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Income Taxes (Tables) | 12 Months Ended
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Jan. 31, 2022
Income Tax Disclosure [Abstract] |
Components of Income (Loss) before Income Taxes | The components of income (loss) before income taxes are as follows:
|  | Fiscal Year Ended January 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Domestic |  | $ | 389,059 |  |  | $ | 13,103 |  |  | $ | 233,742 |
Foreign |  |  | 15,572 |  |  |  | (9,590 | ) |  |  | 5,978 |
|  | $ | 404,631 |  |  | $ | 3,513 |  |  | $ | 239,720 |
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, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 75,533 |  |  | $ | 11,623 |  |  | $ | 50,507 |
State |  |  | 18,972 |  |  |  | 894 |  |  |  | 13,525 |
Foreign |  |  | 2,205 |  |  |  | 4,030 |  |  |  | 6,141 |
|  | $ | 96,710 |  |  | $ | 16,547 |  |  | $ | 70,173 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (4,151 | ) |  | $ | (7,801 | ) |  | $ | (3,260 | )
State |  |  | 498 |  |  |  | (3,325 | ) |  |  | (772 | )
Foreign |  |  | 958 |  |  |  | (3,144 | ) |  |  | 5,483 |
|  |  | (2,695 | ) |  |  | (14,270 | ) |  |  | 1,451 |
|  | $ | 94,015 |  |  | $ | 2,277 |  |  | $ | 71,624 |
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, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Expected provision at statutory U.S. federal tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State and local income taxes, net of federal tax benefit |  |  | 3.8 |  |  |  | (88.1 | ) |  |  | 4.2 |
Foreign taxes |  |  | (1.8 | ) |  |  | 56.9 |  |  |  | 4.0 |
Uncertain tax positions |  |  | 0.1 |  |  |  | 28.8 |  |  |  | 0.5 |
Stock compensation |  |  | (0.1 | ) |  |  | 36.1 |  |  |  | 0.2 |
Tax rate changes |  |  | 0.1 |  |  |  | 8.5 |  |  |  | 0.1 |
Prior year adjustments |  |  | 0.1 |  |  |  | 15.7 |  |  |  | (0.3 | )
Federal tax credits |  |  | (0.2 | ) |  |  | (16.0 | ) |  |  | (0.2 | )
Nondeductible expenses |  |  | 0.1 |  |  |  | 8.6 |  |  |  | 0.2 |
Tax exempt income |  |  | — |  |  |  | (3.4 | ) |  |  | — |
Other |  |  | 0.1 |  |  |  | (3.3 | ) |  |  | 0.2 |
Effective tax rate |  |  | 23.2 | % |  |  | 64.8 | % |  |  | 29.9 | %
Significant Components of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities as of January 31, 2022 and 2021 are as follows:
|  | January 31, |
|  | 2022 |  |  | 2021 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Prepaid expense |  | $ | (3,132 | ) |  | $ | (2,191 | )
Depreciation |  |  | (50,674 | ) |  |  | (34,476 | )
Operating lease right-of-use assets |  |  | (233,299 | ) |  |  | (250,292 | )
Other temporary differences |  |  | (365 | ) |  |  | (906 | )
Gross deferred tax liabilities |  |  | (287,470 | ) |  |  | (287,865 | )
Deferred tax assets: |  |  |  |  |  |  |  |
Operating lease liabilities |  |  | 272,953 |  |  |  | 296,413 |
Deferred rent |  |  | 14,176 |  |  |  | 6,685 |
Inventory |  |  | 19,896 |  |  |  | 18,279 |
Accounts receivable |  |  | 1,252 |  |  |  | 1,930 |
Net operating loss carryforwards |  |  | 20,873 |  |  |  | 11,359 |
Tax uncertainties |  |  | 1,135 |  |  |  | 1,611 |
Accrued salaries and benefits |  |  | 25,249 |  |  |  | 16,711 |
Income tax credits |  |  | 4,714 |  |  |  | 4,494 |
Other temporary differences |  |  | 28,000 |  |  |  | 15,548 |
Gross deferred tax assets, before valuation allowances |  |  | 388,248 |  |  |  | 373,030 |
Valuation allowances |  |  | (30,852 | ) |  |  | (18,689 | )
Net deferred tax assets |  | $ | 69,926 |  |  | $ | 66,476 |
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 |  | 2022 |  |  | 2021 |  |  | 2020 |
Balance at the beginning of the period |  | $ | 22,259 |  |  | $ | 21,924 |  |  | $ | 21,406 |
Increases in tax positions for prior years |  |  | 28 |  |  |  | 476 |  |  |  | 661 |
Decreases in tax positions for prior years |  |  | (3,178 | ) |  |  | (51 | ) |  |  | (101 | )
Increases in tax positions for current year |  |  | 249 |  |  |  | 41 |  |  |  | 125 |
Settlements |  |  | — |  |  |  | — |  |  |  | — |
Lapse in statute of limitations |  |  | (413 | ) |  |  | (131 | ) |  |  | (167 | )
Balance at the end of the period |  | $ | 18,945 |  |  | $ | 22,259 |  |  | $ | 21,924 |

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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