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INCOME TAXES | 9 Months Ended
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Sep. 30, 2024
INCOME TAXES |
INCOME TAXES | NOTE E – INCOME TAXES ​ The Company’s total effective tax rate was 26.6% and 20.4% for the three and nine months ended September 30, 2024, respectively, compared to 25.5% and 23.1% for the same respective prior year periods. The 2023 periods include the discontinued operations of FleetNet, as further discussed in Note C. The effective tax rate from continuing operations was 26.6% and 20.4% for the three and nine months ended September 30 2024, respectively, compared to 25.5% and 21.6% 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 nine months ended September 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 nine months ended September 30, 2024, adjustments to uncertain tax positions. ​ As of September 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 September 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. ​ The Company paid federal, state, and foreign income taxes of $29.2 million, net of refunds, and $76.6 million, net of refunds for the nine months ended September 30, 2024 and 2023, respectively. ​ 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 nine months ended September 30, 2024, or an effective tax rate of 25.5%. For the three and nine months ended September 30, 2023, income tax reflected in discontinued operations was tax benefit of less than $0.1 million and tax expense $18.3 million, respectively, or an effective tax rate of 25.5% in each period. ​

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