Income Taxes (Tables)

3 Months Ended

Mar. 31, 2026

Effective Income Tax Rate Reconciliation

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


	Three Months Ended March 31,
	2026				2025
U.S. federal statutory income tax	21.0	%	$	446	21.0	%	$	32
Increase (decrease) due to:
State income taxes, net of federal income tax benefit(a)	3.4		73		(0.7)		(1)
Foreign tax effects	—		—		0.7		1
Tax credits
PTC	(0.2)		(4)		(1.3)		(2)
Amortization of ITC, including deferred taxes on basis differences	(0.2)		(5)		(2.0)		(3)
Other	(0.2)		(5)		(2.0)		(3)
Nontaxable or nondeductible items
Share-based payment awards	(0.7)		(14)		(25.2)		(38)
Excess officers compensation	0.1		3		4.6		7
Other	0.8		17		0.9		1
Other adjustments
Qualified NDT fund income and losses	0.9		19		18.6		28
Effective income tax(b)	24.9	%	$	530	14.6	%	$	22

__________

(a)In 2026, state taxes in California, Massachusetts, and New York made up the majority (greater than 50%) of the tax effect in this category. In 2025, state taxes in Illinois, Maryland, Massachusetts, California, Pennsylvania, and New Jersey made up the majority (greater than 50%) of the tax effect in this category.

(b)Amounts may not recalculate due to rounding.