INCOME TAXES |
9 Months Ended |
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Sep. 30, 2022 | |
| Income Tax Disclosure [Abstract] | Ìý |
| INCOME TAXES |
NOTE 11 - INCOME TAXES
Our 2022 estimated annual effective tax rate before discrete items as of SeptemberÌý30, 2022 is 20%. The estimated annual effective tax rate is lower than the U.S. statutory rate of 21% due to percentage depletion in excess of cost depletion. The 2021 estimated annual effective tax rate before discrete items as of SeptemberÌý30, 2021 was 21%. The decrease in the estimated annual effective tax rate before discrete items is driven by the change in income and the percentage depletion in excess of cost depletion.
On August 16, 2022, the Inflation Reduction Act was signed into law in the U.S., which, among other things, implements a 15% minimum tax on book income of certain large corporations, a 1% excise tax on net stock repurchases and several tax incentives to promote clean energy. Based on our current analysis of the provisions, we do not believe that this legislation will have a material impact on our consolidated financial statements.
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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://www.xbrl.org/2003/role/disclosureRef
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