Income Taxes

9 Months Ended

Nov. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

17. Income Taxes

The Company is subject to U.S. federal income tax as well as income taxes of multiple state jurisdictions. The quarterly income tax provision was computed based on our estimated annualized effective tax rate and the full-year forecasted income or loss plus the tax impact of unusual, infrequent, or nonrecurring significant items during the period.

Our effective tax rate for the nine months ended November 30, 2024 and 2023 was 27.5% and 28.3%, respectively. The decrease in our overall tax rate this period as compared to the same period last year is due to a decrease in our overall expected state tax rate due to changes in state apportionment. The Company made cash payments for income taxes, net of income tax refunds, of $12.2 million and $16.2 million for the nine months ended November 30, 2024 and 2023, respectively.