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Income Taxes (Tables)

12 Months Ended

Jul. 31, 2017

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)		2017				2016				2015
U.S.		$	385,526			$	339,013			$	286,169
International		54,574				56,852				45,900
Total income before taxes		$	440,100			$	395,865			$	332,069

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)		2017				2016				2015
Federal:
Current		$	12,752			$	103,127			$	95,468
Deferred		20,094				7,019				5,841
		32,846				110,146				101,309
State:
Current		1,659				5,347				1,160
Deferred		499				151				(86		)
		2,158				5,498				1,074
International:
Current		11,468				10,855				11,062
Deferred		(633		)		(994		)		(1,159		)
		10,835				9,861				9,903
Income tax expense		$	45,839			$	125,505			$	112,286

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)		2017			2016			2015
Federal statutory rate		35.0	%		35.0	%		35.0	%
State income taxes, net of federal income tax benefit		1.3			0.9			1.1
International rate differential		(1.8	)		(1.8	)		(1.9	)
Compensation and fringe benefits (1)		(24.3	)		(3.6	)		0.1
Other differences		0.2			1.2			(0.5	)
Effective tax rate		10.4	%		31.7	%		33.8	%

(1) Included in the compensation and fringe benefits rate reconciliation is the impact of the Company’s 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)		2017				2016
Deferred tax assets:
Allowance for doubtful accounts		$	1,177			$	1,396
Accrued compensation and benefits		26,621				43,594
State taxes		215				638
Accrued other		2,684				3,018
Deferred revenue		(371		)		(545		)
Property and equipment		9,405				14,170
Losses carried forward		3,688				3,312
Federal tax benefit		10,542				10,757
Total gross deferred tax assets		53,961				76,340
Less: Valuation allowance		(6,455		)		(5,420		)
Net deferred tax assets		47,506				70,920
Deferred tax liabilities:
Vehicle pooling costs		(9,590		)		(8,871		)
Prepaid insurance		(1,333		)		(1,142		)
Intangibles and goodwill		(38,580		)		(39,773		)
Total gross deferred tax liabilities		(49,503		)		(49,786		)
Net deferred tax (liabilities) assets		$	(1,997	)		$	21,134

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)		2017				2016
U.S. current (liabilities) assets		$	(92	)		$	1,444
U.S. non-current assets		1,054				23,506
International non-current liabilities		(2,959		)		(3,816		)
Net deferred tax (liabilities) assets		$	(1,997	)		$	21,134

Schedule of unrecognized tax benefits

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

		July 31,
(In thousands)		2017				2016				2015
Beginning balance		$	20,715			$	17,428			$	18,419
Increases related to current year tax position		2,807				4,311				3,441
Prior year tax positions:
Prior year increase		2,694				1,120				599
Prior year decrease		(3,605		)		—				—
Cash settlement		(1,123		)		(412		)		(225		)
Lapse of statute of limitations		(2,219		)		(1,732		)		(4,806		)
Ending balance		$	19,269			$	20,715			$	17,428

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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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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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