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Income Taxes | 3 Months Ended
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Apr. 30, 2026
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes For the three months ended April 30, 2026, the Company recorded a provision for income taxes of $4 million on pretax income of $78 million. The effective tax rate for the three months ended April 30, 2026 was 4.6%. The effective tax rate differs from the statutory rate primarily as a result of a full valuation allowance against the U.S. deferred tax assets, the favorable tax impact of the One Big Beautiful Bill Act (the “Act”), the tax effect of foreign operations, and U.S. federal and state taxes. The Act was enacted on July 4, 2025. The Act, among other provisions, maintains the U.S. federal 21% corporate tax rate, makes permanent the immediate expensing of domestic research and development expenditures, allows for 100% bonus depreciation for qualified assets, and modifies the U.S. taxation of profits derived from foreign operations. For the three months ended April 30, 2025, the Company recorded a provision for income taxes of $6 million on pretax income of $68 million. The effective tax rate for the three months ended April 30, 2025 was 8.5%. The effective tax rate differs from the statutory rate primarily as a result of a full valuation allowance against the U.S. deferred tax assets, the tax effect of foreign operations, and U.S. federal and state taxes.

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