Income Taxes

6 Months Ended

Jul. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

For the three months ended July 31, 2022 and 2021, our effective tax rates were 17.3% and 13.8%, respectively. During the three months ended July 31, 2022, 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. We recognized excess tax benefits in our provision for income taxes of $4 million and $18 million for the three months ended July 31, 2022 and 2021, respectively.

For the six months ended July 31, 2022 and 2021, our effective tax rates were 20.5% and 13.4%, respectively. During the six months ended July 31, 2022 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. We recognized such excess tax benefits in our provision for income taxes of $9 million and $35 million for the six months ended July 31, 2022 and 2021, respectively.