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Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The pretax income (loss) and income tax expense (benefit), both from continuing operations for the three and six months ended June 30, 2026 and 2025 are as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(Millions of dollars)2026202520262025
Income (loss) before income taxes$277.6 $192.5 $453.8 $254.4 
Income tax expense (benefit)
Federal - Current$48.5 $36.6 $71.4 $42.7 
Federal - Deferred5.1 1.2 15.1 2.2 
State - Current and deferred14.9 9.1 21.9 10.7 
Total income tax expense (benefit)$68.5 $46.9 $108.4 $55.6 

The effective tax rate is calculated as the amount of income tax expense (benefit) divided by income before income tax expense (benefit). For the three and six months ended June 30, 2026 and 2025, the Company’s approximate effective tax rates were as follows:
20262025
Three Months Ended June 30,24.7%24.4%
Six Months Ended June 30,23.9%21.9%

In the six months ended June 30, 2026, the Company recognized approximately $2.3 million of excess tax benefits related to stock compensation for employees and $4.6 million of benefit for purchased Federal energy tax credits. For the six months ended June 30, 2025, the Company recognized approximately $3.5 million of excess tax benefits related to stock compensation for employees, $3.8 million of benefit for purchased Federal energy tax credits and $1.3 million in other discrete tax benefits.
 
As of June 30, 2026, the earliest year remaining open for Federal audits and/or settlement is 2022 and for state audits and/or settlement is 2021.  Although the Company believes that recorded liabilities for unsettled issues are
adequate, additional gains or losses could occur in future periods from resolution of outstanding unsettled matters.