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INCOME TAXES | 9 Months Ended
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Sep. 30, 2021
INCOME TAXES |
INCOME TAXES | NOTE D – INCOME TAXES ​ The effective tax rate was 26.1% and 22.5% for the three and nine months ended September 30, 2021, respectively. The effective tax rate was 24.9% and 24.3% for the three and nine months ended September 30, 2020, respectively. State tax rates vary among states and average approximately 6.0% to 6.5%, although some state rates are higher and a small number of states do not impose an income tax. ​ For the three and nine months ended September 30, 2021, the difference between the Company’s effective tax rate and the federal statutory rate resulted from state income taxes, nondeductible expenses, changes in the cash surrender value of life insurance, federal research and development tax credits, changes in tax valuation allowances, and tax benefit from the vesting of stock awards. For the three and nine months ended September 30, 2020, the difference between the Company’s effective tax rate and the federal statutory rate resulted from state income taxes, nondeductible expenses, changes in the cash surrender value of life insurance, federal alternative fuel and research and development tax credits, changes in tax valuation allowances, and the tax effect from the vesting stock awards. The Company’s effective tax rate for the nine months ended September 30, 2020 was also impacted by the reversal of an uncertain tax position. ​ As of September 30, 2021, the Company’s deferred tax liabilities, which will reverse in future years, exceeded the deferred tax assets. The Company evaluated the total deferred tax assets at September 30, 2021 and concluded that, other than for certain deferred tax assets related to foreign and state tax credit carryforwards and federal and state net operating losses, the assets did not exceed the amount for which realization is more likely than not. In making this determination, the Company considered the future reversal of existing taxable temporary differences, future taxable income, and tax planning strategies. Valuation allowances for deferred tax assets totaled $1.6 million and $1.3 million at September 30, 2021 and December 31, 2020, respectively. ​ The Company paid federal, state, and foreign income taxes of $43.0 million and $9.2 million during the nine months ended September 30, 2021 and 2020, respectively. The Company received refunds of federal and state income taxes that were paid in prior years of less than $0.1 million and $0.4 million during the nine months ended September 30, 2021 and 2020, respectively. ​

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