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Income Taxes (Tables)

12 Months Ended

Jul. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of income from continuing operations before taxes

Income before taxes consisted of the following:

	Year Ended July 31,
(In thousands)	2016				2015				2014
U.S.	$	339,013			$	286,169			$	230,966
International	56,852				45,900				39,069
Total income before taxes	$	395,865			$	332,069			$	270,035

Schedule of income tax expense (benefit) from continuing operations

Income tax expense (benefit) from continuing operations consisted of the following:

	Year Ended July 31,
(In thousands)	2016				2015				2014
Federal:
Current	$	103,127			$	95,468			$	90,207
Deferred	7,019				5,841				(9,589		)
	110,146				101,309				80,618
State:
Current	5,347				1,160				1,912
Deferred	151				(86		)		(279		)
	5,498				1,074				1,633
International:
Current	10,855				11,062				10,077
Deferred	(994		)		(1,159		)		(980		)
	9,861				9,903				9,097
Income tax expense	$	125,505			$	112,286			$	91,348

Schedule of reconciliation of Income tax

A reconciliation of the expected U.S. statutory tax rate to the actual effective income tax rate is as follows:

	Year Ended July 31,
(In thousands)	2016			2015			2014
Federal statutory rate	35.0	%		35.0	%		35.0	%
State income taxes, net of federal income tax benefit	0.9			1.1			1.1
International rate differential	(1.8	)		(1.9	)		(2.1	)
Compensation and fringe benefits (1)	(3.6	)		0.1			0.1
Other differences	1.2			(0.5	)		(0.3	)
Effective tax rate	31.7	%		33.8	%		33.8	%

(1) Included in the compensation and fringe benefits rate reconciliation is the impact of the Company's early adoption, during the fourth quarter of fiscal 2016 on a modified retrospective basis, of ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting. Under this standard, all excess tax benefits and tax deficiencies related to exercises of stock options are recognized as income tax expense or benefit in the income statement as discrete items in the reporting period in which they occur.

Schedule of tax effects on deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) are presented below:

	July 31,
(In thousands)	2016				2015
Deferred tax assets:
Allowance for doubtful accounts	$	1,396			$	992
Accrued compensation and benefits	43,594				40,391
State taxes	638				577
Accrued other	3,018				3,967
Deferred revenue	(545		)		798
Property and equipment	14,170				16,957
Losses carried forward	3,312				4,362
Federal tax benefit	10,757				7,832
Total gross deferred tax assets	76,340				75,876
Less valuation allowance	(5,420		)		(2,650		)
Net deferred tax assets	70,920				73,226
Deferred tax liabilities:
Vehicle pooling costs	(8,871		)		(7,749		)
Prepaid insurance	(1,142		)		(890		)
Intangibles and goodwill	(39,773		)		(37,673		)
Total gross deferred tax liabilities	(49,786		)		(46,312		)
Net deferred tax assets	$	21,134			$	26,914

Schedule of net deferred tax liability

The above net deferred tax assets and liabilities have been reflected in the accompanying consolidated balance sheets as follows:

	July 31,
(In thousands)	2016				2015
U.S. current assets	$	1,444			$	3,396
U.S. non-current assets	23,506				28,856
International non-current liabilities	(3,816		)		(5,338		)
Net deferred tax assets	$	21,134			$	26,914

Schedule of unrecognized tax benefits

The following table summarizes the activities related to the Company’s unrecognized tax benefits:

	July 31,
(In thousands)	2016				2015				2014
Beginning balance	$	17,428			$	18,419			$	17,178
Increases related to current year tax position	4,311				3,441				1,805
Prior year tax positions:
Prior year increase	1,120				599				2,997
Prior year decrease	—				—				(523		)
Cash settlement	(412		)		(225		)		—
Lapse of statute of limitations	(1,732		)		(4,806		)		(3,038		)
Ending balance	$	20,715			$	17,428			$	18,419

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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