SunCoke Energy Inc
For the period ended Mar 31, 2024. Filed May 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 1, 2024
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4. Income Taxes
- Income Taxes
At the end of each interim period, we make our best estimate of the annual effective tax rate and the impact of discrete items, if any, and adjust the rate as necessary.
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (Dollars in millions) | ||
| Income before income tax expense | $28.2 | $24.5 |
| Income tax expense | 7.1 | 6.8 |
| Effective tax rate | 25.2% | 27.8% |
Income taxes recorded during the three months ended March 31, 2024, and 2023 included immaterial discrete items.
The Company's effective tax rate was 25.2 percent and 27.8 percent for the three months ended March 31, 2024, and 2023, respectively. The difference between the Company's effective tax rates and federal statutory rate of 21.0 percent during both periods presented reflect the impact of state taxes as well as compensation deduction limitations under Section 162(m) of the Internal Revenue Code. The three months ended March 31, 2024 also reflects the impact of a valuation allowance established for a portion of foreign tax credits projected for the current period as a result of tax legislation enacted in Brazil during the third quarter of 2023. The three months ended March 31, 2023 reflects the impact of foreign taxes as a result of regulations impacting foreign tax credit utilization published by the U.S. Treasury in 2022.
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