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Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Taxes  
Income Taxes

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13.  Income Taxes

For the three months ended March 31, 2025, we recorded an income tax benefit of $74 million on pre-tax loss of $654 million compared to an income tax expense of $7 million on pre-tax loss of $19 million for the three months ended March 31, 2024. Our effective income tax rate was 11.2% and (36.8%) for the three months ended March 31, 2025 and 2024, respectively.

For the three months ended March 31, 2025, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to partnership loss for which there was no tax benefit as such income is allocated to the

partners. For the three months ended March 31, 2024, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to partnership loss for which there was no tax benefit as such losses are allocated to the partners.

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