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Income Taxes (Tables)

12 Months Ended

May 31, 2017

Income Tax Disclosure [Abstract]

State Income Taxes and Changes in Deferred Tax Assets Valuation Allowance

The difference between the Corporation’s statutory federal income tax rate of 34 percent in fiscal 2017 and 2016, and the effective income tax rate is due primarily to state income taxes and changes in deferred tax assets valuation allowance and are as follows:

		Year Ended
		May 31,
		2017				2016
		(Dollars in thousands)
Income taxes at statutory federal rate		$	2			$	637
Income taxes on permanent differences			215				167
State income taxes			38				199
State net operating loss			104				252
New Energy Efficient Home Credit			(142	)			(237	)
Decrease in deferred tax assets valuation allowance			(348	)			(1,031	)
Other, net			131				13
Income tax expense		$	—			$	—
Effective tax rate			0	%			0	%

Components of Net Noncurrent Deferred Tax Assets

Components of the net noncurrent deferred tax assets include:

		Year Ended
		May 31,
		2017				2016
		(Dollars in thousands)
Accrued marketing programs		$	142			$	181
Accrued warranty expense			2,979				2,888
Accrued workers’ compensation			1,151				1,011
Accrued vacation			178				346
Liability for certain post-retirement benefits			1,762				1,850
Federal net operating loss carryforward			32,119				32,380
Federal tax credit carryforward			1,910				1,787
State net operating loss carryforward			7,566				7,717
Depreciation			684				714
Other			221				134
Total gross noncurrent deferred tax assets			48,712				49,008
Valuation allowance			(48,660	)			(49,008	)
Net noncurrent deferred tax assets		$	52			$	—

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- References

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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/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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