XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Income Taxes | 6 Months Ended
--- | ---
Jun. 30, 2016
Income Tax Disclosure [Abstract] |
Income Taxes | Note 13—Income taxes:
| Three months ended June 30, |  |  | Six months ended June 30, |
| 2015 |  |  | 2016 |  |  | 2015 |  |  | 2016 |
| (In millions) |
Expected tax benefit, at U.S. federal statutory income tax rate of 35% | $ | (10.1 | ) |  | $ | (2.6 | ) |  | $ | (2.5 | ) |  | $ | (13.3 | )
Incremental net tax (benefit) on earnings and losses of non-U.S. and non-tax group companies |  | (28.6 | ) |  |  | .3 |  |  |  | (28.1 | ) |  |  | 2.7 |
Non-U.S. tax rates |  | .5 |  |  |  | (.6 | ) |  |  | (.6 | ) |  |  | (.4 | )
Valuation allowance |  | 150.3 |  |  |  | 2.9 |  |  |  | 150.3 |  |  |  | 2.9 |
Adjustment to the reserve for uncertain tax positions, net |  | (.2 | ) |  |  | .4 |  |  |  | (2.9 | ) |  |  | .6 |
Nondeductible expenses |  | (.6 | ) |  |  | .5 |  |  |  | (.1 | ) |  |  | .6 |
Domestic production activities deduction |  | (.2 | ) |  |  | (.5 | ) |  |  | (1.0 | ) |  |  | (.8 | )
U.S. state income taxes and other, net |  | (.5 | ) |  |  | (.2 | ) |  |  | (.2 | ) |  |  | (.7 | )
Income tax expense | $ | 110.6 |  |  | $ | .2 |  |  | $ | 114.9 |  |  | $ | (8.4 | )
Comprehensive provision for income taxes (benefit) allocable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income tax expense | $ | 110.6 |  |  | $ | .2 |  |  | $ | 114.9 |  |  | $ | (8.4 | )
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  | (.5 | ) |  |  | .4 |  |  |  | (.7 | ) |  |  | .2 |
Currency translation |  | 8.1 |  |  |  | (1.0 | ) |  |  | (8.1 | ) |  |  | 1.8 |
Interest rate swap |  | — |  |  |  | (.6 | ) |  |  | — |  |  |  | (2.7 | )
Pension plans |  | .2 |  |  |  | .9 |  |  |  | 1.5 |  |  |  | 1.7 |
OPEB plans |  | (.2 | ) |  |  | (.2 | ) |  |  | (.4 | ) |  |  | (.4 | )
Total | $ | 118.2 |  |  | $ | (.3 | ) |  | $ | 107.2 |  |  | $ | (7.8 | )
The amount shown in the above table of our income tax rate reconciliation for non-U.S. tax rates represents the result determined by multiplying the pre-tax earnings or losses of each of our non-U.S. subsidiaries by the difference between the applicable statutory income tax rate for each non-U.S. jurisdiction and the U.S. federal statutory tax rate of 35%. The amount shown on such table for incremental net tax expense on earnings and losses on non-U.S. and U.S. subsidiaries includes, as applicable, (i) current income taxes (including withholding taxes, if applicable), if any, associated with any current-year earnings of our Chemicals Segment’s non-U.S. subsidiaries to the extent such current-year earnings were distributed to us in the current year, (ii) deferred income taxes (or deferred income tax benefit) associated with the current-year change in the aggregate amount of undistributed earnings of our Chemicals Segment’s Canadian subsidiary, which earnings are not subject to a permanent reinvestment plan, in an amount representing the current-year change in the aggregate current income tax that would be generated (including withholding taxes, if applicable) when such aggregate undistributed earnings are distributed to us, (iii) current U.S. income taxes (or current income tax benefit), including U.S. personal holding company tax, as applicable, attributable to current-year income (losses) of one of Kronos’ non-U.S. subsidiaries, which subsidiary is treated as a dual resident for U.S. income tax purposes, to the extent the current-year income (losses) of such subsidiary is subject to U.S. income tax under the U.S. dual-resident provisions of the Internal Revenue Code, (iv) deferred income taxes associated with our direct investment in Kronos (beginning in the second quarter of 2015) and (v) current and deferred income taxes associated with distributions and earnings from our investment in LandWell and BMI. Tax authorities are examining certain of our U.S. and non-U.S. tax returns and have or may propose tax deficiencies, including penalties and interest. Because of the inherent uncertainties involved in settlement initiatives and court and tax proceedings, we cannot guarantee that these matters will be resolved in our favor, and therefore our potential exposure, if any, is also uncertain. We believe we have adequate accruals for additional taxes and related interest expense which could ultimately result from tax examinations. We believe the ultimate disposition of tax examinations should not have a material adverse effect on our consolidated financial position, results of operations or liquidity. In the first six months of 2015, primarily in the first quarter, we recognized a non-cash income tax benefit of $2.9 million primarily related to the release of a portion of our reserve for uncertain tax positions due to the expiration of the applicable statute of limitations. We currently estimate that our unrecognized tax benefits may decrease by approximately $16.0 million during the next twelve months primarily due to the expiration of certain statutes of limitations and certain adjustments to our prior year returns.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration