | 342.2 |  |  | 344.4 |
(1)US federal NOLs begin to expire in 2028. (2)US state NOLs begin to expire in 2027. (3)NOLs in Iceland expire between 2025 and 2026. (4)NOLs in Jamaica do not expire.
Reconciliation of beginning and ending amounts of gross unrecognized tax benefits | A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits (excluding interest) is as follows:
| 2024 |  | 2023 |  | 2022
Balance as of January 1, | $ | 3.0 |  |  | $ | 2.2 |  |  | $ | 4.0 |
Additions based on tax positions related to the current year | 0.6 |  |  | 1.3 |  |  | 0.3 |
Decreases due to lapse of applicable statute of limitations | (0.1) |  |  | (0.5) |  |  | (2.1) |
Balance as of December 31, | $ | 3.5 |  |  | $ | 3.0 |  |  | $ | 2.2 |

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