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INCOME TAXES | 12 Months Ended
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Jan. 31, 2014
Income Tax Disclosure [Abstract] |
INCOME TAXES | NOTE F - INCOME TAXES The income tax provision is comprised of the following:
|  | Year Ended January 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
|  | (In thousands) |
Current |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 36,828 |  |  | $ | 27,983 |  |  | $ | 19,206 |
State and city |  |  | 5,396 |  |  |  | 4,748 |  |  |  | 4,449 |
Foreign |  |  | 7,040 |  |  |  | 3,986 |  |  |  | 2,396 |
|  |  | 49,264 |  |  |  | 36,717 |  |  |  | 26,051 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (3,328 | ) |  |  | (1,168 | ) |  |  | 3,821 |
State and city |  |  | 189 |  |  |  | (132 | ) |  |  | (252 | )
Foreign |  |  | (299 | ) |  |  | 19 |  |  |  | - |
|  |  | (3,438 | ) |  |  | (1,281 | ) |  |  | 3,569 |
Income tax expense |  | $ | 45,826 |  |  | $ | 35,436 |  |  | $ | 29,620 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 104,435 |  |  | $ | 80,145 |  |  | $ | 64,940 |
Non-United States |  |  | 17,793 |  |  |  | 11,860 |  |  |  | 14,300 |
|  | $ | 122,228 |  |  | $ | 92,005 |  |  | $ | 79,240 |
The significant components of the Company’s net deferred tax asset at January 31, 2014 and 2013 are summarized as follows:
|  | 2014 |  |  | 2013 |
|  | (In thousands) |
Deferred tax assets |  |  |  |  |  |  |  |
Compensation |  | $ | 3,125 |  |  | $ | 1,800 |
Provision for bad debts and sales allowances |  |  | 11,822 |  |  |  | 8,661 |
Inventory write-downs |  |  | 3,745 |  |  |  | 1,801 |
Other |  |  | 254 |  |  |  | 600 |
Deferred tax assets, current |  |  | 18,946 |  |  |  | 12,862 |
Compensation |  |  | 5,876 |  |  |  | 4,480 |
Straight-line lease |  |  | 4,494 |  |  |  | 3,310 |
Supplemental employee retirement plan |  |  | 477 |  |  |  | 494 |
Net operating loss |  |  | 1,779 |  |  |  | 354 |
Other |  |  | 81 |  |  |  | 1,491 |
Deferred tax assets, non-current |  |  | 12,707 |  |  |  | 10,129 |
Total deferred tax assets |  |  | 31,653 |  |  |  | 22,991 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Prepaid expenses and other, current |  |  | (2,615 | ) |  |  | (2,577 | )
Depreciation and amortization, non-current |  |  | (7,955 | ) |  |  | (3,127 | )
Intangibles, non-current |  |  | (26,061 | ) |  |  | (21,382 | )
Other |  |  | (791 | ) |  |  | (62 | )
Total deferred tax liabilities |  |  | (37,422 | ) |  |  | (27,148 | )
Net deferred tax liabilities |  | $ | (5,769 | ) |  | $ | (4,157 | )
As of January 31, 2014 and 2013, intangible deferred tax liabilities of $17.7 million and $13.7 million, relate to intangible assets in Switzerland. The remaining intangible assets relate primarily to the U.S. The following is a reconciliation of the statutory federal income tax rate to the effective rate reported in the financial statements for the years ended January 31:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Provision for Federal income taxes at the statutory rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
State and local income taxes, net of Federal tax benefit |  |  | 3.0 |  |  |  | 3.3 |  |  |  | 3.3 |
Permanent differences resulting in Federal taxable income |  |  | 4.5 |  |  |  | 4.8 |  |  |  | 5.5 |
Foreign tax rate differential |  |  | (0.1 | ) |  |  | (1.4 | ) |  |  | (3.4 | )
Foreign tax credit |  |  | (5.4 | ) |  |  | (2.5 | ) |  |  | (2.5 | )
Other, net |  |  | 0.5 |  |  |  | (0.7 | ) |  |  | (0.5 | )
Actual provision for income taxes |  |  | 37.5 | % |  |  | 38.5 | % |  |  | 37.4 | %
The Company accounts for uncertain income tax positions in accordance with ASC Topic 740 Income Taxes. The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. As of January 31, 2014, there was an increase in the unrecognized tax position reserve of approximately $0.9 million, net of federal tax benefit, relating to the prior year’s state tax filings for periods beginning with th e f iscal year ended January 31, 2010 through the fiscal year ended January 31, 2013. The Company currently has tax years open from the years ended January 31, 2010 through January 31, 2013, with the exception of certain state tax jurisdictions. The Company’s policy on classification is to include interest in “interest and financing charges” and penalties in “selling, general and administrative expense” in the accompanying Consolidated Statements of Income. The Company and certain of its subsidiaries are subject to U.S. Federal income tax as well as income tax of multiple state, local, and foreign jurisdictions. The Company is currently under U.S. Federal income tax examination for the year ended January 31, 2012. One of its foreign subsidiaries, T.R.B International S.A., has a ruling with the Swiss government that taxes commercial foreign sourced income at an 11.6% rate. The ruling was extended to the year ending January 31, 2018. Undistributed earnings of the Company’s foreign subsidiaries amounted to approximately $13.4 million at January 31, 2014. Those earnings are considered indefinitely reinvested and, accordingly, no provision for U.S. income taxes has been provided thereon. Upon distribution of those earnings in the form of dividends or otherwise, the Company would be subject to both U.S. income taxes (subject to an adjustment for foreign tax credits) and withholding taxes payable to the various foreign countries, as applicable. At this point in time it is not practical to estimate the amount of taxes payable if the earnings were remitted.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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