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Income Taxes
9 Months Ended
May 31, 2014
Income Taxes [Abstract]  
Income Taxes

 

Note 4 – Income Taxes

It is the Company’s policy to report income tax expense for interim periods using an estimated annual effective income tax rate. However, the tax effects of significant or unusual items are not considered in the estimated annual effective income tax rate. The tax effects of such discrete events are recognized in the interim period in which the events occur. The Company recorded no material discrete items for the three and nine months ended May 31, 2014 and 2013.

 

The Company recorded income tax expense of $9.0 million and $21.9 million for the three and nine months ended May 31, 2014, respectively.  The Company recorded income tax expense of $13.7 million and $31.5 million for the three and nine months ended May 31, 2013, respectively.  The estimated annual effective income tax rate was 35.3 percent and 34.4 percent for the year-to-date periods ended May 31, 2014 and 2013, respectively.  The increase in the estimated annual effective income tax rate from May 2013 to May 2014 primarily relates to incremental increases in taxes due to the earnings mix among jurisdictions.