INCOME TAXES |
9 Months Ended |
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Sep. 30, 2018 | |
| Income Tax Disclosure [Abstract] | Ìý |
| Income Taxes |
NOTE 11 - INCOME TAXES
Our 2018 estimated annual effective tax rate before discrete items is approximately 0.1%. The annual effective tax rate differs from the U.S. statutory rate of 21.0% primarily due to the deductions for percentage depletion in excess of cost depletion related to U.S. operations and the reversal of valuation allowance from operations in the current year. The 2017 estimated annual effective tax rate before discrete items at SeptemberÌý30, 2017 was negative 6.8%.
For the three and nine months ended SeptemberÌý30, 2018, we recorded discrete items that resulted in an income tax expense of $0.2 million and $13.9 million, respectively. For the nine months ended SeptemberÌý30, 2018, the $13.9 million expense relates primarily to a $14.5 million reduction of the refundable AMT credit recorded in Income tax receivable in our Statements of Unaudited Condensed Consolidated Financial Position based on the sequestration guidance issued by the Internal Revenue Service during the first quarter of 2018. The $14.5 million current year expense is a reduction of an asset and will not result in a cash tax outlay. For the three and nine months ended SeptemberÌý30, 2017, we recorded discrete items that resulted in a benefit of $5.9 million and $5.8 million, respectively.
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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