Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

For the three months ended September 30, 2024, we recorded income tax expense of $27 million on income before income taxes of $113 million, or an effective tax rate of 24.1%, compared to income tax expense of $25 million on income before income taxes of $103 million, or an effective tax rate of 24.5%, for the three months ended September 30, 2023.

For the nine months ended September 30, 2024, we recorded income tax expense of $62 million on income before income taxes of $293 million, or an effective tax rate of 21.1%, compared to income tax expense of $54 million on income before income taxes of $215 million, or an effective tax rate of 24.9% for the nine months ended September 30, 2023.

For the nine months ended September 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.