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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income taxes |
Component of Income Taxes Expenses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ |  | 2022 |  | 2023 |  | 2024
​ | ​ | (In millions)
Pre-tax income (loss): |  | ​ |  |  | ​ |  |  | ​ |
United States | ​ | $ | 81.4 | ​ | $ | 53.2 | ​ | $ | 169.8
Non-U.S. subsidiaries | ​ |  | 88.5 | ​ |  | (72.7) | ​ |  | 74.4
Total | ​ | $ | 169.9 | ​ | $ | (19.5) | ​ | $ | 244.2
Expected tax expense (benefit) at U.S. federal statutory income tax rate of 21% |  | $ | 35.7 | ​ | $ | (4.1) | ​ | $ | 51.3
Non-U.S. tax rates | ​ |  | 2.0 | ​ |  | (6.3) | ​ |  | .1
Incremental net tax expense (benefit) on earnings and losses of U.S. and non-U.S. tax group companies | ​ |  | (1.7) | ​ |  | (13.9) | ​ |  | 11.3
Valuation allowance | ​ |  | — | ​ |  | — | ​ |  | 10.7
Global intangible low-tax income, net | ​ |  | 1.8 | ​ |  | (.4) | ​ |  | 3.4
U.S. state income taxes, net | ​ | ​ | 1.5 | ​ | ​ | .6 | ​ | ​ | 2.6
Adjustment to the reserve for uncertain tax positions, net | ​ |  | (2.9) | ​ |  | (.7) | ​ |  | .5
Nondeductible expenses | ​ |  | 1.0 | ​ |  | 1.2 | ​ |  | 3.2
Other, net | ​ |  | (.6) | ​ |  | (1.0) | ​ |  | (.2)
Income tax expense (benefit) | ​ | $ | 36.8 | ​ | $ | (24.6) | ​ | $ | 82.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Components of income tax expense (benefit): | ​ |  |  | ​ |  |  | ​ |  |
Currently payable: | ​ |  |  | ​ |  |  | ​ |  |
U.S. federal and state | ​ | $ | 16.3 | ​ | $ | 12.6 | ​ | $ | 14.2
Non-U.S. | ​ |  | 20.1 | ​ |  | 13.5 | ​ |  | 25.3
Total | ​ |  | 36.4 | ​ |  | 26.1 | ​ |  | 39.5
Deferred income taxes (benefit): | ​ |  |  | ​ |  |  | ​ |  |
U.S. federal and state | ​ |  | (.9) | ​ |  | (14.8) | ​ |  | 41.3
Non-U.S. | ​ |  | 1.3 | ​ |  | (35.9) | ​ |  | 2.1
Total | ​ |  | .4 | ​ |  | (50.7) | ​ |  | 43.4
Income tax expense (benefit) | ​ | $ | 36.8 | ​ | $ | (24.6) | ​ | $ | 82.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive provision (benefit) for income taxes allocable to: | ​ |  |  | ​ |  |  | ​ |  |
Net income (loss) | ​ | $ | 36.8 | ​ | $ | (24.6) | ​ | $ | 82.9
Other comprehensive income (loss): | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Currency translation | ​ |  | (3.3) | ​ |  | .4 | ​ |  | (3.9)
Pension plans | ​ |  | 60.7 | ​ |  | (7.6) | ​ |  | 7.5
Other | ​ |  | .9 | ​ |  | (.3) | ​ |  | —
Total | ​ | $ | 95.1 | ​ | $ | (32.1) | ​ | $ | 86.5
Components of Net Deferred Tax Asset (Liability) | The components of the net deferred income taxes at December 31, 2023 and 2024 are summarized in the following table.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2023 | ​ | 2024
​ | ​ | Assets | ​ | Liabilities | ​ | Assets | ​ | Liabilities
​ |  | ​ | (In millions)
Tax effect of temporary differences related to: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Property and equipment | ​ | $ | — | ​ | $ | (62.9) | ​ | $ | — | ​ | $ | (69.1)
Lease assets (liabilities) | ​ |  | 5.7 | ​ |  | (5.7) | ​ |  | 5.2 | ​ |  | (5.3)
Accrued OPEB costs | ​ |  | 2.1 | ​ |  | — | ​ |  | 1.9 | ​ |  | —
Accrued pension costs | ​ |  | 26.9 | ​ |  | — | ​ |  | 14.3 | ​ |  | —
Accrued environmental liabilities | ​ |  | 22.6 | ​ |  | — | ​ |  | 15.2 | ​ |  | —
Capitalized research and development costs | ​ | ​ | 4.8 | ​ | ​ | — | ​ | ​ | 6.3 | ​ | ​ | —
Other deductible differences | ​ |  | 10.7 | ​ |  | — | ​ |  | 10.1 | ​ |  | —
Other taxable differences | ​ |  | — | ​ |  | (15.3) | ​ |  | — | ​ |  | (22.6)
Investments in subsidiaries and affiliates | ​ |  | 10.5 | ​ |  | (54.7) | ​ |  | 10.1 | ​ |  | (56.9)
Unrecognized currency gain | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (16.8)
Tax on unremitted earnings of non-U.S. subsidiaries | ​ |  | — | ​ |  | (10.9) | ​ |  | — | ​ |  | (8.8)
Tax loss and tax credit carryforwards | ​ |  | 119.6 | ​ |  | — | ​ |  | 126.6 | ​ |  | —
Valuation allowance | ​ |  | (3.5) | ​ |  | — | ​ |  | (14.1) | ​ |  | —
Adjusted gross deferred tax assets (liabilities) | ​ |  | 199.4 | ​ |  | (149.5) | ​ |  | 175.6 | ​ |  | (179.5)
Netting of items by tax jurisdiction | ​ |  | (132.4) | ​ |  | 132.4 | ​ |  | (121.8) | ​ |  | 121.8
Net noncurrent deferred tax asset (liability) | ​ | $ | 67.0 | ​ | $ | (17.1) | ​ | $ | 53.8 | ​ | $ | (57.7)
Changes in Uncertain Tax Positions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ |  | 2022 |  | 2023 | ​ | 2024
​ |  | ​ | (In millions)
Unrecognized tax benefits: |  | ​ |  |  | ​ |  | ​ |  |
Amount at beginning of year | ​ | $ | 6.4 | ​ | $ | 3.5 | ​ | $ | 2.8
Tax positions taken in current period | ​ |  | .7 | ​ |  | .5 | ​ |  | .5
Lapse due to applicable statute of limitations | ​ |  | (3.4) | ​ |  | (1.2) | ​ |  | —
Changes in currency exchange rates | ​ |  | (.2) | ​ |  | — | ​ |  | (.1)
Amount at end of year | ​ | $ | 3.5 | ​ | $ | 2.8 | ​ | $ | 3.2

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