XML 54 R39.htm IDEA: XBRL DOCUMENT v3.20.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Component of Income Taxes

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,
	2018				2019				2020
	(In millions)
Expected tax expense (benefit), at U.S. federal statutory    income tax rate of 21%	$	(11.4	)		$	6.0			$	2.9
Rate differences on equity in earnings of Kronos, net of dividends		(5.0	)			(5.3	)			(5.3	)
Change in federal tax rate, net		.8				-				-
U.S. state income taxes and other, net		.2				(.1	)			(.1	)
Income tax expense (benefit)	$	(15.4	)		$	.6			$	(2.5	)
Components of income tax expense (benefit):
Currently payable (receivable)	$	(.2	)		$	.2			$	-
Deferred income tax expense (benefit)		(15.2	)			.4				(2.5	)
Income tax expense (benefit)	$	(15.4	)		$	.6			$	(2.5	)
Comprehensive provision for income taxes (benefit) allocable to:
Income (loss) from continuing operations	$	(15.4	)		$	.6			$	(2.5	)
Additional paid-in capital		-				(.2	)			(.1	)
Other comprehensive income (loss):
Currency translation		(2.1	)			(.1	)			.9
Pension plans		(.6	)			(.8	)			(.7	)
OPEB plans		-				-				(.1	)
Total	$	(18.1	)		$	(.5	)		$	(2.5	)

Components of Net Deferred Tax Liability

The components of the net deferred tax liability at December 31, 2019 and 2020 are summarized in the following table.  

	December 31,
	2019								2020
	Assets				Liabilities				Assets				Liabilities
	(In millions)
Tax effect of temporary differences related to:
Inventories	$	.4			$	-			$	.4			$	-
Marketable securities		-				(5.4	)			-				(3.6	)
Property and equipment		-				(2.8	)			-				(2.6	)
Accrued OPEB costs		.3				-				.3				-
Accrued pension costs		.7				-				.5				-
Accrued employee benefits		1.2				-				1.1				-
Accrued environmental liabilities		31.7				-				29.1				-
Goodwill		-				(1.7	)			-				(1.7	)
Other accrued liabilities and deductible differences		.2				-				-				-
Other taxable differences		-				(2.3	)			-				(2.3	)
Investment in Kronos Worldwide, Inc.		-				(56.3	)			-				(55.0	)
Adjusted gross deferred tax assets (liabilities)		34.5				(68.5	)			31.4				(65.2	)
Netting of items by tax jurisdiction		(34.5	)			34.5				(31.4	)			31.4
Net noncurrent deferred tax liability	$	-			$	(34.0	)		$	-			$	(33.8	)

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

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration