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Income Taxes (Tables)

12 Months Ended

Jul. 31, 2019

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)		2019				2018				2017
U.S.		$	634,874			$	501,961			$	385,526
International		70,077				60,550				54,574
Total income before taxes		$	704,951			$	562,511			$	440,100

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)		2019				2018				2017
Federal:
Current		$	59,848			$	109,804			$	12,752
Deferred		27,779				17,094				20,094
		87,627				126,898				32,846
State:
Current		12,720				9,100				1,659
Deferred		702				(111		)		499
		13,422				8,989				2,158
International:
Current		12,508				8,820				11,468
Deferred		(299		)		(203		)		(633		)
		12,209				8,617				10,835
Income tax expense		$	113,258			$	144,504			$	45,839

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)		2019			2018			2017
Federal statutory rate		21.0	%		26.9	%		35.0	%
State income taxes, net of federal income tax benefit		1.4	%		1.3	%		1.3	%
International rate differential		0.3	%		(0.8	)%		(1.8	)%
Compensation and fringe benefits (1)		(6.4	)%		(3.5	)%		(24.3	)%
Provisional transition tax		(0.7	)%		2.2	%		—	%
Deferred tax remeasurement		—	%		(0.8	)%		—	%
Other differences		0.5	%		0.4	%		0.2	%
Effective tax rate		16.1	%		25.7	%		10.4	%

(1)

Included in the compensation and fringe benefits rate reconciliation is the impact of the Company’s adoption 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)		2019				2018
Deferred tax assets:
Allowance for doubtful accounts		$	919			$	1,068
Accrued compensation and benefits		18,397				17,704
State taxes		559				580
Accrued other		3,312				1,930
Deferred revenue		1,322				929
Losses carried forward		7,631				3,065
Federal tax benefit		7,998				6,441
Total gross deferred tax assets		40,138				31,717
Less: Valuation allowance		(8,578		)		(4,592		)
Net deferred tax assets		31,560				27,125
Deferred tax liabilities:
Vehicle pooling costs		(15,731		)		(6,523		)
Property and equipment		(38,475		)		(14,147		)
Prepaid insurance		(987		)		(708		)
Intangibles and goodwill		(24,639		)		(25,010		)
Total gross deferred tax liabilities		(79,832		)		(46,388		)
Net deferred tax liabilities		$	(48,272	)		$	(19,263	)

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)		2019				2018
U.S. non-current liabilities		$	(44,499	)		$	(16,018	)
International non-current liabilities		(3,773		)		(3,245		)
Net deferred tax liabilities		$	(48,272	)		$	(19,263	)

Schedule of unrecognized tax benefits

The following table summarizes the activities related to the Company’s unrecognized tax benefits resulting from uncertain tax positions:

		July 31,
(In thousands)		2019				2018				2017
Beginning balance		$	21,322			$	19,269			$	20,715
Increases related to current year tax position		6,588				5,169				2,807
Prior year tax positions:
Prior year increase		800				554				2,694
Prior year decrease		(305		)		(2,079		)		(3,605		)
Cash settlement		(534		)		(519		)		(1,123		)
Lapse of statute of limitations		(334		)		(1,072		)		(2,219		)
Ending balance		$	27,537			$	21,322			$	19,269

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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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