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Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income taxes Disclosure [Abstract]

Component of Income Taxes Expenses

​

​	​	​	​	​	​	​	​	​	​
​	​	Years ended December 31,
​		2021			2022			2023
​	​	(In millions)
Pre-tax income (loss):		​			​			​
United States	​	$	131.4	​	$	81.4	​	$	53.2
Non-U.S. subsidiaries	​		126.4	​		88.5	​		(72.7)
Total	​	$	257.8	​	$	169.9	​	$	(19.5)
Expected tax expense (benefit) at U.S. federal statutory   income tax rate of 21%		$	54.1	​	$	35.7	​	$	(4.1)
Non-U.S. tax rates	​		4.5	​		2.0	​		(6.3)
Incremental net tax benefit on earnings and losses of U.S.   and non-U.S. tax group companies	​		(2.0)	​		(1.7)	​		(13.9)
Valuation allowance	​		.9	​		(3.0)	​		2.2
Global intangible low-tax income, net	​		2.8	​		1.8	​		(.4)
U.S. state income taxes, net	​	​	1.5	​	​	1.5	​	​	.6
Adjustment to the reserve for uncertain tax positions, net	​		(2.6)	​		(2.9)	​		(.7)
Nondeductible expenses	​		1.1	​		1.0	​		1.2
Other, net	​		(.2)	​		(.6)	​		(1.0)
Income tax expense (benefit)	​	$	60.1	​	$	33.8	​	$	(22.4)
​	​	​	​	​	​	​	​	​	​
Components of income tax expense (benefit):	​			​			​
Currently payable:	​			​			​
U.S. federal and state	​	$	29.7	​	$	16.3	​	$	12.6
Non-U.S.	​		21.5	​		20.1	​		13.5
Total	​		51.2	​		36.4	​		26.1
Deferred income taxes (benefit):	​			​			​
U.S. federal and state	​		(1.7)	​		(3.9)	​		(12.6)
Non-U.S.	​		10.6	​		1.3	​		(35.9)
Total	​		8.9	​		(2.6)	​		(48.5)
Income tax expense (benefit)	​	$	60.1	​	$	33.8	​	$	(22.4)
​	​	​	​	​	​	​	​	​	​
Comprehensive provision (benefit) for income taxes    allocable to:	​			​			​
Net income (loss)	​	$	60.1	​	$	33.8	​	$	(22.4)
Other comprehensive income (loss):	​		​	​		​	​		​
Currency translation	​		(.8)	​		(3.3)	​		.4
Pension plans	​		29.7	​		60.7	​		(7.6)
Other	​		—	​		.9	​		(.3)
Total	​	$	89.0	​	$	92.1	​	$	(29.9)

Components of Net Deferred Tax Asset (Liability)

The components of the net deferred income taxes at December 31, 2022 and 2023 are summarized in the following table.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

2022

​

2023

​

​

Assets

​

Liabilities

​

Assets

​

Liabilities

​

​

(In millions)

Tax effect of temporary differences related to:

​

​

​

​

Inventories

​

$

—

​

$

(5.3)

​

$

1.4

​

$

—

Property and equipment

​

—

​

(62.8)

​

—

​

(62.9)

Lease assets (liabilities)

​

5.3

​

(5.4)

​

5.7

​

(5.7)

Accrued OPEB costs

​

2.0

​

—

​

2.1

​

—

Accrued pension costs

​

22.0

​

—

​

26.9

​

—

Accrued environmental liabilities

​

25.9

​

—

​

22.6

​

—

Other deductible differences

​

12.0

​

—

​

14.1

​

—

Other taxable differences

​

—

​

(15.8)

​

—

​

(15.3)

Investments in subsidiaries and affiliates

​

6.7

​

(62.3)

​

10.5

​

(54.7)

Tax on unremitted earnings of non-U.S. subsidiaries

​

—

​

(11.4)

​

—

​

(10.9)

Tax loss and tax credit carryforwards

​

82.6

​

—

​

119.6

​

—

Valuation allowance

​

(16.5)

​

—

​

(18.2)

​

—

Adjusted gross deferred tax assets (liabilities)

​

140.0

​

(163.0)

​

184.7

​

(149.5)

Netting of items by tax jurisdiction

​

(99.5)

​

99.5

​

(117.7)

​

117.7

Net noncurrent deferred tax asset (liability)

​

$

40.5

​

$

(63.5)

​

$

67.0

​

$

(31.8)

Changes in Uncertain Tax Positions

​

​	​	​	​	​	​	​	​	​	​
​	​	Years ended December 31,
​		2021			2022		​	2023
​		​	(In millions)
Unrecognized tax benefits:		​			​		​
Amount at beginning of year	​	$	9.6	​	$	6.4	​	$	3.5
Tax positions taken in current period	​		.6	​		.7	​		.5
Lapse due to applicable statute of limitations	​		(3.6)	​		(3.4)	​		(1.2)
Changes in currency exchange rates	​		(.2)	​		(.2)	​		—
Amount at end of year	​	$	6.4	​	$	3.5	​	$	2.8

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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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