Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

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 March 31,
	2023(a)		2022(a)
U.S. federal statutory rate	21.0	%	21.0	%
Increase (decrease) due to:
State income taxes, net of federal income tax benefit	3.3		55.2
Qualified NDT fund income and losses	33.7		(127.5)
Amortization of investment tax credit, including deferred taxes on basis differences	(0.7)		(9.2)
Production tax credits and other credits	(0.8)		(34.8)
Noncontrolling interests	—		(1.0)
Other	(1.5)		9.4
Effective income tax rate(b)	55.0	%	(86.9)	%

__________

(a)Positive percentages represent income tax expense. Negative percentages represent income tax benefit.

(b)The effective tax rate in 2023 is primarily due to the impacts of realized and unrealized NDT income on Income before income taxes. The effective tax rate in 2022 is primarily due to the impacts of unrealized NDT losses on Income before income taxes and one-time income tax adjustments.