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Income Taxes
3 Months Ended
May 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesThe Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted on March 27, 2020 in the U.S., includes measures to assist companies, including temporary changes to income and non-income-based tax laws. With respect to the CARES Act, the Company benefited from the deferral of certain payroll taxes through the end of calendar year 2020 and the technical correction with respect to qualified improvement property.The provision for income taxes reflects an effective tax rate of 25.5% for the three months ended May 31, 2021, as compared to 45.8% for the respective prior year comparable period. The decrease in the effective tax rate was primarily attributable to the unfavorable impact of COVID-19 on book earnings in the prior year quarter compared to the current quarter ended May 31, 2021. The Company recorded discrete items in the first quarter of the prior year and the current year; however, since book income was significantly lower in the prior year, the effective tax rate was impacted more significantly by the discrete items.