Income taxes (Tables)

12 Months Ended

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