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Income Taxes (Tables)

12 Months Ended

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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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.

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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.

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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 of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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