Income Taxes

3 Months Ended

Feb. 28, 2023

Income Tax Disclosure [Abstract]

Income Taxes

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

	Three Months Ended
	February 28,
(Dollars in thousands)	2023	2022
Provision for income taxes	$185,145	167,420
Effective tax rate (1)	23.7%	25.0%

(1)In the three months ended February 28, 2023, the Company's overall effective income tax rate was lower than in the three months ended February 28, 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 months ended February 28, 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.