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Income Taxes | 6 Months Ended
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Nov. 30, 2015
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 8 — INCOME TAXES The effective income tax rate was 30.0% for the three months ended November 30, 2015 compared to an effective income tax rate of 30.2% for the three months ended November 30, 2014. The effective income tax rate was 29.7% for the six months ended November 30, 2015 compared to an effective income tax rate of 29.6% for the six months ended November 30, 2014. The effective tax rate for the three and six months ended November 30, 2015 and 2014 reflect variances from the 35% federal statutory rate primarily due to lower effective tax rate of certain of our foreign subsidiaries, the benefit of the domestic manufacturing deduction and the unfavorable impact of state and local taxes. At May 31, 2015, we determined that it was possible that we could repatriate approximately $419.1 million of undistributed foreign earnings in the foreseeable future. Accordingly, as of May 31, 2015, we recorded a deferred income tax liability of $108.5 million, which represented our estimate of the U.S income and foreign withholding tax associated with the $419.1 million of undistributed foreign earnings. Based on November 30, 2015 exchange rates, the amount of undistributed earnings that may be repatriated has been revalued to $401.5 million and the corresponding deferred tax liability has been reduced to $101.9 million. This reduction in the deferred tax liability is due to the impact of foreign exchange and is recorded in accumulated other comprehensive income (loss). We have not provided for U.S. income and foreign withholding taxes on the remaining foreign undistributed earnings because such earnings have been retained and reinvested by the foreign subsidiaries as of November 30, 2015. Accordingly, no provision has been made for U.S. income taxes or foreign withholding taxes, which may become payable if the remaining undistributed earnings of foreign subsidiaries were distributed to the U.S. Subsequent to November 30, 2015, on December 18, 2015, President Obama signed into law the Consolidated Appropriations Act, 2016 (the “Act”) that reinstated certain tax benefits and credits that had expired. The Act also made a number of the provisions permanent, including the research and development credit, extended others for five years and extended the remainder two years. Although we are still in the process of analyzing this new legislation, we do not expect this law to have a material impact on our consolidated financial results.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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