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Income Taxes (Tables)

6 Months Ended

May 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefit (Provision) and Effective Tax Rate

The provision for income taxes and effective tax rate were as follows:

			Three Months Ended												Six Months Ended
			May 31,												May 31,
(Dollars in thousands)			2023						2022						2023						2022
Provision for income taxes			$280,879						432,276						466,024						599,696
Effective tax rate (1)			24.4%						24.7%						24.1		%				24.7		%

(1)In the three and six months ended May 31, 2023, the Company's overall effective income tax rate was lower than during the three and six months ended May 31, 2022, primarily due to the reinstatement of the new energy efficient home credit as a result of the enactment of the Inflation Reduction Act during the third quarter of 2022. For both the three and six months ended May 31, 2023 and 2022, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by energy efficient home and solar tax credits.

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- References

No definition available.

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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