Income Taxes (Tables)

12 Months Ended

May. 31, 2015

Income Tax Disclosure [Abstract]

Components of Income Before Income Taxes

(In thousands)	2015		2014		2013
Income before income taxes for continuing operations consists of the following components:
U.S. operations	$	630,740	$	594,840	$	482,679
Foreign operations	18,733		12,202		17,996
	$	649,473	$	607,042	$	500,675

Components of Income Taxes

(In thousands)	2015		2014		2013
Income tax expense for continuing operations consists of the following components:
Current:
Federal	$	201,992	$	162,679	$	109,739
State and local	25,230		21,268		12,453
	227,222		183,947		122,192
Deferred	14,174		48,810		61,897
	$	241,396	$	232,757	$	184,089

Reconciliation of Income Tax Expense Using the Statutory Rate and Actual Income Tax Expense

(In thousands)	2015			2014		2013
Reconciliation of income tax expense for continuing operations using the statutory rate and actual income tax expense is as follows:
Income taxes at the U.S. federal statutory rate	$	227,316		$	212,464	$	175,237
State and local income taxes, net of federal benefit	16,623			20,252		12,211
Other	(2,543		)	41		(3,359		)
	$	241,396		$	232,757	$	184,089

Components of Deferred Income Taxes

The components of deferred income taxes included on the consolidated balance sheets are as follows:

(In thousands)	2015			2014
Deferred tax assets:
Allowance for doubtful accounts	$	4,857		$	4,835
Inventory obsolescence	12,266			11,682
Insurance and contingencies	38,522			36,032
Stock-based compensation	29,910			23,890
Foreign related carry-forwards	16,862			19,129
Treasury locks	5,829			6,924
Other	9,461			15,663
	117,707			118,155
Valuation allowance	(14,690		)	(13,358		)
	103,017			104,797
Deferred tax liabilities:
In service inventory	169,629			150,439
Property	77,871			90,155
Intangibles	84,218			81,215
Investment in partnerships	86,098			93,227
State taxes and other	24,528			24,650
	442,344			439,686
Net deferred tax liability	$	339,327		$	334,889

Summary of Valuation Allowance

The progression of the valuation allowance is as follows:

(In thousands)	2015			2014
Balance at beginning of year	$	(13,358	)	$	(12,789	)
Additions	(2,433		)	(1,701		)
Subtractions	1,101			1,132
Balance at end of year	$	(14,690	)	$	(13,358	)

Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of the gross unrecognized tax benefits (exclusive of interest and penalties) is as follows:

(In thousands)
Balance at June 1, 2012	$	44,531
Additions based on tax positions related to the current year	1,843
Additions for tax positions of prior years	2,960
Change in tax regulations	(33,600		)
Statute expirations	(2,025		)
Balance at May 31, 2013	$	13,709
Additions for tax positions of prior years	2,586
Statute expirations	(1,963		)
Settlements	(1,270		)
Balance at May 31, 2014	$	13,062
Additions for tax positions of prior years	4,001
Statute expirations	(1,603		)
Settlements	(48		)
Balance at May 31, 2015	$	15,412