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Income Taxes (Tables)

12 Months Ended

Jan. 31, 2016

Components of Income before Income Taxes

The components of income before income taxes are as follows:

		Fiscal Year Ended January 31,
		2016				2015				2014
Domestic		$	323,906			$	328,479			$	375,793
Foreign			26,125				34,971				51,725
		$	350,031			$	363,450			$	427,518

Components of Provision for Income Tax Expense or Benefit

The components of the provision for income tax expense/(benefit) are as follows:

		Fiscal Year Ended January 31,
		2016				2015				2014
Current:
Federal		$	84,274			$	109,978			$	139,848
State			21,391				19,665				20,530
Foreign			6,215				3,600				13,285
		$	111,880			$	133,243			$	173,663
Deferred:
Federal		$	13,985			$	(3,295	)		$	(15,171	)
State			(1,218	)			1,372				(6,225	)
Foreign			895				(298	)			(7,109	)
			13,662				(2,221	)			(28,505	)
		$	125,542			$	131,022			$	145,158

Reasons for Differences between Company's Effective Tax Rate and Statutory U.S. Federal Income Tax Rate

The following table reflects the differences between the statutory U.S. federal income tax rate and the Company’s effective tax rate:

		Fiscal Year Ended January 31,
		2016				2015				2014
Expected provision at statutory U.S. federal tax rate			35.0	%			35.0	%			35.0	%
State and local income taxes, net of federal tax benefit			3.7				3.7				2.2
Foreign taxes			(2.0	)			(2.4	)			(2.7	)
Federal rehabilitation tax credit			(1.9	)			0.0				(0.6	)
Other			1.1				(0.3	)			0.1
Effective tax rate			35.9	%			36.0	%			34.0	%

Significant Components of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities as of January 31, 2016 and 2015 are as follows:

		January 31,
		2016				2015
Deferred tax liabilities:
Prepaid expense		$	(4,645	)		$	(3,732	)
Depreciation			(66,936	)			(51,774	)
Other temporary differences			(2,604	)			(1,728	)
Gross deferred tax liabilities			(74,185	)			(57,234	)
Deferred tax assets:
Deferred rent			72,253				70,023
Inventory			11,031				8,137
Accounts receivable			3,953				2,844
Net operating loss carryforwards			4,941				4,003
Tax uncertainties			2,972				3,363
Accrued salaries and benefits			27,660				31,747
Income tax credits			4,287				114
Other temporary differences			7,896				5,725
Gross deferred tax assets, before valuation allowances			134,993				125,956
Valuation allowances			(6,560	)			(45	)
Net deferred tax assets		$	54,248			$	68,677

Reconciliation of Beginning and Ending Balances of Total Amounts of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows:

		January 31,
Tax Benefit Reconciliation		2016				2015				2014
Balance at the beginning of the period		$	6,889			$	4,835			$	7,895
Increases in tax positions for prior years			4,053				2,518				1,026
Decreases in tax positions for prior years			(891	)			(12	)			(305	)
Increases in tax positions for current year			274				352				521
Settlements			(1,590	)			(620	)			(3,190	)
Lapse in statute of limitations			(897	)			(184	)			(1,112	)
Balance at the end of the period		$	7,838			$	6,889			$	4,835

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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

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-SubTopic 10
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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.

+ References

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

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-SubTopic 10
-Section S99
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Tabular disclosure of 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 (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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