Income Taxes

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

Note 12 - Income taxes:

	Three months ended
	March 31,
	2014			2015
	(In millions)
Expected tax expense, at U.S. federal statutory income tax rate of 35%	$	1.8		$	3.1
Incremental U.S. tax and rate differences on equity in earnings		(1.0	)		(1.5	)
Adjustment to the reserve for uncertain tax positions, net		-			(3.0	)
Nontaxable income		(.3	)		(.1	)
U.S. state income taxes and other, net		.5			.1
Total	$	1.0		$	(1.4	)

	Three months ended
	March 31,
	2014			2015
	(In millions)
Comprehensive provision (benefit) for income taxes allocable to:
Net income (loss)	$	1.0		$	(1.4	)
Other comprehensive income (loss):
Marketable securities		(45.2	)		(1.0	)
Currency translation		(.3	)		(7.0	)
Pension plans		.3			.4
OPEB plans		(.1	)		(.1	)
Total	$	(44.3	)	$	(9.1	)

Tax authorities are examining certain of our U.S. and non-U.S. tax returns, including those of Kronos, and tax authorities have or may propose tax deficiencies, including penalties and interest.  We cannot guarantee these tax matters will be resolved in our favor due to the inherent uncertainties involved in settlement initiatives and court and tax proceedings.  We believe we have adequate accruals for additional taxes and related interest expense which could ultimately result from tax examinations.  We believe the ultimate disposition of tax examinations should not have a material adverse effect on our consolidated financial position, results of operations or liquidity.

In the first quarter of 2015, we recognized a non-cash income tax benefit of $3.0 million related to the release of a portion of our reserve for uncertain tax positions due to the expiration of the applicable statute of limitations. We currently estimate that our unrecognized tax benefits will not change materially during the next twelve months.