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Income Taxes (Tables)

12 Months Ended

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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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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