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INCOME TAXES | 6 Months Ended
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Jun. 30, 2024
INCOME TAXES |
INCOME TAXES | NOTE E – INCOME TAXES ​ The Company’s total effective tax rate was 4.7% and 1.6% for the the three and six months ended June 30, 2024, respectively, compared to 18.8% and 22.3% for the same respective prior year periods, primarily reflecting the tax benefit from the vesting of restricted stock units (“RSUs”) granted in 2020 and 2021. RSUs granted subsequent to 2021 follow a graded vesting schedule, with granted RSUs vesting incrementally over a specified period of time, rather than fully vesting at the end of the vesting period. The 2023 periods include the discontinued operations of FleetNet, as further discussed in Note C. The effective tax rate from continuing operations was 4.7% and 1.2% for the three and six months ended June 30 2024, respectively, compared to 18.6% and 19.1% for the same respective periods of 2023. State tax rates vary among states and average approximately 6.0%, although some state rates are higher, and a small number of states do not impose an income tax. ​ For the three and six months ended June 30, 2024 and 2023, the difference between the Company’s effective tax rate from continuing operations and the federal statutory rate resulted from various factors, including state income taxes, various nondeductible expenses, including compensation under IRC Section 162(m), changes in the cash surrender value of life insurance, the federal alternative fuel tax credit, and the tax benefit from the vesting of RSUs, and for the three and six months ended June 30, 2024, adjustments to uncertain tax positions. ​ As of June 30, 2024, 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 June 30, 2024, 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 at both June 30, 2024 and December 31, 2023. ​ At December 31, 2021, a reserve for uncertain tax positions of $0.9 million was established related to credits taken on amended federal returns. Due to the expiration of the statute of limitations on the related refund on which a portion of these credits were claimed, the reserve for uncertain tax positions was reduced by $0.5 million at June 30, 2024, leaving a remaining reserve for uncertain tax positions of $0.4 million. ​ During the six months ended June 30, 2024, the Company paid federal, state, and foreign income taxes of $20.7 million and received refunds of less than $0.1 million of state income taxes that were paid in prior years. For the six months ended June 30, 2023, the Company paid federal, state, and foreign income taxes of $77.8 million and received refunds of $1.7 million of federal and state income taxes that were paid in prior years. ​ Income tax expense reflected in discontinued operations, which primarily consisted of federal and state income taxes on the gain on the sale of FleetNet, was $0.2 million for the six months ended June 30, 2024, or an effective tax rate of 25.5%. For the three and six months ended June 30, 2023, income tax expense reflected in discontinued operations was $0.3 million and $18.3 million, respectively, or an effective tax rate of 25.5% in each period. ​

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