Income Taxes |
9 Months Ended |
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Feb. 28, 2023 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Note I: Income Taxes
The Company’s effective income tax rate was 24.3% and 22.3% for the three months ended February 28, 2023 and 2022, respectively, and 23.8% and 23.6% for the nine months ended February 28, 2023 and 2022, respectively. All periods were impacted by the recognition of excess tax benefits related to employee stock-based compensation payments. The effective tax rates for the prior periods were also impacted by the recording of a tax benefit related to fiscal year 2022 and prior years' research and development expenses incurred in the production of customer-facing software. The effective income tax rate for the nine months ended February 28, 2022 was also impacted by an increase in state taxes. |
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- References No definition available.
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- Definition 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
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