Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Income (Loss) 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)	2024		2023			2022
Income (loss) from operations before income taxes and income from affiliates and joint ventures:
Domestic	$	40.7	$	(38.9	)	$	39.3
Foreign		182.9		146.6			117.4
	$	223.6	$	107.7		$	156.7

Provision (Benefit) for Taxes on Income

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

	Year Ended December 31,
(millions of dollars)	2024			2023			2022
Domestic
Taxes currently payable
Federal	$	20.0		$	9.5		$	16.3
State and local		2.8			6.7			3.3
Deferred income taxes		(12.3	)		(31.5	)		(16.0	)
Domestic tax provision (benefit)		10.5			(15.3	)		3.6
Foreign
Taxes currently payable		44.2			42.2			29.8
Deferred income taxes		4.7			(3.2	)		(1.3	)
Foreign tax provision		48.9			39.0			28.5
Total tax provision	$	59.4		$	23.7		$	32.1

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,
	2024			2023			2022
U.S. statutory rate		21.0	%		21.0	%		21.0	%
Depletion		(4.4	)%		(10.3	)%		(6.1	)%
Difference between tax provided on foreign earnings and the U.S. statutory rate		4.7	%		7.7	%		2.4	%
Global Intangible Low-Tax Income (GILTI)		0.1	%		1.0	%		2.3	%
Foreign Derived Intangible Income		(1.0	)%		(2.5	)%		—
State and local taxes, net of federal tax benefit		1.4	%		(0.1	)%		(0.4	)%
Tax credits		(0.7	)%		(0.6	)%		(0.4	)%
Bankruptcy Funding		3.1	%		—			—
Impact of uncertain tax positions		(0.3	)%		0.2	%		(1.3	)%
Impact of officer’s non-deductible compensation		1.1	%		1.9	%		1.3	%
Foreign Withholding Tax		0.8	%		2.0	%		1.2	%
Other		0.8	%		1.7	%		0.5	%
Consolidated effective tax rate		26.6	%		22.0	%		20.5	%

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)	2024			2023
Deferred tax assets attributable to:
Accrued liabilities	$	31.4		$	26.8
Net operating loss carry forwards		23.2			32.8
Pension and post-retirement benefits costs		2.9			16.0
Interest		16.2			9.1
Research and development capitalization		11.0			7.7
Valuation allowance		(20.6	)		(25.2	)
Other		13.3			21.3
Total deferred tax assets		77.4			88.5
Deferred tax liabilities attributable to:
Plant and equipment, principally due to differences in depreciation		138.0			146.0
Intangible assets		49.5			53.6
Other		5.6			12.2
Total deferred tax liabilities		193.1			211.8
Net deferred tax liability	$	(115.7	)	$	(123.3	)

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

	December 31,
(millions of dollars)	2024				2023
Net deferred tax asset, long-term		$	14.8			$	16.0
Net deferred tax liability, long-term			130.5				139.3
Net deferred tax liability, long-term		$	(115.7	)		$	(123.3	)

Unrecognized Tax Benefits

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

(millions of dollars)	2024			2023
Balance at beginning of the year	$	2.8		$	2.6
Increases related to current year tax positions		0.5			0.5
Decreases related to audit settlements and statute expirations		(1.4	)		(0.3	)
Balance at the end of the year	$	1.9		$	2.8