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Income Taxes (Tables)

12 Months Ended

May 31, 2019

Disclosure Text Block [Abstract]

Income Before Income Taxes

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

		Year ended May 31
(in thousands)		2019				2018				2017
U.S.		$	58,479			$	62,310			$	55,171
Foreign			14,480				11,155				11,502
		$	72,959			$	73,465			$	66,673

Provision for Income Taxes

The provision for income taxes consists of the following:

		Year ended May 31
(in thousands)		2019				2018				2017
Current:
U.S. Taxes		$	8,451			$	10,129			$	20,259
Foreign			3,758				3,066				2,514
Deferred			574				(2,945	)			(73	)
Provision for Income Taxes		$	12,783			$	10,250			$	22,700

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)		2019				2018				2017
Tax at U.S. statutory rate		$	15,321			$	21,459			$	23,336
Section 199 domestic production deduction			—				(1,167	)			(1,057	)
Global intangible low-taxed income (GILTI)			840				—				—
Foreign derived intangible income deduction (FDII)			(1,531	)			—				—
Foreign rate differential			495				(461	)			(1,247	)
Subpart F income			842				816				996
Tax benefits on stock-based compensation			(2,586	)			(4,816	)			(535	)
FIN 48 reserve adjustments			13				(1,035	)			576
Provision for state income taxes, net of federal benefit			1,251				975				972
Remeasurement of deferred taxes			—				(6,022	)			—
Transition tax on foreign earnings and profits			—				1,223				—
Tax credits			(1,726	)			(1,151	)			(1,213	)
Other			(136	)			429				872
		$	12,783			$	10,250			$	22,700

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)		2019				2018
Deferred income tax liabilities
Indefinite and long-lived assets		$	(18,963	)		$	(17,503	)
Prepaid expenses			(586	)			(573	)
			(19,549	)			(18,076	)
Deferred income tax assets
Stock Options			1,497				1,489
Inventories and accounts receivable			1,315				1,593
Tax loss carryforwards			417				134
Valuation allowance on tax loss carryforwards			(407)				—
Accrued expenses and other			1,109				757
			3,931				3,973
Net deferred income tax liabilities		$	(15,618	)		$	(14,103	)

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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.

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

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-SubTopic 10
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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.

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
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