Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

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

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

	Year Ended December 31,
(millions of dollars)	2023			2022		2021
Income (loss) from operations before income taxes and income from affiliates and joint ventures:
Domestic	$	(38.9	)	$	39.3	$	66.0
Foreign		146.6			117.4		136.3
	$	107.7		$	156.7	$	202.3

Provision (Benefit) for Taxes on Income

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

	Year Ended December 31,
(millions of dollars)	2023			2022			2021
Domestic
Taxes currently payable
Federal	$	9.5		$	16.3		$	(5.3	)
State and local		6.7			3.3			0.4
Deferred income taxes		(31.5	)		(16.0	)		7.8
Domestic tax provision (benefit)		(15.3	)		3.6			2.9
Foreign
Taxes currently payable		42.2			29.8			33.4
Deferred income taxes		(3.2	)		(1.3	)		0.3
Foreign tax provision		39.0			28.5			33.7
Total tax provision	$	23.7		$	32.1		$	36.6

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,
	2023			2022			2021
U.S. statutory rate		21.0	%		21.0	%		21.0	%
Depletion		(10.3	)%		(6.1	)%		(5.4	)%
Difference between tax provided on foreign earnings and the U.S. statutory rate		7.7	%		2.4	%		2.6	%
Global Intangible Low-Tax Income (GILTI)		1.0	%		2.3	%		0.7	%
Foreign Derived Intangible Income		(2.5	)%		—			(1.4	)%
State and local taxes, net of federal tax benefit		(0.1	)%		(0.4	)%		0.7	%
Tax credits		(0.6	)%		(0.4	)%		(0.4	)%
Impact of uncertain tax positions		0.2	%		(1.3	)%		(1.1	)%
Impact of officer’s non-deductible compensation		1.9	%		1.3	%		0.8	%
Foreign Withholding Tax		2.0	%		1.2	%		1.1	%
Other		1.7	%		0.5	%		(0.5	)%
Consolidated effective tax rate		22.0	%		20.5	%		18.1	%

Deferred Tax Assets and Liabilities

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)	2023			2022
Deferred tax assets attributable to:
Accrued liabilities	$	26.8		$	28.6
Net operating loss carry forwards		32.8			35.5
Pension and post-retirement benefits costs		16.0			18.6
Other		38.1			29.7
Valuation allowance		(25.2	)		(24.0	)
Total deferred tax assets		88.5			88.4
Deferred tax liabilities attributable to:
Plant and equipment, principally due to differences in depreciation		146.0			167.0
Intangible assets		53.6			67.8
Other		12.2			9.6
Total deferred tax liabilities		211.8			244.4
Net deferred tax asset (liability)	$	(123.3	)	$	(156.0	)

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

	December 31,
(millions of dollars)	2023				2022
Net deferred tax asset, long-term		$	16.0			$	24.4
Net deferred tax liability, long-term			139.3				180.4
Net deferred tax liability, long-term		$	(123.3	)		$	(156.0	)

Unrecognized Tax Benefits

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

(millions of dollars)	2023			2022
Balance at beginning of the year	$	2.6		$	5.1
Increases related to current year tax positions		0.5			0.4
Decreases related to audit settlements and statute expirations		(0.3	)		(2.9	)
Balance at the end of the year	$	2.8		$	2.6