|6 Months Ended|
Nov. 30, 2019
|Income Taxes [Abstract]|
Note O: Income Taxes
The Company’s effective income tax rate was 23.2% and 23.8% for the three months ended November 30, 2019 and November 30, 2018, respectively, and 23.3% and 24.1% for the six months ended November 30, 2019 and November 30, 2018, respectively. The effective income tax rates in these periods were impacted by the recognition of net discrete tax benefits related to employee stock-based compensation payments. In addition, the effective income tax rate for the six months ended November 30, 2018 included discrete tax expense related to the revaluation of deferred tax balances for legislative updates.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef