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Income taxes | 9 Months Ended
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Sep. 30, 2025
Income taxes |
Income taxes | Note 13 – Income taxes: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2024 |  | 2025 |  | 2024 |  | 2025
​ | ​ | (In millions)
Expected tax expense (benefit) at U.S. federal statutory income tax rate of 21% |  | $ | 25.2 | ​ | $ | (1.6) | ​ | $ | 36.9 | ​ | $ | 8.1
Non-U.S. tax rates | ​ |  | .5 | ​ |  | (.5) | ​ |  | .4 | ​ |  | (.3)
Incremental net tax expense (benefit) on earnings and losses of U.S. and non-U.S. tax group companies and other affiliates | ​ |  | 4.5 | ​ |  | (20.8) | ​ |  | .2 | ​ |  | (23.3)
Global intangible low-taxed income, net | ​ |  | 1.5 | ​ |  | (1.9) | ​ |  | 2.9 | ​ |  | .6
Valuation allowance, net | ​ | ​ | 1.3 | ​ | ​ | 17.7 | ​ | ​ | 3.8 | ​ | ​ | 23.2
Nondeductible expenses | ​ | ​ | .5 | ​ | ​ | 5.1 | ​ | ​ | 1.1 | ​ | ​ | 6.4
Impact of tax rate change | ​ | ​ | — | ​ | ​ | 19.3 | ​ | ​ | — | ​ | ​ | 19.3
U.S. state income tax expense (benefit), net | ​ | ​ | 1.1 | ​ | ​ | (2.5) | ​ | ​ | 1.4 | ​ | ​ | (2.7)
Other, net | ​ | ​ | (.3) | ​ | ​ | (.5) | ​ | ​ | (.1) | ​ | ​ | (1.0)
Income tax expense | ​ | $ | 34.3 | ​ | $ | 14.3 | ​ | $ | 46.6 | ​ | $ | 30.3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive provision for income taxes allocable to: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Net income (loss) | ​ | $ | 34.3 | ​ | $ | 14.3 | ​ | $ | 46.6 | ​ | $ | 30.3
Other comprehensive income (loss): | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Currency translation | ​ |  | .7 | ​ |  | — | ​ |  | (1.4) | ​ |  | 3.6
Pension plans | ​ |  | .2 | ​ |  | .2 | ​ |  | .8 | ​ |  | .6
Other | ​ |  | .2 | ​ |  | — | ​ |  | — | ​ |  | —
Total | ​ | $ | 35.4 | ​ | $ | 14.5 | ​ | $ | 46.0 | ​ | $ | 34.5
​ The amount shown in the preceding 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. The amount shown on such table for incremental net tax expense (benefit) on earnings and losses on non-U.S. and non-tax group companies includes, as applicable, (i) deferred income taxes (or deferred income tax benefits) associated with the current year earnings (losses) of all our Chemicals Segment’s non-U.S. subsidiaries, (ii) 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 our Chemicals Segment’s 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, (iii) deferred income taxes associated with our direct investment in Kronos and (iv) current and deferred income taxes associated with distributions and earnings from our investments in LandWell and BMI. Tax authorities are examining certain of our U.S. and non-U.S. income tax returns and may propose tax deficiencies, including penalties and interest. 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. Excluding any potential adjustments resulting from on-going examinations by tax authorities, we currently estimate that our unrecognized tax benefits will not change materially during the next twelve months. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the United States. The OBBBA, among other provisions, provides for bonus depreciation of qualified property, permanently modifies the interest expense deduction to use an adjusted taxable income based on a calculation similar to EBITDA and other computational changes, and makes changes to the international tax framework. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The OBBBA did not have a material impact on our 2025 consolidated financial statements, and we are in the process of evaluating the impact to future years as additional provisions take effect. On July 18, 2025, Germany enacted legislation which includes, among other provisions, an additional depreciation allowance for certain fixed assets, improvements to the research and development tax allowance and, starting in 2028, a reduction of the 15% corporate tax rate by one percentage point in each of five years until the tax rate reaches 10% in 2032. We recorded a non-cash deferred income tax expense of $19.3 million in the third quarter to reduce our net German deferred tax asset as a result of the reduction of the German corporate tax rate.

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