XML 52 R38.htm IDEA: XBRL DOCUMENT v3.21.2

Income Taxes (Tables)

12 Months Ended

Jul. 31, 2021

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)						2021						2020						2019
U.S.						$	1,022,134					$	740,171					$	634,874
International						99,712						60,668						70,077
Total income before taxes						$	1,121,846					$	800,839					$	704,951

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)						2021						2020						2019
Federal:
Current						$	135,216					$	53,942					$	59,848
Deferred						(4,259)						21,019						27,779
						130,957						74,961						87,627
State:
Current						34,302						12,095						12,720
Deferred						(3,489)						565						702
						30,813						12,660						13,422
International:
Current						23,575						13,333						12,508
Deferred						6						(22)						(299)
						23,581						13,311						12,209
Income tax expense						$	185,351					$	100,932					$	113,258

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)						2021						2020						2019
Federal statutory rate						21.0		%				21.0		%				21.0		%
State income taxes, net of federal income tax benefit						1.5		%				1.6		%				1.4		%
International rate differential						(0.5)		%				0.1		%				0.3		%
Compensation and fringe benefits (1)						(1.9)		%				(11.2)		%				(6.4)		%
FDII, GILTI, and transition tax						(3.1)		%				(0.3)		%				(0.7)		%
Federal return to provision adjustment						(1.8)		%				—		%				—		%
Other differences						1.3		%				1.4		%				0.5		%
Effective tax rate						16.5		%				12.6		%				16.1		%

(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)						2021						2020
Deferred tax assets:
Allowance for credit loss						$	942					$	1,141
Accrued compensation and benefits						15,541						13,217
State taxes						—						460
Operating lease liabilities						25,176						—
Accrued other						4,551						4,763
Deferred revenue						4,239						1,950
Losses carried forward						24,384						15,092
Federal tax benefit						12,242						9,872
Total gross deferred tax assets						87,075						46,495
Less: Valuation allowance						(24,987)						(15,429)
Net deferred tax assets						62,088						31,066
Deferred tax liabilities:
Vehicle pooling costs						(20,241)						(15,291)
Property and equipment						(55,047)						(62,123)
Operating lease right-of-use assets						(25,253)						—
Other prepaids						(461)						(1,411)
Intangibles and goodwill						(24,602)						(23,714)
Total gross deferred tax liabilities						(125,604)						(102,539)
Net deferred tax liabilities						$	(63,516)					$	(71,473)

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)						2021						2020						2019
Beginning balance						$	36,123					$	27,537					$	21,322
Increases related to current year tax positions						13,122						8,196						6,588
Prior year tax positions:
Increases recognized during the period						8,782						6,390						800
Decreases recognized during the period						(5,749)						(1,603)						(305)
Cash settlements during the period						(3,261)						(1,182)						(534)
Lapse of statute of limitations						(1,956)						(3,215)						(334)
Ending balance						$	47,061					$	36,123					$	27,537

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration