Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.22.4
Income Taxes
6 Months Ended
Nov. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes

Note I: Income Taxes

 

The Company’s effective income tax rate was 24.2% and 24.1% for the three months ended November 30, 2022 and 2021, respectively, and 23.5% and 24.5% for the six months ended November 30, 2022 and 2021, respectively. All periods were impacted by the recognition of excess tax benefits related to employee stock-based compensation payments. The effective income tax rate for the six months ended November 30, 2021 was also impacted by an increase in state taxes.