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Income Taxes (Tables)

12 Months Ended

Jan. 31, 2017

Components of Income before Income Taxes

The components of income before income taxes are as follows:

		Fiscal Year Ended January 31,
		2017				2016				2015
Domestic		$	297,347			$	323,906			$	328,479
Foreign			40,752				26,125				34,971
		$	338,099			$	350,031			$	363,450

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,
		2017				2016				2015
Current:
Federal		$	103,951			$	84,274			$	109,978
State			15,130				21,391				19,665
Foreign			5,699				6,215				3,600
		$	124,780			$	111,880			$	133,243
Deferred:
Federal		$	(5,765	)		$	13,985			$	(3,295	)
State			1,029				(1,218	)			1,372
Foreign			(65	)			895				(298	)
			(4,801	)			13,662				(2,221	)
		$	119,979			$	125,542			$	131,022

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,
		2017				2016				2015
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			3.1				3.7				3.7
Foreign taxes			(2.9	)			(2.0	)			(2.4	)
Federal rehabilitation tax credit			0.0				(1.9	)			0.0
Other			0.3				1.1				(0.3	)
Effective tax rate			35.5	%			35.9	%			36.0	%

Significant Components of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities as of January 31, 2017 and 2016 are as follows:

		January 31,
		2017				2016
Deferred tax liabilities:
Prepaid expense		$	(3,460	)		$	(4,645	)
Depreciation			(70,944	)			(66,936	)
Other temporary differences			(2,024	)			(2,604	)
Gross deferred tax liabilities			(76,428	)			(74,185	)
Deferred tax assets:
Deferred rent			79,675				72,253
Inventory.			9,760				11,031
Accounts receivable			3,241				3,953
Net operating loss carryforwards			2,859				4,941
Tax uncertainties			1,949				2,972
Accrued salaries and benefits			28,234				27,660
Income tax credits			4,550				4,287
Other temporary differences			5,512				7,896
Gross deferred tax assets, before valuation allowances			135,780				134,993
Valuation allowances			(6,688	)			(6,560	)
Net deferred tax assets		$	52,664			$	54,248

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		2017				2016				2015
Balance at the beginning of the period		$	7,838			$	6,889			$	4,835
Increases in tax positions for prior years			21				4,053				2,518
Decreases in tax positions for prior years			(725	)			(891	)			(12	)
Increases in tax positions for current year			187				274				352
Settlements			(590	)			(1,590	)			(620	)
Lapse in statute of limitations			(933	)			(897	)			(184	)
Balance at the end of the period		$	5,798			$	7,838			$	6,889

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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.

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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 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.

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