Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income taxes

Components of Income Taxes and Comprehensive Provision for Income Taxes Allocation

	Years ended December 31,
	2021		2022		2023
	(In millions)
Pre-tax income (loss):
U.S.	$	25.5	$	44.1	$	(1.5)
Non-U.S.		127.9		89.8		(71.4)
Total	$	153.4	$	133.9	$	(72.9)
Expected tax expense (benefit), at U.S. federal statutory    income tax rate of 21%	$	32.2	$	28.1	$	(15.3)
Non-U.S. tax rates		4.6		2.1		(6.3)
Incremental net tax benefit on earnings and losses of U.S.    and non-U.S. companies		(3.9)		(.5)		(4.7)
Valuation allowance, net		3.1		(3.6)		2.6
Global intangible low-tax income, net		2.8		2.1		(.3)
Adjustment to the reserve for uncertain tax positions, net		-		(.4)		(.5)
Nondeductible expenses		1.0		.9		1.0
U.S. state income taxes and other, net		.7		.7		(.3)
Income tax expense (benefit)	$	40.5	$	29.4	$	(23.8)
Components of income tax expense (benefit):
Current payable:
U.S. federal and state	$	4.6	$	10.7	$	2.0
Non-U.S.		21.6		20.1		13.5
		26.2		30.8		15.5
Deferred income taxes (benefit):
U.S. federal and state		3.3		(3.0)		(3.7)
Non-U.S.		11.0		1.6		(35.6)
		14.3		(1.4)		(39.3)
Income tax expense (benefit)	$	40.5	$	29.4	$	(23.8)
Comprehensive provision for income taxes (benefit) allocable to:
Net income (loss)	$	40.5	$	29.4	$	(23.8)
Other comprehensive income (loss):
Pension plans		24.0		49.3		(6.7)
OPEB plans		-		.4		(.2)
Total	$	64.5	$	79.1	$	(30.7)

Components of Net Deferred Income Taxes

The components of our 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	$	-	$	(5.5)	$	1.1	$	-
Property and equipment		-		(59.1)		-		(59.3)
Lease assets (liabilities)		5.3		(5.4)		5.7		(5.7)
Accrued OPEB costs		1.7		-		1.8		-
Accrued pension costs		21.6		-		26.8		-
Other accrued liabilities and deductible differences		15.3		-		16.9		-
Other taxable differences		-		(3.9)		-		(3.5)
Tax on unremitted earnings of non-U.S. subsidiaries		-		(11.3)		-		(10.8)
Tax loss and tax credit carryforwards		70.7		-		107.7		-
Valuation allowance		(3.8)		-		(6.4)		-
Adjusted gross deferred tax assets (liabilities)		110.8		(85.2)		153.6		(79.3)
Netting by tax jurisdiction		(58.8)		58.8		(70.3)		70.3
Net noncurrent deferred tax asset (liability)	$	52.0	$	(26.4)	$	83.3	$	(9.0)

Changes in Amount of Uncertain Tax Positions

The following table shows the changes in the amount of our uncertain tax positions (exclusive of the effect of interest and penalties discussed above) during 2021, 2022 and 2023:

	Years ended December 31,
	2021		2022		2023
	(In millions)
Changes in unrecognized tax benefits:
Unrecognized tax benefits at beginning of year	$	4.1	$	3.8	$	3.2
Tax positions taken in current period		.6		.7		.5
Lapse due to applicable statute of limitations		(.7)		(1.1)		(1.0)
Change in currency exchange rates		(.2)		(.2)		.1
Unrecognized tax benefits at end of year	$	3.8	$	3.2	$	2.8