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Income Taxes (Tables)

12 Months Ended

May 31, 2014

Income Before Income Taxes

Income before income taxes by source consists of the following amounts:

		Year ended May 31
(In thousands)		2014				2013				2012
U.S.		$	37,568			$	37,407			$	31,775
Foreign			5,463				3,734				2,064
		$	43,031			$	41,141			$	33,839

Provision for Income Taxes

The provision for income taxes consisted of the following:

		Year ended May 31
(In thousands)		2014				2013				2012
Current:
U.S. Taxes		$	14,442			$	12,959			$	9,520
Foreign			1,100				854				587
Deferred			(542	)			287				1,343
		$	15,000			$	14,100			$	11,450

Reconciliation of Income Taxes Computed at U.S. Federal Statutory Tax Rate to Income Tax Expense

The reconciliation of income taxes computed at the U.S. federal statutory tax rate to income tax expense is as follows:

		Year ended May 31
(In thousands)		2014				2013				2012
Tax at U.S. statutory rates		$	15,061			$	14,400			$	11,900
Tax credits and other			(574	)			(980	)			(755	)
Provisions for state income taxes, net of federal benefit			513				680				305
		$	15,000			$	14,100			$	11,450

Significant Components of Deferred Income Tax Liabilities and Assets

Significant components of the Company’s deferred income tax liabilities and assets are as follows:

		May 31
(In thousands)		2014				2013
Deferred income tax liabilities
Indefinite and long-lived assets		$	(13,759	)		$	(13,953	)
Prepaids			(358	)			(333	)
			(14,117	)			(14,286	)
Deferred income tax assets
Inventories and accounts receivable			1,471				1,228
Accrued liabilities and other			2,201				2,071
			3,672				3,299
Net deferred income tax liabilities		$	(10,445	)		$	(10,987	)

X

- 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/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

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X

- 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=6907707&loc=d3e32537-109319

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X

- 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=6907707&loc=d3e32687-109319

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X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ 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)(1)(i))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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