Income Taxes

9 Months Ended

Oct. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

For the three months ended October 31, 2021 and 2020, our effective tax rates were 20.7% and 7.4%, respectively. During the three months ended October 31, 2021, as compared to the prior year period, our effective tax rate increased primarily due to a reduction in excess tax benefits related to equity compensation and an increase in valuation allowance within certain jurisdictions. We recognized such excess tax benefits in our provision for income taxes of $10 million and $17 million for the three months ended October 31, 2021 and 2020, respectively.

For the nine months ended October 31, 2021 and 2020, our effective tax rates were 15.9% and 4.0%, respectively. During the nine months ended October 31, 2021, as compared to the prior year period, our effective tax rate increased primarily due to a reduction in excess tax benefits related to equity compensation and an increase in valuation allowance within certain jurisdictions. We recognized such excess tax benefits in our provision for income taxes of $45 million and $59 million for the nine months ended October 31, 2021 and 2020, respectively.