Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

For the three months ended June 30, 2024, we recorded income tax expense of $18 million on income before income taxes of $115 million, or an effective tax rate of 16.0%, compared to income tax expense of $23 million on income before income taxes of $89 million, or an effective tax rate of 25.4%, for the three months ended June 30, 2023.

For the six months ended June 30, 2024, we recorded income tax expense of $35 million on income before income taxes of $180 million, or an effective tax rate of 19.2%, compared to income tax expense of $28 million on income before income taxes of $111 million, or an effective tax rate of 25.3% for the six months ended June 30, 2023.

For the three and six months ended June 30, 2024, our income tax expense included a discrete tax benefit for the remeasurement of deferred tax liabilities due to a change in our state tax rates after apportionment.