
	Three Months Ended June 30				Six Months Ended June 30
(Millions of Dollars)	2026		2025		2026		2025
Income before income taxes (domestic)	$	526	$	384	$	1,035	$	806

Federal statutory rate impact	111		81		217		169
(Decreases) increases in tax from:
Tax credits
PTCs (a)	(160)		(130)		(301)		(269)
Other	(3)		(4)		(6)		(8)
Regulatory adjustments (b)
AFUDC equity	(17)		(10)		(35)		(23)
Plant related excess deferred taxes	(12)		(13)		(27)		(27)
Other	3		4		7		7
State income taxes, net of federal tax effect (c)	20		13		42		26
Other	(2)		(1)		(4)		4
Income tax benefit	$	(60)	$	(60)	$	(107)	$	(121)


	Three Months Ended June 30				Six Months Ended June 30
	2026		2025		2026		2025
Federal statutory rate	21.0	%	21.0	%	21.0	%	21.0	%
(Decreases) increases in tax from:
Tax credits
PTCs (a)	(30.4)		(33.8)		(29.1)		(33.5)
Other	(0.6)		(1.0)		(0.7)		(1.0)
Regulatory adjustments (b)
AFUDC equity	(3.3)		(2.7)		(3.4)		(2.8)
Plant related excess deferred taxes	(2.3)		(3.5)		(2.6)		(3.3)
Other	0.6		1.0		0.8		0.8
State income taxes, net of federal tax effect (c)	3.8		3.3		4.0		3.3
Other	(0.2)		0.1		(0.3)		0.5
Effective income tax rate	(11.4)	%	(15.6)	%	(10.3)	%	(15.0)	%

(a)Wind and Solar PTCs (net of transfer discounts) are generally credited to customers (reduction to revenue) and do not materially impact earnings.

(b)Regulatory adjustments primarily relate to the credit of plant related excess deferred taxes to customers for tax rate changes as well as the capitalization of AFUDC equity for book purposes only. Income tax benefits associated with the credit of excess deferred taxes are offset by corresponding revenue reductions.