6.	Income Taxes

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


	Year ended May 31
(in thousands)	2015		2014		2013
U.S.	$	45,156	$	37,568	$	37,407
Foreign		6,920		5,463		3,734

	$	52,076	$	43,031	$	41,141

The provision for income taxes consisted of the following:


	Year ended May 31
(in thousands)	2015		2014			2013
Current:
U.S. Taxes	$	15,269	$	14,442		$	12,959
Foreign		1,364		1,100			854
Deferred		1,867		(542	)		287

	$	18,500	$	15,000		$	14,100

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)	2015			2014			2013
Tax at U.S. statutory rates	$	18,227		$	15,061		$	14,400
Tax credits and other		(581	)		(574	)		(980	)
Provisions for state income taxes, net of federal benefit		854			513			680

	$	18,500		$	15,000		$	14,100

Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred income tax liabilities and assets are as follows:


	May 31
(in thousands)	2015			2014
Deferred income tax liabilities
Indefinite and long-lived assets	$	(15,906	)	$	(13,759	)
Prepaid expenses		(431	)		(358	)

		(16,337	)		(14,117	)
Deferred income tax assets
Inventories and accounts receivable		1,809			1,471
Accrued expenses and other		2,808			2,201

		4,617			3,672

Net deferred income tax liabilities	$	(11,720	)	$	(10,445	)

The Company has no significant accrual for unrecognized tax benefits at May 31, 2015. Should the accrual of any interest or penalties relative to unrecognized tax benefits be necessary, such accruals will be reflected within income tax accounts. For the majority of tax jurisdictions, the Company is no longer subject to U.S. Federal, State and local or non U.S. income tax examinations by tax authorities for fiscal years before 2011.