XML 52 R34.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Tax Provision (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | Income (loss) from operations before income taxes, based on geographic location of the operations to which such earnings are attributable, is provided below.
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
United States |  | $ | 4.5 |  |  | $ | 103.2 |  |  | $ | 108.5 |
Non-United States |  |  | 0.1 |  |  |  | (6.8 | ) |  |  | (11.4 | )
Income (loss) from operations before income taxes |  | $ | 4.6 |  |  | $ | 96.4 |  |  | $ | 97.1 |
Schedule of (Benefit) Provision for Income Taxes | The provision (benefit) for income taxes consisted of the following:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 2.6 |  |  | $ | 30.4 |  |  | $ | 0.6 |
State and local |  |  | (0.1 | ) |  |  | 6.1 |  |  |  | 5.7 |
Foreign |  |  | 0.3 |  |  |  | 0.2 |  |  |  | 0.8 |
Total current tax expense (benefit) |  | $ | 2.8 |  |  | $ | 36.7 |  |  | $ | 7.1 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  | $ | 0.4 |  |  | $ | (9.2 | ) |  | $ | 24.2 |
State and local |  |  | 0.1 |  |  |  | (0.5 | ) |  |  | 0.7 |
Foreign |  |  | — |  |  |  | — |  |  |  | — |
Total deferred tax expense (benefit) |  |  | 0.5 |  |  |  | (9.7 | ) |  |  | 24.9 |
Provision (benefit) for incomes taxes |  | $ | 3.3 |  |  | $ | 27.0 |  |  | $ | 32.0 |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation between Metallus' effective tax rate on income (loss) from continuing operations and the statutory tax rate is as follows:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
U.S. federal income tax provision (benefit) at statutory rate |  | $ | 1.0 |  |  | $ | 20.2 |  |  | $ | 20.4 |
Adjustments: |  |  |  |  |  |  |  |  |
State and local income taxes, net of federal tax benefit |  |  | — |  |  |  | 4.2 |  |  |  | 8.4 |
Permanent differences |  |  | 1.9 |  |  |  | 1.2 |  |  |  | 8.9 |
Foreign earnings taxed at different rates |  |  | 0.1 |  |  |  | — |  |  |  | (3.6 | )
Valuation allowance |  |  | (0.5 | ) |  |  | 1.8 |  |  |  | (2.5 | )
U.S. research tax credit |  |  | (0.1 | ) |  |  | (0.3 | ) |  |  | (0.6 | )
Other items, net |  |  | 1.0 |  |  |  | (0.1 | ) |  |  | 1.0 |
Provision (benefit) for income taxes |  | $ | 3.3 |  |  | $ | 27.0 |  |  | $ | 32.0 |
Effective tax rate |  |  | 72.2 | % |  |  | 28.0 | % |  |  | 32.9 | %
Schedule of Deferred Tax Assets and Liabilities | The effect of temporary differences giving rise to deferred tax assets and liabilities at December 31, 2024 and 2023 was as follows:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax liabilities: |  |  |  |  |  |
Depreciation |  | $ | (69.5 | ) |  | $ | (75.0 | )
Inventory |  |  | — |  |  |  | — |
Prepaid insurance |  |  | (1.3 | ) |  |  | (1.9 | )
Leases - right-of-use asset |  |  | (2.8 | ) |  |  | (2.8 | )
Deferred tax liabilities |  | $ | (73.6 | ) |  | $ | (79.7 | )
Deferred tax assets: |  |  |  |  |  |
Tax loss carryforwards |  | $ | 15.6 |  |  | $ | 16.0 |
Pension and postretirement benefits |  |  | 41.2 |  |  |  | 46.8 |
Other employee benefit accruals |  |  | 8.4 |  |  |  | 8.0 |
Lease liability |  |  | 2.8 |  |  |  | 2.8 |
State decoupling |  |  | 1.2 |  |  |  | 1.2 |
Capital loss carryforward |  |  | 0.8 |  |  |  | 0.8 |
Intangible assets |  |  | 0.1 |  |  |  | 0.1 |
Inventory |  |  | 0.8 |  |  |  | 0.8 |
Allowance for doubtful accounts |  |  | 0.4 |  |  |  | 0.5 |
Capitalized R&D |  |  | 3.0 |  |  |  | 3.2 |
Other, net |  |  | — |  |  |  | — |
Deferred tax assets subtotal |  | $ | 74.3 |  |  | $ | 80.2 |
Valuation allowances |  |  | (15.0 | ) |  |  | (15.5 | )
Deferred tax assets |  |  | 59.3 |  |  |  | 64.7 |
Net deferred tax assets (liabilities) |  | $ | (14.3 | ) |  | $ | (15.0 | )

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration