Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Component of Income Taxes

 The provision for income taxes and 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,

 

 

2014

 

 

2015

 

 

2016

 

 

(In millions)

 

Expected tax expense (benefit), at U.S. federal statutory

   income tax rate of 35%

$

12.1

 

 

$

(18.0

)

 

$

4.9

 

Rate differences on equity in earnings (losses) of Kronos

 

(7.4

)

 

 

(7.4

)

 

 

(7.4

)

Adjustment to the reserve for uncertain tax positions, net

 

-

 

 

 

(3.0

)

 

 

-

 

U.S. state income taxes and other, net

 

.3

 

 

 

(.2

)

 

 

(.3

)

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

$

5.0

 

 

$

(28.6

)

 

$

(2.8

)

 

 

 

 

 

 

 

 

 

 

 

 

Components of income tax expense (benefit):

 

 

 

 

 

 

 

 

 

 

 

Currently payable (receivable):

$

.8

 

 

$

.1

 

 

$

1.5

 

Deferred income tax expense (benefit)

 

4.2

 

 

 

(28.7

)

 

 

(4.3

)

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

$

5.0

 

 

$

(28.6

)

 

$

(2.8

)

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive provision for income taxes (benefit) allocable to:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$

5.0

 

 

$

(28.6

)

 

$

(2.8

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

Marketable securities

 

(57.6

)

 

 

(25.3

)

 

 

10.9

 

Currency translation

 

(11.0

)

 

 

(9.8

)

 

 

(1.8

)

Interest rate swap

 

-

 

 

 

(.2

)

 

 

-

 

Pension plans

 

(10.0

)

 

 

1.4

 

 

 

(2.1

)

OPEB plans

 

(.5

)

 

 

(.2

)

 

 

(.2

)

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

(74.1

)

 

$

(62.7

)

 

$

4.0

 

 
Components of Net Deferred Tax Liability

The components of the net deferred tax liability at December 31, 2015 and 2016 are summarized in the following table.  

 

Years ended December 31,

 

 

2015

 

 

2016

 

 

Assets

 

 

Liabilities

 

 

Assets

 

 

Liabilities

 

 

(In millions)

 

Tax effect of temporary differences related to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventories

$

.5

 

 

$

-

 

 

$

.5

 

 

$

-

 

Marketable securities

 

-

 

 

 

(6.4

)

 

 

-

 

 

 

(17.0

)

Property and equipment

 

-

 

 

 

(4.5

)

 

 

-

 

 

 

(4.4

)

Accrued OPEB costs

 

1.1

 

 

 

-

 

 

 

1.0

 

 

 

-

 

Accrued pension costs

 

4.6

 

 

 

-

 

 

 

4.2

 

 

 

-

 

Accrued employee benefits

 

2.0

 

 

 

-

 

 

 

1.9

 

 

 

-

 

Accrued environmental liabilities

 

39.9

 

 

 

-

 

 

 

41.1

 

 

 

-

 

Goodwill

 

-

 

 

 

(2.6

)

 

 

-

 

 

 

(2.6

)

Other accrued liabilities

  and deductible differences

 

.4

 

 

 

-

 

 

 

.2

 

 

 

-

 

Other taxable differences

 

-

 

 

 

(4.3

)

 

 

-

 

 

 

(3.3

)

Investment in Kronos Worldwide, Inc.

 

-

 

 

 

(56.2

)

 

 

-

 

 

 

(49.0

)

Tax loss and tax credit carryforwards

 

.5

 

 

 

-

 

 

 

-

 

 

 

-

 

Adjusted gross deferred tax assets (liabilities)

 

49.0

 

 

 

(74.0

)

 

 

48.9

 

 

 

(76.3

)

Netting of items by tax jurisdiction

 

(49.0

)

 

 

49.0

 

 

 

(48.9

)

 

 

48.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net noncurrent deferred tax asset (liability)

$

-

 

 

$

(25.0

)

 

$

-

 

 

$

(27.4

)

 
Schedule of Changes in Amount of Uncertain Tax Positions

The following table shows the changes in the amount of our uncertain tax positions (exclusive of the effect of interest and penalties) during 2014, 2015 and 2016:

 

 

December 31,

 

 

2014

 

 

2015

 

 

2016

 

 

(In millions)

 

Unrecognized liabilities:

 

 

 

 

 

 

 

 

 

 

 

Balance at the beginning of the period

$

16.8

 

 

$

16.8

 

 

$

12.2

 

Lapse of applicable statute of limitations

 

-

 

 

 

(4.6

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at the end of the period

$

16.8

 

 

$

12.2

 

 

$

12.2