Income taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income taxes

Schedule of Pre-tax Income (Loss)

	Years ended December 31,
	2023		2024		2025
	(In millions)
Pre-tax income (loss):
U.S.	$	53.2	$	169.8	$	(16.6)
Non-U.S.		(72.7)		74.4		(26.4)
Total	$	(19.5)	$	244.2	$	(43.0)

Schedule of Income Taxes Expenses (Benefit)

	Years ended December 31,
	2023				2024				2025
	(In millions)
	Amount		Percent		Amount		Percent		Amount		Percent
U.S. federal statutory tax rate	$	(4.1)	21.0	%	$	51.3	21.0	%	$	(9.0)	21.0	%
State income taxes, net of federal income tax effect		(.4)	2.1			2.8	1.2			(1.5)	3.5
Foreign tax effects:
Germany:
Statutory tax rate difference between Germany and U.S.		3.6	(18.4)			(.4)	(.2)			2.8	(6.5)
Subnational income taxes		(7.5)	38.9			.8	.3			(6.1)	14.1
Effect of changes in tax laws enacted in the current period		—	—			—	—			19.3	(45.1)
Changes in valuation allowance		—	—			—	—			8.5	(20.0)
Other		.5	(2.8)			3.5	1.5			2.3	(5.1)
Belgium
Statutory tax rate difference between Belgium and U.S.		(2.0)	10.2			(1.1)	(.5)			(1.4)	3.2
Changes in valuation allowance		—	—			8.2	3.4			8.6	(20.0)
Other		.2	(.8)			—	—			.1	(.1)
Canada
Statutory tax rate difference between Canada and U.S.		1.3	(6.5)			.7	.3			.2	(.5)
Subnational income taxes		(2.4)	12.4			(1.4)	(.6)			(.4)	1.0
Other		(1.1)	5.2			(.4)	(.2)			(.4)	1.0
Other foreign jurisdictions		.7	(3.7)			1.3	.6			.8	(1.9)
Effect of cross-border tax laws:
Incremental tax expense (benefit) on earnings (losses) of subsidiary		(3.9)	20.1			9.3	3.8			(12.3)	28.6
Other		(.4)	2.0			3.3	1.4			.4	(.9)
Changes in valuation allowances		—	—			2.5	1.0			13.2	(30.7)
Changes in unrecognized tax benefits		(.7)	3.8			.5	.2			—	—
Other adjustments:
Incremental tax expense (benefit) on investment in Kronos		(5.5)	28.4			4.4	1.8			(7.1)	16.5
Incremental tax benefit on investment in BMI/LandWell		(2.7)	13.9			(2.6)	(1.1)			(.6)	1.5
Pension termination		—	—			—	—			(5.5)	12.8
Other		(.2)	.4			.2	—			—	—
Income tax expense (benefit)	$	(24.6)	126.2	%	$	82.9	33.9	%	$	11.9	(27.6)	%

Schedule of Components of Income Tax Expense (Benefit)

	Years ended December 31,
	2023		2024		2025
	(In millions)
Components of income tax expense (benefit):
Current income tax expense (benefit)
U.S. federal	$	12.3	$	13.3	$	7.1
State		.3		.9		(.1)
Non-U.S.		13.5		25.3		14.4
		26.1		39.5		21.4
Deferred income tax expense (benefit)
U.S. federal		(13.6)		38.6		(22.0)
State		(1.2)		2.7		(1.8)
Non-U.S.		(35.9)		2.1		14.3
		(50.7)		43.4		(9.5)
Income tax expense (benefit)	$	(24.6)	$	82.9	$	11.9
Comprehensive provision for income taxes (benefit) allocable to:
Net income (loss)	$	(24.6)	$	82.9		11.9
Other comprehensive income (loss):
Currency translation		.4		(3.9)		3.7
Defined benefit pension plans		(7.6)		7.5		29.9
Other		(.3)		—		.1
Comprehensive income tax expense (benefit)	$	(32.1)	$	86.5	$	45.6

Schedule of Components of Net Deferred Tax Asset (Liability)

	December 31,
	2024				2025
	Assets		Liabilities		Assets		Liabilities
		(In millions)
Tax effect of temporary differences related to:
Property and equipment	$	—	$	(69.1)	$	—	$	(66.1)
Lease assets (liabilities)		5.2		(5.3)		5.0		(5.1)
Accrued pension costs		14.3		—		.9		—
Accrued environmental liabilities		15.2		—		2.9		—
Capitalized research and development costs		6.3		—		8.5		—
Other deductible differences		12.0		—		14.7		—
Other taxable differences		—		(22.6)		—		(20.3)
Investments in subsidiaries and affiliates		10.1		(56.9)		7.4		(57.0)
Unrecognized currency gain		—		(16.8)		—		(11.1)
Tax on unremitted earnings of non-U.S. subsidiaries		—		(8.8)		—		(7.6)
Tax loss and tax credit carryforwards		126.6		—		152.9		—
Valuation allowance		(14.1)		—		(45.7)		—
Adjusted gross deferred tax assets (liabilities)		175.6		(179.5)		146.6		(167.2)
Netting of items by tax jurisdiction		(121.8)		121.8		(111.4)		111.4
Net noncurrent deferred tax asset (liability)	$	53.8	$	(57.7)	$	35.2	$	(55.8)

Schedule of Changes in Uncertain Tax Positions

	Years ended December 31,
	2023		2024		2025
		(In millions)
Unrecognized tax benefits:
Amount at beginning of year	$	3.5	$	2.8	$	3.2
Tax positions taken in current period		.5		.5		.6
Lapse due to applicable statute of limitations		(1.2)		—		(.6)
Changes in currency exchange rates		—		(.1)		.3
Amount at end of year	$	2.8	$	3.2	$	3.5

Schedule of Net Tax Payments Made

	Years ended December 31,
	2023		2024		2025
	(In millions)
U.S. federal	$	21.0	$	25.2	$	27.2
State		.8		.4		.4
Non-U.S.
Norway		11.6		14.7		23.3
Germany		(5.5)		.2		(1.1)
Other		(.5)		1.3		2.3
	$	27.4	$	41.8	$	52.1