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Income Taxes (Tables)

12 Months Ended

May 31, 2016

Income Before Income Taxes

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

		Year ended May 31
(in thousands)		2016				2015				2014
U.S.		$	50,662			$	45,156			$	37,568
Foreign			4,851				6,920				5,463
		$	55,513			$	52,076			$	43,031

Provision for Income Taxes

The provision for income taxes consisted of the following:

		Year ended May 31
(in thousands)		2016				2015				2014
Current:
U.S. Taxes		$	14,630			$	15,269			$	14,442
Foreign			1,756				1,364				1,100
Deferred			2,589				1,867				(542	)
		$	18,975			$	18,500			$	15,000

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)		2016				2015				2014
Tax at U.S. statutory rates		$	19,429			$	18,227			$	15,061
Section 199 domestic production deduction			(1,143	)			(1,067	)			(821	)
Foreign rate differential			(699	)			(949	)			(726	)
Subpart F income			1,049				1,396				1,143
Tax credits and other			337				39				(170	)
Provisions for state income taxes, net of federal benefit			779				854				513
Amended U.S. Federal tax returns, FY12, FY13 & FY14			(777	)			0				0
		$	18,975			$	18,500			$	15,000

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)		2016				2015
Deferred income tax liabilities
Indefinite and long-lived assets		$	(19,296	)		$	(15,906	)
Prepaid expenses			(824	)			(431	)
Brazil valuation allowance			(542	)			(542	)
			(20,662	)			(16,879	)
Deferred income tax assets
Stock options			2,786				2,234
Inventories and accounts receivable			2,076				1,809
Tax loss carryforwards			813				542
Accrued expenses and other			229				574
			5,904				5,159
Net deferred income tax liabilities		$	(14,758	)		$	(11,720	)

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=65882285&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=65882285&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=65882285&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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