Income taxes

3 Months Ended

Mar. 31, 2026

Income taxes

Income taxes

Note 12 – Income taxes:

	Three months ended
	March 31,
	2025		2026
	(In thousands)
Expected tax expense, at U.S. federal statutory income tax rate of 21%	$	273	$	1,379
Rate differences on equity in earnings (losses) of Kronos, net of dividends		(319)		(25)
U.S. state income taxes and other, net		23		118
Income tax expense (benefit)	$	(23)	$	1,472
Comprehensive provision for income taxes allocable to:
Net income	$	(23)	$	1,472
Other comprehensive income (loss):
Currency translation		1,112		270
Defined benefit pension plans		85		23
Other		(9)		—
Comprehensive income tax expense	$	1,165	$	1,765

In accordance with GAAP, we recognize deferred income taxes on our undistributed equity in earnings of Kronos. Because we and Kronos are part of the same U.S. federal income tax group, any dividends we receive from Kronos are nontaxable to us. Accordingly, we do not recognize and we are not required to pay income taxes on dividends from Kronos. We received aggregate dividends from Kronos of $1.8 million in each of the first three months of 2025 and 2026, respectively. The amounts shown in the above table of our income tax rate reconciliation for rate differences on equity in earnings (losses) of Kronos, net of dividends, represent the income tax benefit associated with the nontaxable dividends we received from Kronos compared to the amount of deferred income taxes we recognized on our equity in earnings (losses) of Kronos.

On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the United States. It did not have a material impact on our consolidated financial statements.