Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

The provision for income taxes and the difference between such provision for income taxes and the amount that would be expected using the U.S. federal statutory income tax rate are presented below.

	Years ended December 31,
	2017			2018			2019
	(In millions)
Expected tax expense (benefit), at U.S. federal statutory income tax rate of 35% in 2017 and 21% in 2018 and 2019	$	39.3		$	(11.4	)	$	6.0
Rate differences on equity in earnings of Kronos		(7.4	)		(5.0	)		(5.3	)
Change in federal tax rate, net		(37.5	)		.8			-
U.S. state income taxes and other, net		-			.2			(.1	)
Income tax expense (benefit)	$	(5.6	)	$	(15.4	)	$	.6

Components of income tax expense (benefit):
Currently payable (receivable):	$	(.1	)	$	(.2	)	$	.2
Deferred income tax expense (benefit)		(5.5	)		(15.2	)		.4
Income tax expense (benefit)	$	(5.6	)	$	(15.4	)	$	.6

Comprehensive provision for income taxes (benefit) allocable to:
Income (loss) from continuing operations	$	(5.6	)	$	(15.4	)	$	.6
Additional paid-in capital		-			-			(.2	)
Other comprehensive income (loss):
Currency translation		6.1			(2.1	)		(.1	)
Pension plans		1.9			(.6	)		(.8	)
OPEB plans		(.1	)		-			-
Marketable securities		14.3			-			-
Interest rate swap		.2			-			-
Total	$	16.8		$	(18.1	)	$	(.5	)

Components of Net Deferred Tax Liability

The components of the net deferred tax liability at December 31, 2018 and 2019 are summarized in the following table.

	December 31,
	2018						2019
	Assets			Liabilities			Assets			Liabilities
	(In millions)
Tax effect of temporary differences related to:
Inventories	$	.4		$	-		$	.4		$	-
Marketable securities		-			(5.6	)		-			(5.4	)
Property and equipment		-			(2.6	)		-			(2.8	)
Accrued OPEB costs		.4			-			.3			-
Accrued pension costs		1.7			-			.7			-
Accrued employee benefits		1.1			-			1.2			-
Accrued environmental liabilities		33.6			-			31.7			-
Goodwill		-			(1.7	)		-			(1.7	)
Other accrued liabilities and deductible differences		.3			-			.2			-
Tax loss and credit carryforwards		1.2			-			-			-
Other taxable differences		-			(2.4	)		-			(2.3	)
Investment in Kronos Worldwide, Inc.		-			(57.8	)		-			(56.3	)
Adjusted gross deferred tax assets (liabilities)		38.7			(70.1	)		34.5			(68.5	)
Netting of items by tax jurisdiction		(38.7	)		38.7			(34.5	)		34.5
Net noncurrent deferred tax asset (liability)	$	-		$	(31.4	)	$	-		$	(34.0	)

Schedule of Changes in Amount of Uncertain Tax Positions

The following table shows the changes in the amount of our uncertain tax positions (exclusive of the effect of interest and penalties) during 2017, 2018 and 2019:

	December 31,
	2017			2018		2019
	(In millions)
Unrecognized liabilities:
Balance at the beginning of the period	$	12.2		$	7.3	$	7.3
Change in federal tax rate		(4.9	)		-		-

Balance at the end of the period	$	7.3		$	7.3	$	7.3