
	Three Months Ended June 30,
	2025				2024
U.S. federal statutory income tax	21.0	%	$	267	21.0	%	$	202
(Decrease) increase due to:
State income taxes, net of federal income tax benefit(a)	3.8		48		2.5		24
Foreign tax effects	—		—		0.1		1
Tax credits
PTC	(0.9)		(11)		(8.9)		(86)
Amortization of ITC, including deferred taxes on basis differences	(0.2)		(3)		(0.2)		(2)
Other	(0.2)		(3)		(0.7)		(7)
Nontaxable or nondeductible items
Share-based payment awards	(0.1)		(1)		—		—
Excess officers compensation	0.7		9		0.5		5
Other	—		—		0.4		4
Other adjustments
Qualified NDT fund income and losses	10.5		134		1.3		13
Effective income tax	34.6	%	$	440	16.0	%	$	154


	Six Months Ended June 30,
		2025				2024
U.S. federal statutory income tax		21.0	%	$	299	21.0	%	$	422
(Decrease) increase due to:
State income taxes, net of federal income tax benefit(a)		3.3		47		(2.0)		(40)
Foreign tax effects		0.1		1		0.1		2
Tax credits
PTC		(0.9)		(13)		(7.4)		(149)
Amortization of ITC, including deferred taxes on basis differences		(0.4)		(5)		(0.2)		(4)
Other		(0.4)		(5)		(0.7)		(14)
Nontaxable or nondeductible items
Share-based payment awards		(2.8)		(40)		(0.8)		(16)
Excess officers compensation		1.1		16		0.4		8
Other		—		—		0.1		2
Other adjustments
Qualified NDT fund income and losses		11.4		162		5.3		107
Effective income tax		32.4	%	$	462	15.8	%	$	318

(a)State taxes in California, Illinois, Maryland, Massachusetts, and New Jersey made up the majority (greater than 50%) of the tax effect in this category.