XML 38 R24.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
May 31, 2018
Income Before Income Taxes | Income before income taxes by source consists of the following amounts:
|  | Year ended May 31 |
(in thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
U.S. |  | $ | 62,310 |  |  | $ | 55,171 |  |  | $ | 50,662 |
Foreign |  |  | 11,155 |  |  |  | 11,502 |  |  |  | 4,851 |
|  | $ | 73,465 |  |  | $ | 66,673 |  |  | $ | 55,513 |
Provision for Income Taxes | The provision for income taxes consisted of the following:
|  | Year ended May 31 |
(in thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Taxes |  | $ | 10,129 |  |  | $ | 20,259 |  |  | $ | 14,630 |
Foreign |  |  | 3,066 |  |  |  | 2,514 |  |  |  | 1,756 |
Deferred |  |  | (2,945 | ) |  |  | (73 | ) |  |  | 2,589 |
Provision for Income Taxes |  | $ | 10,250 |  |  | $ | 22,700 |  |  | $ | 18,975 |
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) |  | 2018 |  |  | 2017 |  |  | 2016 |
Tax at U.S. statutory rate |  | $ | 21,459 |  |  | $ | 23,336 |  |  | $ | 19,429 |
Section 199 domestic production deduction |  |  | (1,167 | ) |  |  | (1,057 | ) |  |  | (1,143 | )
Foreign rate differential |  |  | (461 | ) |  |  | (1,247 | ) |  |  | (699 | )
Subpart F income |  |  | 816 |  |  |  | 996 |  |  |  | 1,049 |
Excess tax benefits on stock-based compensation |  |  | (4,816 | ) |  |  | — |  |  |  | — |
Release of FIN 48 reserve from closed tax years |  |  | (1,035 | ) |  |  | — |  |  |  | — |
Provision for state income taxes, net of federal benefit |  |  | 975 |  |  |  | 972 |  |  |  | 779 |
Remeasurement of deferred taxes |  |  | (6,022 | ) |  |  | — |  |  |  | — |
Transition tax on foreign earnings and profits |  |  | 1,223 |  |  |  | — |  |  |  | — |
Amended U.S. Federal tax returns FY12, FY13 & FY14 |  |  | — |  |  |  | — |  |  |  | (777 | )
Tax credits and other |  |  | (722 | ) |  |  | (300 | ) |  |  | 337 |
|  | $ | 10,250 |  |  | $ | 22,700 |  |  | $ | 18,975 |
Significant Components of Deferred Income Tax Liabilities and Assets | Significant components of our deferred income tax liabilities and assets are as follows:
|  | Year ended May 31 |
(in thousands) |  | 2018 |  |  | 2017 |
Deferred income tax liabilities |  |  |  |  |  |  |  |
Indefinite and long-lived assets |  | $ | (17,503 | ) |  | $ | (23,177 | )
Prepaid expenses |  |  | (573 | ) |  |  | (640 | )
|  |  | (18,076 | ) |  |  | (23,817 | )
Deferred income tax assets |  |  |  |  |  |  |  |
Stock Options |  |  | 1,489 |  |  |  | 2,604 |
Inventories and accounts receivable |  |  | 1,593 |  |  |  | 2,603 |
Tax loss carryforwards |  |  | 134 |  |  |  | 436 |
Accrued expenses and other |  |  | 757 |  |  |  | 1,126 |
|  |  | 3,973 |  |  |  | 6,769 |
Net deferred income tax liabilities |  | $ | (14,103 | ) |  | $ | (17,048 | )

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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration