Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income taxes

The effective tax rate for the three months ended March 31, 2023 was 26.9 percent compared to 23.4 percent for the three months ended March 31, 2022.

The provision for income taxes for the three months ended March 31, 2023, reflected an estimated annual tax rate of 23 percent, compared with 24 percent for the three months ended March 31, 2022, excluding the discrete items discussed below. The comparative tax rate for full-year 2022 was approximately 23.2 percent.

The estimated annual tax rate excludes the impact of the nondeductible loss of $586 million related to the divestiture of the company's Longwall business in the three months ended March 31, 2023. In addition, the company recorded a discrete tax benefit of $32 million for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense, compared with a $12 million benefit for the three months ended March 31, 2022.