Income taxes

9 Months Ended

Sep. 30, 2023

Income taxes

Income taxes

Note 12 – Income taxes:

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2023		2022		2023
	(In thousands)
Expected tax expense (benefit), at U.S. federal statutory   income tax rate of 21%	$	(2,926)	$	(62)	$	9,550	$	(3,088)
Rate differences on equity in losses of Kronos,   net of dividends		(2,712)		(1,037)		(6,075)		(3,878)
U.S. state income taxes and other, net		62		134		89		122
Income tax expense (benefit)	$	(5,576)	$	(965)	$	3,564	$	(6,844)
Comprehensive provision (benefit) for income taxes allocable to:
Net income (loss)	$	(5,576)	$	(965)	$	3,564	$	(6,844)
Additional paid-in capital		—		—		125		18
Other comprehensive income (loss):
Currency translation		(1,657)		(92)		(3,560)		(906)
Pension plans		219		104		679		503
Other		(18)		6		(52)		(78)
Total	$	(7,032)	$	(947)	$	756	$	(7,307)

In accordance with GAAP, we recognize deferred income taxes on our undistributed equity in earnings (losses) 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 $20.1 million in each of the first nine months of 2022 and 2023. 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.