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Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Taxes  
Income Taxes

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13.  Income Taxes

For the three months ended September 30, 2025, we recorded an expense of $127 million on pre-tax income of $538 million compared to an income tax benefit of $13 million on pre-tax income of $67 million for the three months ended September 30, 2024. Our effective income tax rate was 23.7% and (19.4%) for the three months ended September 30, 2025 and 2024, respectively.

For the three months ended September 30, 2025, the effective tax rate was higher than the statutory federal rate of 21%, for corporations, primarily due to changes in valuation allowances offset in part by changes in pre-tax earnings

attributable to noncontrolling interests. For the three months ended September 30, 2024, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to partnership gains for which there was no tax expense as such income is allocated to the partners.

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For the nine months ended September 30, 2025, we recorded an income tax expense of $8 million on pre-tax loss of $362 million compared to an income tax benefit of $2 million on pre-tax loss of $434 million for the nine months ended September 30, 2024. Our effective income tax rate was (2.2) % and 0.5% for the nine months ended September 30, 2025 and 2024, respectively.

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For the nine months ended September 30, 2025, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to changes in the valuation allowance and from partnership losses for which there was no tax benefit as such losses are allocated to the partners. For the nine months ended September 30, 2024, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to changes in the valuation allowance and from partnership losses for which there was no tax benefit as such losses are allocated to the partners.

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