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Income Taxes
9 Months Ended
Feb. 28, 2019
Income Taxes  
Income Taxes

Note 11 – Income Taxes

 

Our income tax expense for the three- and nine-month periods ended February 28, 2019 included a tax benefit of $4.7 million related to the recognition of previously unrecognized uncertain tax positions and a tax benefit of $1.8 million related to tax provision to federal income tax return filing differences.

 

On December 22, 2017, the President of the United States signed into law the Tax Reform Act which significantly reduced the corporate federal income tax rate to 21% from 35%.  The income tax rate reduction in the Tax Reform Act results in federal statutory tax rates for the Company of 21% and 29.2% in fiscal 2019 and 2018, respectively. 

 

Our income tax benefit for the three-month period ended February 28, 2018 included tax benefits of $14.8 million related to the impact of the Tax Reform Act.  These tax benefits included a $13.0 million benefit for the impact of the re-measurement of our deferred tax assets and liabilities to the new, lower statutory rate and a $1.8 million benefit related to the application of the lower tax rate applied to our pre-tax income for the six-month period ended November 30, 2017 which was previously expected to be taxed at 35%.