v3.26.1
Income taxes
 6 Months Ended
Jun. 30, 2026
Income taxes  
Income taxes

Note 12 – Income taxes:

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Three months ended

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Six months ended

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June 30, 

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June 30, 

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2025

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2026

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2025

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2026

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(In thousands)

Expected tax expense, at U.S. federal statutory income tax rate of 21%

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$

212

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$

2,594

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$

485

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$

3,973

Rate differences on equity in earnings (losses) of Kronos, net of dividends

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(275)

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(247)

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(594)

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(272)

U.S. state income taxes and other, net

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20

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115

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43

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233

Income tax expense (benefit)

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$

(43)

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$

2,462

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$

(66)

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$

3,934

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Comprehensive provision for income taxes allocable to:

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Net income

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$

(43)

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$

2,462

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$

(66)

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$

3,934

Additional paid-in capital

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8

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21

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8

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21

Other comprehensive income (loss):

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Currency translation

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914

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(277)

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2,026

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(7)

Defined benefit pension plans

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85

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23

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170

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46

Other

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(9)

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1

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(18)

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1

Comprehensive income tax expense

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$

955

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$

2,230

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$

2,120

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$

3,995

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In accordance with GAAP, we recognize deferred income taxes on our undistributed equity in earnings 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 $3.5 million in each of the first six months of 2025 and 2026, respectively. 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.

On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the United States. It did not have a material impact on our consolidated financial statements.