Investor Presentaiton
Tax Related Expense
Equivalent Tax Impact¹
30%
Equivalent Tax Impact
Includes tax provision and
non-cash charges² associated
with solar investments
26%
26%
25%
23%
$120M
$178M
20%
$118M
21%
15%
17%
16%
2021 non-cash solar charge
of $178M
10%
Expect long term equivalent
tax impact of 27%
$450
2020
2021
■Income Tax Provision
Cash Taxes³
$330M-$360M
2022 Est
Non-Cash Solar Charge
$300
Cash Tax
$165M
2020 includes tax refunds
$150
$0
2020
$305M
2021
1 Includes both the effective tax rate for income tax provision included in adjusted earnings per 8K filings and the non-cash solar charge
2 Charge recorded in the "Loss from unconsolidated equity method investment" on the Income Statement
3 Represents adjusted cash taxes included in adjusted free cash flow per 8K filings
23 | Investor Presentation
2022 Est
REPUBLIC
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