Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes [Abstract]

Income from Operations Before Provision for Taxes by Domestic and Foreign Source

Income from operations before provision for taxes by domestic and foreign source is as follows:

	Year Ended December 31,
(millions of dollars)	2022		2021		2020
Income from operations before income taxes and income from affiliates and joint ventures:
Domestic	$	39.3	$	66.0	$	21.4
Foreign		117.4		136.3		116.6
	$	156.7	$	202.3	$	138.0

Provision (Benefit) for Taxes on Income

The provision (benefit) for taxes on income consists of the following:

	Year Ended December 31,
(millions of dollars)	2022			2021			2020
Domestic
Taxes currently payable
Federal	$	16.3		$	(5.3	)	$	(7.1	)
State and local		3.3			0.4			0.2
Deferred income taxes		(16.0	)		7.8			2.2
Domestic tax provision (benefit)		3.6			2.9			(4.7	)
Foreign
Taxes currently payable		29.8			33.4			34.0
Deferred income taxes		(1.3	)		0.3			(4.9	)
Foreign tax provision		28.5			33.7			29.1
Total tax provision (benefit)	$	32.1		$	36.6		$	24.4

Reconciliation of Statutory to Effective Federal Tax Rate

The major elements contributing to the difference between the U.S. federal statutory tax rate and the consolidated effective tax rate are as follows:

	Year Ended December 31,
	2022			2021			2020
U.S. statutory rate		21.0	%		21.0	%		21.0	%
Depletion		(6.1	)%		(5.4	)%		(6.2	)%
Difference between tax provided on foreign earnings and the U.S. statutory rate		2.4	%		2.6	%		3.3	%
Global Intangible Low-Tax Income (GILTI)		2.3	%		0.7	%		0.4	%
Foreign Derived Intangible Income		—			(1.4	)%		(1.0	)%
State and local taxes, net of federal tax benefit		(0.4	)%		0.7	%		—
Tax credits and foreign dividends		(0.4	)%		(0.4	)%		(0.6	)%
Impact of uncertain tax positions		(1.3	)%		(1.1	)%		(0.2	)%
Impact of officer's non-deductible compensation		1.3	%		0.8	%		1.0	%
Other		1.7	%		0.6	%		—
Consolidated effective tax rate		20.5	%		18.1	%		17.7	%

Deferred Tax Assets and Liabilities

The Company believes that its accrued liabilities are sufficient to cover its U.S. and foreign tax contingencies. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:

	December 31,
(millions of dollars)	2022			2021
Deferred tax assets attributable to:
Accrued liabilities	$	28.6		$	29.7
Net operating loss carry forwards		35.5			31.8
Pension and post-retirement benefits costs		18.6			31.4
Other		29.7			22.4
Valuation allowance		(24.0	)		(22.3	)
Total deferred tax assets		88.4			93.0
Deferred tax liabilities attributable to:
Plant and equipment, principally due to differences in depreciation		167.0			178.8
Intangible assets		67.8			69.3
Other		9.6			10.0
Total deferred tax liabilities		244.4			258.1
Net deferred tax asset (liability)	$	(156.0	)	$	(165.1	)

Net deferred tax assets and net deferred tax liabilities are as follows:

	December 31,
(millions of dollars)	2022			2021
Net deferred tax asset, long-term	$	24.4		$	23.0
Net deferred tax liability, long-term		180.4			188.1
Net deferred tax liability, long-term	$	(156.0	)	$	(165.1	)

Unrecognized Tax Benefits

The following table summarizes the activity related to our unrecognized tax benefits:

(millions of dollars)	2022			2021
Balance at beginning of the year	$	5.1		$	7.6
Increases related to current year tax positions		0.4			0.6
Increases related to new judgments		—			0.2
Decreases related to audit settlements and statute expirations		(2.9	)		(3.3	)
Balance at the end of the year	$	2.6		$	5.1