|9 Months Ended|
Feb. 28, 2022
|Income Taxes [Abstract]|
Note I: Income Taxes
The Company’s effective income tax rate was 22.3% and 24.2% for the three months ended February 28, 2022 and February 28, 2021, respectively, and 23.6% and 23.3% for the nine months ended February 28, 2022 and February 28, 2021, respectively. All periods were impacted by the recognition of net discrete tax benefits related to employee stock-based compensation payments. The effective tax rates for the current periods were also impacted by the recording of a tax benefit related to prior and current years' research and development expenses incurred in the production of customer-facing software. The increase in the effective tax rate for the nine months ended February 28, 2022 was partially impacted by an increase in state income taxes.
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://www.xbrl.org/2003/role/disclosureRef