Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

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,
(in millions of dollars)		2025			2024		2023
Income (loss) from operations before income taxes and income from affiliates
and joint ventures:
Domestic	$	(172.4	)	$	40.7	$	(38.9	)
Foreign		158.4			182.9		146.6
	$	(14.0	)	$	223.6	$	107.7

Provision (Benefit) for Taxes on Income

Upon adoption of ASU 2023-09, "Improvements to Income Tax Disclosures" (see Note 1), the provision (benefit) for taxes on income consists of the following:

		Year Ended
		December 31,
(in millions of dollars)		2025
Current Tax Expense (Benefit)
U.S. Federal	$	5.8
U.S. State and local		3.6
Foreign		41.3
Total current tax expense (benefit)		50.7
Deferred Tax Expense (Benefit)
U.S. Federal		(32.9	)
U.S. State and local		(8.7	)
Foreign		(4.2	)
Total deferred tax expense (benefit)		(45.8	)
Total Income Tax Expense (Benefit)
U.S. Federal		(27.1	)
U.S. State and local		(5.1	)
Foreign		37.1
Total income tax expense (benefit)	$	4.9

The provision (benefit) for taxes on income prior to adoption of ASU 2023-09 consists of the following:

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

Reconciliation of Statutory to Effective Federal Tax Rate

             Upon adoption of ASU 2023-09, "Improvements to Income Tax Disclosures" (see Note 1), the reconciliation of taxes at the U.S. federal statutory tax rate to our provision for taxes for the year ended December 31, 2025, is as follows:

	Year Ended December 31,
		2025
			Amount (in millions)		Effective Tax Rate %
Net income (loss) before tax and equity in earnings		$	(14.0	)
U.S. federal statutory tax rate			(2.9	)	21.0	%
State and local income taxes, net of federal income tax effect			(3.0	)	21.8	%
Foreign tax effects
Brazil
Effects of rates different than statutory			2.2		(16.1	)%
Other adjustments			(0.1	)	0.6	%
China			2.7		(19.5	)%
Other foreign jurisdictions			0.8		(5.9	)%
Effect of cross-border tax laws
Global Intangible Low-Tax Income (GILTI)			3.6		(25.4	)%
Foreign Derived Intangible Income (FDII)			(0.8	)	5.5	%
Other adjustments			0.3		(2.5	)%
Tax credits			(0.1	)	0.7	%
Nontaxable or nondeductible items
Debtor-In-Possession Credit Agreement			10.5		(75.2	)%
Depletion			(8.4	)	60.1	%
Section 162(m)			1.5		(10.7	)%
Previously taxed income - Foreign exchange loss			(3.0	)	21.3	%
Other permanent differences			1.6		(11.1	)%
Changes in unrecognized tax benefits			(0.1	)	1.0	%
Other adjustments			0.1		(0.6	)%
Consolidated effective tax rate		$	4.9		(35.0	)%

The major elements contributing to the difference between the U.S. federal statutory tax rate and the consolidated effective tax rate for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to adoption of ASU 2023-09 are as follows:

	Year Ended December 31,
		2024		2023
U.S. statutory rate		21.0	%	21.0	%
Depletion		(4.4	)%	(10.3	)%
Difference between tax provided on foreign earnings and the U.S. statutory rate		4.7	%	7.7	%
GILTI		0.1	%	1.0	%
FDII		(1.0	)%	(2.5	)%
State and local taxes, net of federal tax benefit		1.4	%	(0.1	)%
Tax credits		(0.7	)%	(0.6	)%
Bankruptcy Funding		3.1	%	0.0	%
Impact of uncertain tax positions		(0.3	)%	0.2	%
Impact of officer's non-deductible compensation		1.1	%	1.9	%
Foreign Withholding tax		0.8	%	2.0	%
Other		0.8	%	1.7	%
Consolidated effective tax rate		26.6	%	22.0	%

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,
(in millions of dollars)		2025			2024
Deferred tax assets attributable to:
Accrued liabilities	$	62.3		$	31.4
Net operating loss carry forwards		17.6			23.2
Pension and postretirement benefits costs		-			2.9
Interest		17.0			16.2
Research and development capitalization		12.6			11.0
Valuation allowance		(15.1	)		(20.6	)
Other		10.8			13.3
Total deferred tax assets		105.2			77.4
Deferred tax liabilities attributable to:
Plant and equipment, principally due to differences in depreciation		124.8			138.0
Intangible assets		45.9			49.5
Pension and postretirement benefits costs		1.6			-
Other		8.4			5.6
Total deferred tax liabilities		180.7			193.1
Net deferred tax liability	$	(75.5	)	$	(115.7	)

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

	December 31,
(in millions of dollars)		2025			2024
Net deferred tax asset, long-term	$	15.2		$	14.8
Net deferred tax liability, long-term		90.7			130.5
Net deferred tax liability, long-term	$	(75.5	)	$	(115.7	)

Unrecognized Tax Benefits

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

	December 31,
(in millions of dollars)		2025			2024
Balance at beginning of the year	$	1.9		$	2.8
Increases related to current year positions		0.5			0.5
Decreases related to audit settlements and statute expirations		(0.6	)		(1.4	)
Balance at the end of the year	$	1.8		$	1.9

Cash Paid for Income Taxes, Net of Refunds

Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures (see Note 1), cash paid for income taxes, net of refunds during the year ended December 31, 2025, were as follows:

	December 31,
(in millions of dollars)			2025
U.S. - Federal		$	18.0
U.S. - State			3.2
Foreign
Brazil			6.7
Canada			3.9
China			12.3
Turkey			8.6
All other countries			16.1
Total income taxes paid, net		$	68.8