Income taxes

6 Months Ended

Jun. 30, 2024

Income taxes

Income taxes

Note 11 – Income taxes:

	Three months ended				Six months ended
	June 30,				June 30,
	2023		2024		2023		2024
	(In thousands)
Expected tax expense (benefit), at U.S. federal statutory   income tax rate of 21%	$	(2,077)	$	2,048	$	(3,026)	$	3,792
Rate differences on equity in earnings (losses) of Kronos,   net of dividends		(5,146)		(776)		(2,841)		(1,558)
U.S. state income taxes and other, net		(77)		30		(12)		56
Income tax expense (benefit)	$	(7,300)	$	1,302	$	(5,879)	$	2,290
Comprehensive provision (benefit) for income taxes   allocable to:
Net income (loss)	$	(7,300)	$	1,302	$	(5,879)	$	2,290
Additional paid-in capital		110		8		18		8
Other comprehensive income (loss):
Currency translation		(371)		124		(814)		(1,196)
Pension plans		295		101		399		202
Other		(50)		(11)		(84)		(19)
Total	$	(7,316)	$	1,524	$	(6,360)	$	1,285

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 $13.4 million in each of the first six month periods of 2023 and 2024. 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.