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INCOME TAXES
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3 Months Ended |
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Mar. 31, 2014
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| Income Tax Disclosure [Abstract] | Ìý |
| Income Taxes |
NOTE 13 - INCOME TAXES
Our 2014 estimated annual effective tax rate before discrete items is approximately 21.9 percent. This estimated annual effective tax rate differs from the U.S. statutory rate of 35 percent primarily due to deductions for percentage depletion in excess of cost depletion related to U.S. operations, interest income not subject to tax and foreign taxes and benefits derived from operations outside the United States, which are taxed at rates lower than the U.S. statutory rate of 35 percent. There were discrete items booked in the first quarter of 2014 of approximately $1.7 million benefit. These adjustments relate primarily to remeasurement of deferred tax assets and liabilities.
The tax benefit of the income not subject to tax is expected to be $47.8 million for the year ending December 31, 2014, resulting in an 11.8 percent impact to the effective tax rate. Of this, $27.8 million, or 6.8 percent, relates to non-taxable interest income in the U.S. not subject to the statutory rate of 35 percent, and $20.0 million or, 5.0 percent, relates to non-taxable interest income in Canada not subject to the Canadian statutory rate of 26.9 percent.
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- Details
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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/presentationRef
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