Income Taxes (Notes)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

9.  Income Taxes

Income tax expense included on our accompanying consolidated statements of income is as follows:

	Three Months Ended March 31,
	2024			2023
	(In millions, except percentages)
Income tax expense	$	209		$	196
Effective tax rate	21.3		%	21.8		%

The effective tax rate for the three months ended March 31, 2024 is higher than the statutory federal rate of 21% primarily due to state income taxes, partially offset by dividend-received deductions from our investments in Florida Gas Pipeline (Citrus), NGPL Holdings and Products (SE) Pipe Line Company (PPL) and an adjustment to our deferred tax liability as a result of a reduction in the state tax rate.

The effective tax rate for the three months ended March 31, 2023 is higher than the statutory federal rate of 21% primarily due to state income taxes, partially offset by dividend-received deductions from our investments in Citrus, NGPL Holdings and PPL