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Income Taxes (Tables)

12 Months Ended

May 31, 2021

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)		2021				2020				2019
U.S.		$	55,753			$	62,329			$	58,479
Foreign			19,515				9,976				14,480
		$	75,268			$	72,305			$	72,959

Provision for Income Taxes

The provision for income taxes consists of the following:

		Year ended May 31
(in thousands)		2021				2020				2019
Current
Domestic
Federal		$	6,981			$	6,886			$	7,173
Change in tax-related uncertainties			(75	)			269				13
State			2,147				1,262				1,265
Foreign			4,875				2,475				3,758
Deferred
Domestic
Federal			479				1,964				1,031
State			44				195				98
Foreign			(65	)			(221	)			(555	)
Provision for Income Taxes		$	14,386			$	12,830			$	12,783

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)		2021				2020				2019
Tax at U.S. statutory rate		$	15,806			$	15,184			$	15,321
Permanent differences			292				360				(56	)
Global intangible low-taxed income (GILTI)			2,064				438				840
Foreign derived intangible income deduction (FDII)			(1,210	)			(1,120	)			(1,531	)
Foreign rate differential			669				(182	)			495
Subpart F income			628				634				842
Tax benefits on stock-based compensation			(2,651	)			(1,998	)			(2,586	)
Changes in tax contingencies—Increase/(Release)			(76	)			269				13
Provision for state income taxes, net of federal benefit			1,601				1,412				1,251
Tax Credits			(3,298	)			(1,417	)			(1,726	)
Other			561				(750	)			(80	)
Tax Expense		$	14,386			$	12,830			$	12,783

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)		2021				2020
Deferred income tax liabilities
Indefinite and long-lived assets		$	(25,072	)		$	(20,867	)
Prepaid expenses			(721	)			(795	)
			(25,793	)			(21,662	)
Deferred income tax assets
Stock options			1,106				1,479
Inventories and accounts receivable			2,081				1,336
Tax loss carryforwards			662				484
Accrued expenses and other			568				657
Less: valuation allowances			(541	)			(419	)
			3,876				3,537
Net deferred income tax liabilities		$	(21,917	)		$	(18,125	)

Summary of net operating loss carryforwards

The Company has the following net operating loss carryforwards:

(in thousands)		As of
Jurisdiction		5/31/2021				Expiry
U.S.		$	345				2037 to indefinite
Foreign			1,938				2024 to 2039
		$	2,283

Sumary of reconciliation of our tax contingencies

The reconciliation of our tax-related uncertainties is as follows:

		Year ended May 31
(in thousands)		2021				2020				2019
Beginning balance		$	880			$	611			$	598
Increase/(decrease) related to prior periods			(272	)			56				(106	)
Increase related to current period			197				213				119
Ending balance		$	805			$	880			$	611

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

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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