Income taxes

6 Months Ended

Jun. 30, 2022

Income taxes

Income taxes

Note 12 – Income taxes:

	Three months ended				Six months ended
	June 30,				June 30,
	2021		2022		2021		2022
	(In millions)
Expected tax expense, at U.S. federal statutory   income tax rate of 21%	$	3.2	$	7.9	$	6.6	$	12.5
Rate differences on equity in earnings of Kronos,   net of dividends		(1.2)		(1.5)		(2.2)		(3.4)
U.S. state income taxes and other, net		(.1)		—		—		—
Income tax expense	$	1.9	$	6.4	$	4.4	$	9.1
Comprehensive provision for income taxes allocable to:
Net income	$	1.9	$	6.4	$	4.4	$	9.1
Additional paid-in capital		—		—		—		.1
Other comprehensive income:
Currency translation		.2		(2.3)		.3		(1.9)
Pension plans		.3		.3		.6		.5
Total	$	2.4	$	4.4	$	5.3	$	7.8

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 $12.7 million in the first six months of 2021 and $13.4 million in the first six months of 2022. The amounts shown in the above table of our income tax rate reconciliation for rate differences on equity in earnings of Kronos 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 of Kronos.