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Income Taxes (Tables) | 12 Months Ended
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May 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Before Income Taxes | Income before income taxes consists of the following components for the fiscal years ended May 31:
(In thousands) | 2024 |  | 2023 |  | 2022
U.S. operations | $ | 1,860,859 |  |  | $ | 1,632,391 |  |  | $ | 1,445,719 |
Foreign operations | 112,776 |  |  | 60,757 |  |  | 53,049 |
| $ | 1,973,635 |  |  | $ | 1,693,148 |  |  | $ | 1,498,768 |
Schedule of Components of Income Taxes | Income tax expense consists of the following components for the fiscal years ended May 31:
(In thousands) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 327,616 |  |  | $ | 248,413 |  |  | $ | 162,269 |
State and local | 79,583 |  |  | 56,589 |  |  | 32,431 |
Foreign | 25,344 |  |  | 13,205 |  |  | 16,676 |
| 432,543 |  |  | 318,207 |  |  | 211,376 |
Deferred | (30,500) |  |  | 26,931 |  |  | 51,635 |
| $ | 402,043 |  |  | $ | 345,138 |  |  | $ | 263,011 |
Schedule of Reconciliation of Income Tax Expense Using the Statutory Rate and Actual Income Tax Expense | Reconciliation of income tax expense using the statutory rate and actual income tax expense is as follows for the fiscal years ended May 31:
(In thousands) | 2024 |  | 2023 |  | 2022
Income taxes at the U.S. federal statutory rate | $ | 414,463 |  |  | $ | 355,561 |  |  | $ | 314,741 |
Permanent differences (1) | (67,310) |  |  | (59,502) |  |  | (85,413) |
State and local income taxes, net of federal benefit | 49,560 |  |  | 46,245 |  |  | 33,547 |
Other | 5,330 |  |  | 2,834 |  |  | 136 |
| $ | 402,043 |  |  | $ | 345,138 |  |  | $ | 263,011 |
(1) Primarily consists of the excess tax benefits related to stock-based compensation.
Schedule of Components of Deferred Income Taxes | The components of deferred income taxes included on the consolidated balance sheets are as follows at May 31:
(In thousands) | 2024 |  | 2023
Deferred tax assets: |  |  |
Reserves related to accounts receivable | $ | 13,478 |  |  | $ | 12,562 |
Inventory reserves | 18,913 |  |  | 22,822 |
Insurance reserves | 45,154 |  |  | 45,153 |
Stock-based compensation | 71,146 |  |  | 63,186 |
Net operating loss and foreign related carry-forwards | 2,169 |  |  | — |
Operating lease liabilities | 48,964 |  |  | 46,258 |
Deferred compensation and other | 114,786 |  |  | 92,538 |
| 314,610 |  |  | 282,519 |
Valuation allowance | (2,129) |  |  | — |
| 312,481 |  |  | 282,519 |
Deferred tax liabilities: |  |  |
Uniform and other rental items in service | 251,394 |  |  | 248,883 |
Property and equipment | 175,214 |  |  | 171,971 |
Intangibles and other amortizable assets | 178,583 |  |  | 190,299 |
Treasury locks | 37,202 |  |  | 32,830 |
Capitalized contract costs | 91,551 |  |  | 88,056 |
Operating lease right-of-use assets | 48,964 |  |  | 46,258 |
State taxes and other | 5,085 |  |  | 2,578 |
| 787,993 |  |  | 780,875 |
Net deferred tax liability | $ | 475,512 |  |  | $ | 498,356 |
Schedule of Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of the gross unrecognized tax benefits (exclusive of interest and penalties) is as follows:
(In thousands) |
Balance at June 1, 2022 | $ | 37,574 |
Additions for tax positions of the current year | 6,904 |
Additions for tax positions of prior years | 6,821 |
Settlements | (12,937) |
Statute expirations | (1,608) |
Balance at May 31, 2023 | 36,754 |
Additions for tax positions of the current year | 10,895 |
Additions for tax positions of prior years | 4,864 |
Settlements | (7,325) |
Statute expirations | (3,442) |
Balance at May 31, 2024 | $ | 41,746 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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