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Income Taxes
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6 Months Ended |
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Jun. 30, 2012
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| Income Taxes |
NOTE 14 – INCOME TAXES The estimated annual effective tax rate is affected by recurring items, such as depletion, tax rates in foreign jurisdictions and the relative amount of income we earn in our various jurisdictions with tax rates that differ from the U.S. statutory rate. It is also affected by discrete items that may occur in any given year, but are not consistent from year to year. In the first quarter of 2012 the Australian government enacted the MRRT. The impact of this legislation was recorded as a discrete item and had a net financial statement tax benefit of $314.7 million and was a 20.7% benefit to the estimated annual effective tax rate. Additionally, currency elections made in the first quarter of 2012 impacted the remeasurement of deferred tax assets and liabilities and a discrete item was recorded that resulted in a net tax expense of $60.5 million. Finally, an agreement was reached with the taxing authorities in the current period resulting in a reversal of a prior liability for an uncertain tax position, the financial statement impact of which was an income tax benefit of $26.9 million. |
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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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