Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.22.1
Income Taxes
9 Months Ended
Feb. 28, 2022
Income Taxes [Abstract]  
Income Taxes

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.