INCOME TAXES

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The effective income tax rates for the three months ended September 30, 2023 and 2022 were 17.0% and 18.7%, respectively, and for the nine months ended September 30, 2023 and 2022 was 20.5%.

The period-over-period changes in the effective income tax rates are due to an increase in earnings attributable to noncontrolling interests, a decrease in US minimum tax, and the effects of rate-regulated accounting for income taxes, relative to the change in earnings over the comparative periods, offset by the absence of the benefit of a Pennsylvania state corporate tax rate decrease recorded in the three months ended September 30, 2022.