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Income Taxes | 6 Months Ended
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Nov. 30, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 9 — INCOME TAXES The effective income tax rate of 24.0% for the three months ended November 30, 2019 compares to the effective income tax rate of 26.2% for the three months ended November 30, 2018. The effective income tax rates for the three months ended November 30, 2019 and 2018 reflect variances from the 21% statutory rate due primarily to the unfavorable impact of state and local income taxes and the net tax on foreign subsidiary income resulting from the global intangible low-taxed income provisions, partially offset by tax benefits related to equity compensation. Additionally, the effective income tax rate for the three months ended November 30, 2019 reflects favorable adjustments related to certain valuation allowances and reserves for uncertain tax positions. The effective income tax rate of 24.8% for the six months ended November 30, 2019 compares to the effective income tax rate of 24.7% for the six months ended November 30, 2018. The effective income tax rates for the six months ended November 30, 2019 and 2018 reflect variances from the 21% statutory rate due primarily to the unfavorable impact of state and local income taxes and the net tax on foreign subsidiary income resulting from the global intangible low-taxed income provisions, partially offset by tax benefits related to equity compensation. Our deferred tax liability for unremitted foreign earnings was $18.8 million as of November 30, 2019, which represents our estimate of the foreign tax cost associated with the deemed remittance of $414.7 million of foreign earnings that are not considered to be permanently reinvested. We have not provided for foreign withholding or income taxes on the remaining foreign subsidiaries’ undistributed earnings because such earnings have been retained and reinvested by the subsidiaries as of November 30, 2019. Accordingly, no provision has been made for foreign withholding or income taxes, which may become payable if the remaining undistributed earnings of foreign subsidiaries were remitted to us as dividends.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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