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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Income from Operations Before Provision for Taxes by Domestic and Foreign Source | Income (loss) from operations before provision for taxes by domestic and foreign source is as follows:
|  | Year Ended December 31, |
(millions of dollars) |  | 2023 |  |  | 2022 |  |  | 2021 |
Income (loss) from operations before income taxes and income from affiliates and joint ventures: |  |  |  |  |  |  |  |  |
Domestic |  | $ | (38.9 | ) |  | $ | 39.3 |  |  | $ | 66.0 |
Foreign |  |  | 146.6 |  |  |  | 117.4 |  |  |  | 136.3 |
|  | $ | 107.7 |  |  | $ | 156.7 |  |  | $ | 202.3 |
Provision (Benefit) for Taxes on Income | The provision (benefit) for taxes on income consists of the following:
|  | Year Ended December 31, |
(millions of dollars) |  | 2023 |  |  | 2022 |  |  | 2021 |
Domestic |  |  |  |  |  |  |  |  |
Taxes currently payable |  |  |  |  |  |  |  |  |
Federal |  | $ | 9.5 |  |  | $ | 16.3 |  |  | $ | (5.3 | )
State and local |  |  | 6.7 |  |  |  | 3.3 |  |  |  | 0.4 |
Deferred income taxes |  |  | (31.5 | ) |  |  | (16.0 | ) |  |  | 7.8 |
Domestic tax provision (benefit) |  |  | (15.3 | ) |  |  | 3.6 |  |  |  | 2.9 |
Foreign |  |  |  |  |  |  |  |  |  |  |  |
Taxes currently payable |  |  | 42.2 |  |  |  | 29.8 |  |  |  | 33.4 |
Deferred income taxes |  |  | (3.2 | ) |  |  | (1.3 | ) |  |  | 0.3 |
Foreign tax provision |  |  | 39.0 |  |  |  | 28.5 |  |  |  | 33.7 |
Total tax provision |  | $ | 23.7 |  |  | $ | 32.1 |  |  | $ | 36.6 |
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, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
U.S. statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Depletion |  |  | (10.3 | )% |  |  | (6.1 | )% |  |  | (5.4 | )%
Difference between tax provided on foreign earnings and the U.S. statutory rate |  |  | 7.7 | % |  |  | 2.4 | % |  |  | 2.6 | %
Global Intangible Low-Tax Income (GILTI) |  |  | 1.0 | % |  |  | 2.3 | % |  |  | 0.7 | %
Foreign Derived Intangible Income |  |  | (2.5 | )% |  |  | — |  |  |  | (1.4 | )%
State and local taxes, net of federal tax benefit |  |  | (0.1 | )% |  |  | (0.4 | )% |  |  | 0.7 | %
Tax credits |  |  | (0.6 | )% |  |  | (0.4 | )% |  |  | (0.4 | )%
Impact of uncertain tax positions |  |  | 0.2 | % |  |  | (1.3 | )% |  |  | (1.1 | )%
Impact of officer’s non-deductible compensation |  |  | 1.9 | % |  |  | 1.3 | % |  |  | 0.8 | %
Foreign Withholding Tax |  |  | 2.0 | % |  |  | 1.2 | % |  |  | 1.1 | %
Other |  |  | 1.7 | % |  |  | 0.5 | % |  |  | (0.5 | )%
Consolidated effective tax rate |  |  | 22.0 | % |  |  | 20.5 | % |  |  | 18.1 | %
Deferred Tax Assets and Liabilities | 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) |  | 2023 |  |  | 2022 |
Deferred tax assets attributable to: |  |  |  |  |  |
Accrued liabilities |  | $ | 26.8 |  |  | $ | 28.6 |
Net operating loss carry forwards |  |  | 32.8 |  |  |  | 35.5 |
Pension and post-retirement benefits costs |  |  | 16.0 |  |  |  | 18.6 |
Other |  |  | 38.1 |  |  |  | 29.7 |
Valuation allowance |  |  | (25.2 | ) |  |  | (24.0 | )
Total deferred tax assets |  |  | 88.5 |  |  |  | 88.4 |
Deferred tax liabilities attributable to: |  |  |  |  |  |  |  |
Plant and equipment, principally due to differences in depreciation |  |  | 146.0 |  |  |  | 167.0 |
Intangible assets |  |  | 53.6 |  |  |  | 67.8 |
Other |  |  | 12.2 |  |  |  | 9.6 |
Total deferred tax liabilities |  |  | 211.8 |  |  |  | 244.4 |
Net deferred tax asset (liability) |  | $ | (123.3 | ) |  | $ | (156.0 | )
Net deferred tax assets and net deferred tax liabilities are classified as follows:
| December 31, |
(millions of dollars) | 2023 |  | 2022 |
Net deferred tax asset, long-term |  | $ | 16.0 |  |  | $ | 24.4 |
Net deferred tax liability, long-term |  |  | 139.3 |  |  |  | 180.4 |
Net deferred tax liability, long-term |  | $ | (123.3 | ) |  | $ | (156.0 | )
Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits:
(millions of dollars) |  | 2023 |  |  | 2022 |
Balance at beginning of the year |  | $ | 2.6 |  |  | $ | 5.1 |
Increases related to current year tax positions |  |  | 0.5 |  |  |  | 0.4 |
Decreases related to audit settlements and statute expirations |  |  | (0.3 | ) |  |  | (2.9 | )
Balance at the end of the year |  | $ | 2.8 |  |  | $ | 2.6 |

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