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Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In millions)
Income before income taxes
$246 $178 $245 $580 
Income tax expense
$36 $24 $37 $110 
Effective income tax rate (1)
14.5 %13.5 %15.1 %18.9 %
(1)    Due to rounding of reported numbers, some amounts may not calculate exactly.

For the three and six months ended June 30, 2025, the effective tax rate was lower than the statutory rate of 21%, primarily due to the relationship between pre-tax results and a discrete tax benefit associated with the revaluation of deferred tax liabilities from state tax changes enacted in the second quarter of 2025. For the three and six months ended June 30, 2024, the effective tax rate was lower than the statutory rate of 21%, primarily due to the relationship between pre-tax results and non-taxable permanent differences.

On July 4, 2025, the President signed the One Big Beautiful Bill Act (“OBBBA”) into law. Among other things, OBBBA extends the Producer’s Tax Credit under Section 45Z through the end of 2029, indefinitely extends the first-year depreciation allowance on qualified property placed in service after January 19, 2025, and extends and enhances many of the provisions enacted under the 2017 Tax Cuts and Jobs Act. We are still analyzing the impacts of OBBBA.