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Income taxes | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Income taxes | Income taxes The Company’s effective tax rate (combined federal and state income tax rates) for the six months ended June 30, 2025 was 27% tax expense. This rate differs from the combined statutory rates, primarily due to recapture of investment tax credits and higher executive compensation limitations, and is partially offset by the Utilities’ amortization of excess deferred income taxes related to the 2017 Tax Cuts and Jobs Act reduction in tax rate from 35% to 21%. The Company’s effective tax rate was 26% tax benefit for the six months ended June 30, 2024. The Company’s effective tax rate for the first six months of 2025 was higher than the comparable period in 2024 primarily due to the recapture of investment tax credits which was partially offset by the impact of the substantial pre-tax loss in the second quarter of 2024 resulting from the Utilities’ accrual of the loss contingencies related to the wildfire tort-related claims. The Utilities’ effective tax rate (combined federal and state income tax rates) for the six months ended June 30, 2025 was 21% tax expense. This rate differs from the combined statutory rates, primarily due to the Utilities’ amortization of excess deferred income taxes related to the 2017 Tax Cuts and Jobs Act reduction in tax rate from 35% to 21%, partially offset by higher executive compensation limitations. The Utilities’ effective tax rate was 26% tax benefit for the six months ended June 30, 2024. The Utilities’ effective tax rate for the first six months of 2025 was lower than the comparable period in 2024 primarily due to the substantial pre-tax loss in the second quarter of 2024 resulting from the accrual of the loss contingencies related to the wildfire tort-related claims and because the impact of permanent items had a smaller impact on the effective rates in prior year. The Act known as the “One Big Beautiful Bill” (OBBBA) was signed into law by President Trump on July 4, 2025. Key provisions to the Company under the OBBBA include the reinstatement of immediate expensing of domestic research and experimental expenditures and accelerated phase-out and modifications to qualification for the Clean Electricity Investment and Clean Electricity Production tax credits for wind and solar facilities. The Company is currently evaluating the OBBBA and an estimate of its financial impact cannot be made at this time. The Company currently has no open Internal Revenue Service or State income tax audits.

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