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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes [Abstract] |
Income from Operations Before Provision for Taxes by Domestic and Foreign Source | Income from operations before provision for taxes by domestic and foreign source is as follows:
|  | Year Ended December 31, |
(millions of dollars) |  | 2022 |  |  | 2021 |  |  | 2020 |
Income from operations before income taxes and income from affiliates and joint ventures: |  |  |  |  |  |  |  |  |
Domestic |  | $ | 39.3 |  |  | $ | 66.0 |  |  | $ | 21.4 |
Foreign |  |  | 117.4 |  |  |  | 136.3 |  |  |  | 116.6 |
|  | $ | 156.7 |  |  | $ | 202.3 |  |  | $ | 138.0 |
Provision (Benefit) for Taxes on Income | The provision (benefit) for taxes on income consists of the following:
|  | Year Ended December 31, |
(millions of dollars) |  | 2022 |  |  | 2021 |  |  | 2020 |
Domestic |  |  |  |  |  |  |  |  |
Taxes currently payable |  |  |  |  |  |  |  |  |
Federal |  | $ | 16.3 |  |  | $ | (5.3 | ) |  | $ | (7.1 | )
State and local |  |  | 3.3 |  |  |  | 0.4 |  |  |  | 0.2 |
Deferred income taxes |  |  | (16.0 | ) |  |  | 7.8 |  |  |  | 2.2 |
Domestic tax provision (benefit) |  |  | 3.6 |  |  |  | 2.9 |  |  |  | (4.7 | )
Foreign |  |  |  |  |  |  |  |  |  |  |  |
Taxes currently payable |  |  | 29.8 |  |  |  | 33.4 |  |  |  | 34.0 |
Deferred income taxes |  |  | (1.3 | ) |  |  | 0.3 |  |  |  | (4.9 | )
Foreign tax provision |  |  | 28.5 |  |  |  | 33.7 |  |  |  | 29.1 |
Total tax provision (benefit) |  | $ | 32.1 |  |  | $ | 36.6 |  |  | $ | 24.4 |
Reconciliation of Statutory to Effective Federal Tax Rate | The major elements contributing to the difference between the U.S. federal statutory tax rate and the consolidated effective tax rate are as follows:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
U.S. statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Depletion |  |  | (6.1 | )% |  |  | (5.4 | )% |  |  | (6.2 | )%
Difference between tax provided on foreign earnings and the U.S. statutory rate |  |  | 2.4 | % |  |  | 2.6 | % |  |  | 3.3 | %
Global Intangible Low-Tax Income (GILTI) |  |  | 2.3 | % |  |  | 0.7 | % |  |  | 0.4 | %
Foreign Derived Intangible Income |  |  | — |  |  |  | (1.4 | )% |  |  | (1.0 | )%
State and local taxes, net of federal tax benefit |  |  | (0.4 | )% |  |  | 0.7 | % |  |  | — |
Tax credits and foreign dividends |  |  | (0.4 | )% |  |  | (0.4 | )% |  |  | (0.6 | )%
Impact of uncertain tax positions |  |  | (1.3 | )% |  |  | (1.1 | )% |  |  | (0.2 | )%
Impact of officer's non-deductible compensation |  |  | 1.3 | % |  |  | 0.8 | % |  |  | 1.0 | %
Other |  |  | 1.7 | % |  |  | 0.6 | % |  |  | — |
Consolidated effective tax rate |  |  | 20.5 | % |  |  | 18.1 | % |  |  | 17.7 | %
Deferred Tax Assets and Liabilities | The Company believes that its accrued liabilities are sufficient to cover its U.S. and foreign tax contingencies. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:
|  | December 31, |
(millions of dollars) |  | 2022 |  |  | 2021 |
Deferred tax assets attributable to: |  |  |  |  |  |
Accrued liabilities |  | $ | 28.6 |  |  | $ | 29.7 |
Net operating loss carry forwards |  |  | 35.5 |  |  |  | 31.8 |
Pension and post-retirement benefits costs |  |  | 18.6 |  |  |  | 31.4 |
Other |  |  | 29.7 |  |  |  | 22.4 |
Valuation allowance |  |  | (24.0 | ) |  |  | (22.3 | )
Total deferred tax assets |  |  | 88.4 |  |  |  | 93.0 |
Deferred tax liabilities attributable to: |  |  |  |  |  |  |  |
Plant and equipment, principally due to differences in depreciation |  |  | 167.0 |  |  |  | 178.8 |
Intangible assets |  |  | 67.8 |  |  |  | 69.3 |
Other |  |  | 9.6 |  |  |  | 10.0 |
Total deferred tax liabilities |  |  | 244.4 |  |  |  | 258.1 |
Net deferred tax asset (liability) |  | $ | (156.0 | ) |  | $ | (165.1 | )
Net deferred tax assets and net deferred tax liabilities are as follows:
|  | December 31, |
(millions of dollars) |  | 2022 |  |  | 2021 |
Net deferred tax asset, long-term |  | $ | 24.4 |  |  | $ | 23.0 |
Net deferred tax liability, long-term |  |  | 180.4 |  |  |  | 188.1 |
Net deferred tax liability, long-term |  | $ | (156.0 | ) |  | $ | (165.1 | )
Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits:
(millions of dollars) |  | 2022 |  |  | 2021 |
Balance at beginning of the year |  | $ | 5.1 |  |  | $ | 7.6 |
Increases related to current year tax positions |  |  | 0.4 |  |  |  | 0.6 |
Increases related to new judgments |  |  | — |  |  |  | 0.2 |
Decreases related to audit settlements and statute expirations |  |  | (2.9 | ) |  |  | (3.3 | )
Balance at the end of the year |  | $ | 2.6 |  |  | $ | 5.1 |

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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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