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Income Taxes | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company’s income tax provision and effective income tax rate were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Income tax provision |  | $ | 74 |  |  | $ | 239 |  |  | $ | 448 |  |  | $ | 544 |
Effective income tax rate |  | 5.8 | % |  | 19.8 | % |  | 13.5 | % |  | 19.5 | %
The income tax provision as a percentage of income before income taxes and loss from investments in unconsolidated affiliates was 5.8% and 19.8% for the three months ended September 30, 2024 and 2023, respectively, and 13.5% and 19.5% for the nine months ended September 30, 2024 and 2023, respectively. The effective income tax rate as a percentage of income before income taxes and loss from investments in unconsolidated affiliates for the three and nine months ended September 30, 2024 included a deferred tax benefit of $142 million recorded within the income tax provision associated with a non-cash impairment charge of $570 million recorded within loss from investments in unconsolidated affiliates. Pursuant to provisions under the Inflation Reduction Act, the Company has purchased transferable federal tax credits from various counterparties. Such federal tax credits were purchased at negotiated discounts, resulting in an income tax benefit. Receivables associated with transferable federal tax credits are recorded within prepaid expenses and other current assets, and amounts owed to counterparties for the purchased credits are recorded within accounts payable and other current liabilities within the consolidated balance sheets at September 30, 2024 and December 31, 2023. The Company’s potential liability for unrecognized tax benefits before interest and penalties was approximately $88 million at September 30, 2024. The Company believes it is reasonably possible that the liability for unrecognized tax benefits may decrease by up to $5 million over the next twelve months as a result of possible closure of tax audits, audit settlements, and the lapse of the statutes of limitations in various jurisdictions. As of September 30, 2024, the Company’s U.S. federal income tax return for 2023, and tax returns in certain states and foreign jurisdictions for 2017 through 2023, remain subject to examination by taxing authorities.

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