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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