Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.21.4
Income Taxes
6 Months Ended
Nov. 30, 2021
Income Taxes [Abstract]  
Income Taxes Note I: Income Taxes

The Company’s effective income tax rate was 24.1% and 22.1% for the three months ended November 30, 2021 and November 30, 2020, respectively, and 24.5% and 22.7% for the six months ended November 30, 2021 and November 30, 2020, respectively. All periods were impacted by the recognition of net discrete tax benefits related to employee stock-based compensation payments, with a higher benefit realized in the prior year periods. The increase for the six months ended November 30, 2021 was also impacted by an increase in state taxes.