Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Component of Income Taxes

The provision for income taxes attributable to continuing operations, the difference between such provision for income taxes, the amount that would be expected using the U.S. federal statutory income tax rate of 35% and the comprehensive provision for income taxes are presented below.

	Years ended December 31,
	2011			2012			2013
	(In millions)
Expected tax expense (benefit), at U.S. federal statutory income tax rate of 35%	$	34.4		$	27.0		$	(33.8	)
Incremental U.S. tax and rate differences on equity in earnings		(13.3	)		(7.4	)		(7.4	)
Tax rate changes		(1.4	)		-			-
Nondeductible goodwill impairment		-			2.2			-
U.S. state income taxes other, net		.1			(1.9	)		(.7	)
Income tax expense (benefit)	$	19.8		$	19.9		$	(41.9	)

Component of Income Taxes Expenses

	Years ended December 31,
	2011		2012			2013
	(In millions)
Components of income tax expense (benefit):
Currently payable (receivable)	$	.9	$	(15.0	)	$	-
Deferred income taxes (benefit)		18.9		34.9			(41.9	)
Income tax expense (benefit)	$	19.8	$	19.9		$	(41.9	)

Components of Comprehensive Provision for Income Taxes Allocation

	Years ended December 31,
	2011			2012			2013
	(In millions)
Comprehensive provision for income taxes (benefit) allocable to:
Income (loss) from continuing operations	$	19.8		$	19.9		$	(41.9	)
Discontinued operations		4.9			9.1			-
Other comprehensive income (loss):
Marketable securities		63.8			(43.6	)		26.2
Currency translation		(3.1	)		3.0			.7
Pension liabilities		(4.3	)		(3.7	)		5.3
OPEB plans		(.1	)		(.2	)		.2
Total	$	81.0		$	(15.5	)	$	(9.5	)

Components of Net Deferred Tax Liability

The components of the net deferred tax liability at December 31, 2012 and 2013 are summarized in the following table.  

	December 31,
	2012						2013
	Assets			Liabilities			Assets			Liabilities
	(In millions)
Tax effect of temporary differences related to:
Inventories	$	1.0		$	-		$	.9		$	-
Marketable securities		-			(62.5	)		-			(88.1	)
Property and equipment		-			(3.8	)		-			(4.1	)
Accrued OPEB costs		1.6			-			1.3			-
Accrued pension cost		4.9			-			1.7			-
Accrued environmental liabilities		16.9			-			40.1			-
Other accrued liabilities and deductible differences		3.0			-			2.5			-
Other taxable differences		-			(8.7	)		-			(7.7	)
Investment in Kronos Worldwide, Inc.		-			(120.0	)		-			(106.5	)
Tax loss and tax credit carryforwards		.1			-			1.8			-
Valuation allowance		(.1	)		-			-			-
Adjusted gross deferred tax assets(liabilities)		27.4			(195.0	)		48.3			(206.4	)
Netting of items by tax jurisdiction		(23.1	)		23.1			(44.5	)		44.5
		4.3			(171.9	)		3.8			(161.9	)
Less net current deferred tax asset		4.3			-			3.8			-
Net noncurrent deferred tax liability	$	-		$	(171.9	)	$	-		$	(161.9	)