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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

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-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

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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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- Definition

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

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
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