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Income Taxes (Tables) | 12 Months Ended
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Jul. 31, 2024
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) |  | 2024 |  | 2023 |  | 2022
U.S. |  | $ | 1,593,381 |  |  | $ | 1,437,126 |  |  | $ | 1,241,177 |
International |  | 121,220 |  |  | 117,202 |  |  | 99,777 |
Total income before taxes |  | $ | 1,714,601 |  |  | $ | 1,554,328 |  |  | $ | 1,340,954 |
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) |  | 2024 |  | 2023 |  | 2022
Federal: |  |  |  |  |  |
Current |  | $ | 271,820 |  |  | $ | 243,253 |  |  | $ | 179,840 |
Deferred |  | (1,174) |  |  | (4,642) |  |  | 14,115 |
|  | 270,646 |  |  | 238,611 |  |  | 193,955 |
State: |  |  |  |  |  |
Current |  | 49,539 |  |  | 47,507 |  |  | 33,078 |
Deferred |  | (1,611) |  |  | 813 |  |  | 1,689 |
|  | 47,928 |  |  | 48,320 |  |  | 34,767 |
International: |  |  |  |  |  |
Current |  | 34,179 |  |  | 26,150 |  |  | 23,247 |
Deferred |  | (499) |  |  | 3,506 |  |  | (1,145) |
|  | 33,680 |  |  | 29,656 |  |  | 22,102 |
Income tax expense |  | $ | 352,254 |  |  | $ | 316,587 |  |  | $ | 250,824 |
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) |  | 2024 |  | 2023 |  | 2022
Federal statutory rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal income tax benefit |  | 2.4 | % |  | 2.0 | % |  | 1.3 | %
International rate differential |  | 0.1 | % |  | (0.3) | % |  | (0.5) | %
Compensation and fringe benefits |  | (0.7) | % |  | (1.0) | % |  | (0.6) | %
FDII and/or GILTI |  | (2.8) | % |  | (2.8) | % |  | (2.8) | %
Federal return to provision adjustment |  | — | % |  | (0.1) | % |  | 0.6 | %
Federal amended return adjustment |  | — | % |  | — | % |  | (1.3) | %
Other differences |  | 0.5 | % |  | 1.6 | % |  | 1.0 | %
Effective tax rate |  | 20.5 | % |  | 20.4 | % |  | 18.7 | %
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) |  | 2024 |  | 2023 |  |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit loss |  | $ | 2,483 |  |  | $ | 1,505 |  |  |
Accrued compensation and benefits |  | 22,957 |  |  | 17,008 |  |  |
Operating lease liabilities |  | 24,897 |  |  | 22,891 |  |  |
Accrued other |  | 5,528 |  |  | 2,212 |  |  |
Deferred revenue |  | 5,544 |  |  | 5,349 |  |  |
Losses carried forward/interest disallowance |  | 48,599 |  |  | 41,589 |  |  |
Federal tax benefit |  | 12,821 |  |  | 14,798 |  |  |
Total gross deferred tax assets |  | 122,829 |  |  | 105,352 |  |  |
Less: Valuation allowance |  | (47,377) |  |  | (40,346) |  |  |
Net deferred tax assets |  | 75,452 |  |  | 65,006 |  |  |
Deferred tax liabilities: |  |  |  |  |  |
Vehicle pooling costs |  | (27,716) |  |  | (25,808) |  |  |
Property and equipment |  | (74,741) |  |  | (70,086) |  |  |
Operating lease right-of-use assets |  | (24,612) |  |  | (23,169) |  |  |
Other prepaids |  | (2,339) |  |  | (2,548) |  |  |
Intangibles and goodwill |  | (38,279) |  |  | (33,150) |  |  |
Total gross deferred tax liabilities |  | (167,687) |  |  | (154,761) |  |  |
Net deferred tax liabilities |  | $ | (92,235) |  |  | $ | (89,755) |  |  |
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) |  | 2024 |  | 2023 |  | 2022
Beginning balance |  | $ | 57,445 |  |  | $ | 55,754 |  |  | $ | 47,061 |
Increases related to current year tax positions |  | 2,955 |  |  | 10,006 |  |  | 14,809 |
Prior year tax positions: |  |  |  |  |  |
Increases recognized during the period |  | 11 |  |  | 1,388 |  |  | 1,393 |
Decreases recognized during the period |  | (7,070) |  |  | (7,623) |  |  | (2,163) |
Cash settlements during the period |  | (6,062) |  |  | (403) |  |  | (3,524) |
Lapse of statute of limitations |  | (1,554) |  |  | (1,677) |  |  | (1,822) |
Ending balance |  | $ | 45,725 |  |  | $ | 57,445 |  |  | $ | 55,754 |

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