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Income Taxes | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Our interim effective tax rates reflect the estimated annual effective tax rates for 2024 and 2023 applied to year-to-date pretax income, adjusted for tax expense associated with certain discrete items. The effective tax rates for the three months ended September 30, 2024 and 2023 were 14.1% and 3.7%, respectively. The effective tax rates for the nine months ended September 30, 2024 and 2023 were 15.4% and 17.7%, respectively. These effective tax rates differ from the federal statutory tax rate of 21% primarily due to renewable partnership income, amortization of excess deferred federal income tax liabilities, as specified in the TCJA, tax credits, state flow through, and other permanent book-to-tax differences. The increase in the three-month effective tax rate of 10.4% in 2024 compared to 2023 was driven by higher renewable partnership income in 2023 resulting from HLBV allocation of earnings due to solar projects going into service, offset by higher non-taxable AFUDC equity recorded on higher construction work in process balances in the current quarter. As of September 30, 2024, there have been no material changes to our unrecognized tax benefits or possible changes that could reasonably be expected to occur during the next twelve months. See Note 15 to the Company’s Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2023, for a discussion of these unrecognized tax benefits.

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