Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

Effective Income Tax Rate Reconciliation

The effective income tax rate from continuing operations varies from the U.S. federal statutory rate principally due to the following:


	Three Months Ended June 30,
	2022		2021(a)
U.S. federal statutory rate	21.0	%	21.0	%
Increase (decrease) due to:
State income taxes, net of federal income tax benefit	0.3		(1.3)
Qualified NDT fund income and losses	42.9		85.2
Amortization of investment tax credit, including deferred taxes on basis differences	0.6		(1.8)
Production tax credits and other credits	2.4		(13.0)
Noncontrolling interests	0.2		(4.2)
Other(c)	7.5		2.8
Effective income tax rate(b)	74.9	%	88.7	%


	Six Months Ended June 30,
	2022		2021
U.S. federal statutory rate	21.0	%	21.0	%
Increase (decrease) due to:
State income taxes, net of federal income tax benefit	(8.6)		5.3
Qualified NDT fund income and losses	70.6		(18.3)
Amortization of investment tax credit, including deferred taxes on basis differences	2.2		0.7
Production tax credits and other credits	8.5		2.9
Noncontrolling interests	0.4		0.8
Other(c)	7.0		(3.9)
Effective income tax rate(b)	101.1	%	8.5	%

__________

(a)We recognized income before income taxes for the three months ended June 30, 2021. As a result, positive percentages represent an income tax expense and negative percentages represent an income tax benefit for the period presented.

(b)The change in effective tax rate in 2022 is primarily due to the impacts of higher unrealized NDT losses on Income before income taxes and one-time income tax adjustments.

(c)Primarily related to a $50 million return to provision adjustment recorded in the second quarter of 2022.

Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible

The following table presents the unrecognized tax benefits that, if recognized, would decrease the effective tax rate.


June 30, 2022	$	17
December 31, 2021	39