Income Taxes |
6 Months Ended |
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May 31, 2019 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes On December 22, 2017, new tax legislation, commonly referred to as the Tax Cuts and Jobs Act of 2017, was enacted, which significantly changed the existing U.S. tax laws. The Tax Act reduced the corporate Federal income tax rate from 35.0 percent to 21.0 percent, eliminated the corporate alternative minimum tax, allowed 100.0 percent expensing of certain qualified capital investments through 2022 (retroactive to September 27, 2017), and further limited the deductibility of certain executive compensation, among other provisions. Under current accounting guidance, the Company recognized the effects of the Tax Act as of the enactment date. During the first quarter of fiscal 2018, as a result of the Tax Act, the Company incurred a material, non-cash reduction of our deferred income tax liabilities and a corresponding material income tax benefit of approximately $143.9 million primarily due to the Federal income tax rate reduction from 35.0 percent to 21.0 percent. The Company's effective income tax rate was approximately 22.9 percent and 23.9 percent for the three and six months ended May 31, 2019, respectively, and approximately 22.2 percent and (232.8) percent for the three and six months ended May 31, 2018, respectively. The increase in the effective income tax rate for the six months ended May 31, 2019, as compared to the same period in the prior year, is substantially due to the material income tax benefit and income tax rate reduction associated with the Tax Act, including the aforementioned reduction in deferred income tax liability, in the first quarter of fiscal 2018. The slight increase in the three months ended May 31, 2019, as compared to the same period in the prior year, is predominately due to changes in state income tax rates. In March 2018, the Company was notified that its 2014 federal income tax return is under examination by the Internal Revenue Service.
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