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Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In millions)
Income (loss) before income taxes
$528 $(131)$773 $448 
Income tax expense (benefit)
$123 $(57)$160 $52 
Effective income tax rate (1)
23.3 %43.6 %20.7 %11.6 %
(1)    Due to rounding of reported numbers, some amounts may not calculate exactly.

For the three months ended September 30, 2025, the effective tax rate was higher than the statutory rate of 21%, primarily due to the relationship between pre-tax results and the effects of state and local income tax. For the nine months ended September 30, 2025, the effective tax rate was lower than the statutory rate of 21% primarily due to the relationship between pre-tax results and permanent differences and a discrete benefit associated with the revaluation of deferred tax liabilities from state tax law changes enacted in the second quarter of 2025.

For the three months ended September 30, 2024, the effective tax rate was higher than the statutory rate of 21% primarily due to the benefit of non-taxable permanent differences relative to the pre-tax loss for the quarter. For the nine months ended September 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. The enactment of OBBBA will not have a material impact on our results of operations but will affect our financial position by resulting in a reduction of cash taxes paid.