Income Taxes |
9 Months Ended |
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Nov. 30, 2015 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES |
INCOME TAXES:
Our effective tax rate for the nine months ended November 30, 2015, and November 30, 2014, was 29.2% and 31.0%, respectively. Our effective tax rate for the three months ended November 30, 2015, and November 30, 2014, was 32.1% and 28.5%, respectively.
For the nine months ended November 30, 2015, our effective tax rate was lower than the federal statutory rate of 35% primarily due to a decrease in uncertain tax positions and lower effective tax rates applicable to our foreign businesses. For the three months ended November 30, 2015, our effective tax rate was lower than the federal statutory rate of 35% primarily due to lower effective tax rates applicable to our foreign businesses. Our effective tax rates for the nine months and three months ended November 30, 2014, were lower than the federal statutory rate of 35% primarily due to lower effective tax rates applicable to our foreign businesses and the recognition of additional tax credits.
The Internal Revenue Service (“IRS”) concluded its examination of our fiscal years ended February 28, 2010, and February 28, 2011. We received a Revenue Agent’s Report (“RAR”) from the IRS proposing tax assessments for those years. We disagree with certain assessments in this report and have submitted a written protest stating our formal disagreement with the conclusions presented in the RAR. We believe that our position will be successfully sustained. For other items that were effectively settled, we reduced our liability for uncertain tax positions and recorded a tax benefit of $31.9 million for the second quarter of fiscal 2016.
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