Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Earnings (Loss) From Continuing Operations Before Taxes Per Jurisdiction

Earnings (loss) before taxes and equity in net earnings (loss) of affiliate for the years 2023, 2022 and 2021 were taxed under the following jurisdictions (in millions of dollars):

	2023		2022		2021
Domestic	$	29.9	$	(39.4)	$	27.5
Foreign	(5.0)		(31.8)		158.3
Total	$	24.9	$	(71.2)	$	185.8

Provision for Income Taxes From Continuing Operations

The provision for income taxes was as follows (in millions of dollars):

	2023		2022		2021
Current tax expense:
U.S. federal	$	1.0	$	1.3	$	1.0
U.S. state and local	2.5		1.4		2.1
Foreign	9.9		61.5		10.4
Total current	13.4		64.2		13.5
Deferred tax (benefit) expense:
U.S. federal	(36.8)		(2.5)		(11.9)
U.S. state and local	(3.6)		0.7		(0.7)
Foreign	15.5		(70.3)		34.2
Total deferred	(24.9)		(72.1)		21.6
Total provision	$	(11.5)	$	(7.9)	$	35.1

Deferred Taxes

The deferred tax assets and liabilities are comprised of the following (in millions of dollars):

	2023		2022
Fixed assets and right-of-use assets	$	(19.0)	$	(21.8)
Intangible assets and goodwill	19.0		20.7
Employee compensation and benefit plans	71.5		62.0
Outside basis difference on held for sale assets	34.7		—
Operating lease liabilities	18.3		19.3
Loss carryforwards	36.7		33.4
Credit carryforwards	208.7		200.7
Other, net	15.4		18.9
Valuation allowance	(60.5)		(34.0)
Net deferred tax assets	$	324.8	$	299.2

Net Tax Effect of State and Foreign Loss Carryforwards

The net tax effect of federal, state and foreign loss carryforwards at year-end 2023 totaled $36.7 million, which expire as follows (in millions of dollars):

Year	Amount
2024 - 2029	4.9
2030 - 2039	1.1
2040 - 2049	0.1
No expiration	30.6
Total	36.7

Differences Between Income Taxes From Continuing Operations and U.S. Statutory Rate

The differences between income taxes from continuing operations for financial reporting purposes and the U.S. statutory rate of 21% in 2023, 2022, and 2021 are as follows (in millions of dollars):

	2023		2022		2021
Income tax based on statutory rate	$	5.2	$	(14.9)	$	39.0
State income taxes, net of federal benefit	(0.9)		1.6		1.1
Foreign tax rate differential	4.6		1.6		12.2
General business credits	(8.5)		(10.7)		(9.7)
Life insurance cash surrender value	(6.5)		7.8		(5.2)
Foreign items	3.0		0.1		1.5
Foreign-derived intangible income deduction	(2.3)		(2.3)		(0.6)
Sale of foreign subsidiaries	—		3.9		—
Foreign business taxes	1.1		1.8		2.1
Tax law change	—		—		(5.2)
Change in deferred tax realizability	4.4		—		(0.7)
Non-deductible expenses	0.7		—		0.1
Uncertain tax positions	(0.3)		0.1		0.2
Stock compensation	0.7		0.6		(0.4)
Outside basis difference on held for sale assets	(13.1)		—		—
Non-deductible goodwill impairment	—		2.7		—
Other	0.4		(0.2)		0.7
Total	$	(11.5)	$	(7.9)	$	35.1

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions of dollars):

	2023		2022		2021
Balance at beginning of the year	$	0.5	$	0.6	$	0.5
Additions for prior years’ tax positions	0.3		—		0.2
Reductions for prior years’ tax positions	—		—		—
Additions for settlements	—		—		—
Reductions for settlements	—		—		—
Reductions for expiration of statutes	(0.2)		(0.1)		(0.1)
Balance at end of the year	$	0.6	$	0.5	$	0.6