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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Taxes [Abstract] |
Income Taxes | 12. Income Taxes Under the Internal Revenue Service tangible property regulations, or TPR, the Company is permitted to deduct the costs of certain asset improvements that were previously being capitalized and depreciated for tax purposes as an expense on its income tax return. This ongoing deduction results in a reduction in the effective income tax rate, a net reduction in income tax expense, and a reduction in the amount of income taxes currently payable. It also results in increases to deferred tax liabilities and regulatory assets representing the appropriate book and tax basis difference on capital additions. The Company’s effective tax rate was (10.4)% and 5.8% for the three months ended September 30, 2025 and 2024, respectively, and (3.3)% and 8.9% for the nine months ended September 30, 2025 and 2024, respectively. The lower effective tax rates are primarily due to higher deductions from the TPR. The effective tax rate will vary depending on income before income taxes and the level of eligible asset improvements expensed for tax purposes under TPR each period. On July 4, 2025, the One Big Beautiful Bill Act, or OBBBA, was signed into law. The Company is currently reviewing the provisions of the OBBBA but does not expect the impact to be material as most of the provisions applicable to the Company from the Tax Cuts and Jobs Act of 2017 were not changed in the OBBBA and new provisions do not apply to the Company.

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