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Income Taxes
 3 Months Ended
Mar. 31, 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 months ended March 31, 2026 and 2025 are as follows:
 Three Months Ended
March 31,
(Millions of dollars)20262025
Income (loss) before income taxes$176.2 $61.9 
Income tax expense (benefit)
Federal - Current$22.9 $6.1 
Federal - Deferred10.0 1.0 
State - Current and deferred7.0 1.6 
Total income tax expense (benefit)$39.9 $8.7 

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 months ended March 31, 2026 and 2025, the Company’s approximate effective tax rates were as follows:
 20262025
Three Months Ended March 31,22.6%14.1%

In the three months ended March 31, 2026, the Company recognized approximately $0.4 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 three months ended March 31, 2025, the Company recognized approximately $2.6 million of excess tax benefits related to stock compensation for employees, $3.8 million of benefit for purchased Federal energy tax credits and $0.5 million in other discrete tax benefits.
 
As of March 31, 2026, the earliest year remaining open for Federal audits and/or settlement is 2022 and for state audits and/or settlement is 2020.  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.