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INCOME TAXES | 9 Months Ended
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Sep. 30, 2023
INCOME TAXES |
INCOME TAXES | NOTE E – INCOME TAXES ​ The Company’s total effective tax rate was 25.5% and 23.1% for the three and nine months ended September 30, 2023, respectively, compared to 22.7% and 23.3% for the same periods of 2022, including discontinued operations which are further discussed in Note C. The effective tax rate from continuing operations was 25.5% and 21.6% for the three and nine months ended September 30, 2023, respectively, compared to 22.6% and 23.3% for the same periods of 2022. 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, 2023 and 2022, the difference between the Company’s effective tax rate from continuing operations and the federal statutory rate resulted from state income taxes, nondeductible expenses, changes in the cash surrender value of life insurance, the federal research and development tax credit, changes in tax valuation allowances, the federal alternative fuel tax credit and the tax benefit from the vesting of stock awards. ​ As of September 30, 2023, 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, 2023, and concluded that, other than for certain deferred tax assets related to foreign and state tax credit carryforwards 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 $1.8 million and $1.7 million at September 30, 2023 and December 31, 2022, respectively. ​ During the nine months ended September 30, 2023 and 2022, the Company paid federal, state, and foreign income taxes of $78.3 million and $87.5 million, respectively, and received refunds of federal and state income taxes that were paid in prior years of $1.7 million and $1.2 million, respectively. ​ Income tax reflected in discontinued operations was a tax benefit of less than $0.1 million, or an effective tax benefit rate of 25.5%, and tax expense of $18.3 million, or an effective tax rate of 25.5%, for the three and nine months ended September 30, 2023, respectively, which primarily consisted of federal and state income taxes on the gain on the sale of FleetNet. For the three and nine months ended September 30, 2022, income tax expense reflected in discontinued operations was $0.2 million, or an effective tax rate of 49.1%, and $1.1 million, or an effective tax rate of 27.9%, respectively. ​

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