XML 60 R44.htm IDEA: XBRL DOCUMENT v3.22.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Components of income tax provision
Years ended December 31,
202120202019
Components of Income (Loss) Before Taxes($ in millions)
Domestic$977.3 $(1,025.2)$(1.3)
Foreign561.4 5.2 (35.6)
Income (loss) before taxes$1,538.7 $(1,020.0)$(36.9)
Components of Income Tax Provision (Benefit)
Current provision (benefit):
Federal$139.6 $(42.9)$9.3 
State24.5 0.5 3.2 
Foreign131.3 12.5 7.6 
295.4 (29.9)20.1 
Deferred provision (benefit):
Federal39.1 (36.0)(32.4)
State6.2 (13.2)(9.3)
Foreign(98.7)29.0 (4.0)
(53.4)(20.2)(45.7)
Income tax provision (benefit) $242.0 $(50.1)$(25.6)
Effective tax rate reconciliation
The following table accounts for the difference between the actual tax provision and the amounts obtained by applying the statutory U.S. federal income tax rate to the income (loss) before taxes.
Years ended December 31,
Effective Tax Rate Reconciliation (Percent)202120202019
Statutory federal tax rate21.0 %21.0 %21.0 %
State income taxes, net1.9 1.1 (5.4)
Foreign rate differential2.9 (0.2)19.4 
U.S. tax on foreign earnings0.3 (1.8)— 
Salt depletion(0.6)1.0 29.0 
Change in valuation allowance(10.4)(3.5)(64.9)
Remeasurement of U.S. state deferred taxes0.1 (0.1)16.1 
Change in tax contingencies1.5 0.2 35.4 
Share-based payments(0.7)— 0.7 
Dividends paid to Contributing Employee Ownership Plan— — 1.1 
Return to provision(0.5)0.3 15.0 
U.S. federal tax credits— 0.2 6.4 
Goodwill impairment charge— (13.3)— 
Other, net0.2 — (4.4)
Effective tax rate15.7 %4.9 %69.4 %
Components of deferred tax assets and liabilities
December 31,
Components of Deferred Tax Assets and Liabilities20212020
Deferred tax assets:($ in millions)
Pension and postretirement benefits$92.4 $181.9 
Environmental reserves36.4 36.3 
Asset retirement obligations14.7 16.4 
Accrued liabilities49.4 54.1 
Lease liabilities89.7 87.4 
Tax credits40.8 49.8 
Net operating losses22.6 141.0 
Capital loss carryforward0.5 0.9 
Interest deduction limitation— 7.0 
Total deferred tax assets346.5 574.8 
Valuation allowance(70.1)(239.6)
Net deferred tax assets276.4 335.2 
Deferred tax liabilities:
Property, plant and equipment496.7 530.4 
Right-of-use lease assets88.2 86.2 
Intangible amortization41.2 40.0 
Inventory and prepaids7.9 17.4 
Partnerships87.0 80.9 
Taxes on unremitted earnings8.7 6.1 
Other miscellaneous items6.3 6.2 
Total deferred tax liabilities736.0 767.2 
Net deferred tax liability$(459.6)$(432.0)
Summary of Valuation Allowance
The activity of our deferred income tax valuation allowance was as follows:
December 31,
20212020
($ in millions)
Beginning balance$239.6 $182.1 
Increases to valuation allowances3.2 54.6 
Decreases to valuation allowances(169.6)(2.2)
Foreign currency translation adjustments(3.1)5.1 
Ending balance$70.1 $239.6 
Unrecognized tax benefits The amounts of unrecognized tax benefits were as follows:
December 31,
20212020
($ in millions)
Beginning balance$21.3 $22.8 
Increase for current year tax positions5.8 1.7 
Increase for prior year tax positions24.4 0.2 
Decrease for prior year tax positions(4.1)(3.5)
Reduction due to lapse in statute of limitations(3.0)— 
Foreign currency translation adjustments(1.0)0.1 
Ending balance$43.4 $21.3 
Tax years subject to examination For our primary tax jurisdictions, the tax years that remain subject to examination are as follows:
Tax Years
U.S. federal income tax2018 - 2020
U.S. state income tax2012 - 2020
Canadian federal income tax2013 - 2020
Brazil2015 - 2020
Germany2015 - 2020
China2014 - 2020
The Netherlands2015 - 2020