INCOME TAXES

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The effective income tax rates for the three months ended June 30, 2023 and 2022 were 20.6% and 18.0%, respectively, and for the six months ended June 30, 2023 and 2022 were 21.0% and 21.4%, respectively.

The period-over-period changes in the effective income tax rates are due to the effects of rate-regulated accounting for income taxes, higher investment tax credits available on certain capital projects in the US and an increase in earnings attributable to non-controlling interests, relative to higher earnings in the 2023 periods.